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How to get out of a car lease? Any options?
My buddy broke up with his fiance problem is he cosigned on a car for her? He told her that she needed to take his name off and completely and do it under her own name problem is she does not have any credit? What should/can he do to avoid bieng screwed over. is there anyway for him to get off the lease and make her pay for it? Thanks
Public Comments
- Sorry, once you have co-signed you are stuck there until the lease ends. That is why you should think long and hard about doing it. You have no right to the vehicle, but if the payment is skipped they come after you.
- what he said ^^ But one thing - if he cosigned for her, and they have made payments, she DOES have credit. She can *try* to go to a bank or cedit union and see if they are willing to loan the resiual and remaining payments, in effect 'buying' the lease. Its a long shot, but long shots are about all you got.
- That's rough...it's a fairly common occurrence too. Co-signing for ex-gf's and ex-wifes (or ex-bf's and ex husbands) is always a problem. Your buddy's problem is that he COULD get off the lease - but only if his ex-gf is willing to co-operate. Here's how he can get off the lease: 1) Convince her to buyout the lease and finance the car. Her local credit union will give her the best deal. Of course, if she has no credit, that won't work. 2) Convince her to trade the leased vehicle in for a new vehicle. When it's traded in, it's paid off and over for both of them. 3) Convince her to give him the car. This is a long shot, but maybe he can swap cars with her. He gets the car and he doesn't have to worry about missing a payment and/or the car being destroyed. 4) Hope that something happens to the car and/or ex-gf (kidding!). Seriously, that's about the only other way something will change. Your buddy has every reason to be concerned - if his ex-gf misses a payment or lets the car get repo'd, his credit will suffer. If your friend can't get his ex to agree to do any of the above, he should set aside some money to make payments just in case she can't or won't. One other suggestion - tell your buddy to be as nice as possible to his ex and explain to her that if she fails to make a payment, it will hurt her credit more than his. After all, she needed a co-signer to get the lease in the first place. If she can't make the payments, what makes her think she'll get another loan again? If it's any consolation, this stuff usually works out just fine.
