hey guys i have a leased 5at coupe

i have someone who wants to take over my lease, i want to give him my car so i can get my self a new 6mt coupe.


my bank. nissan lt. (ifs) said that i can sign over the lease, however my name will still b on the loan. what does this mean? will my credit get hurt if this guy stops paying and also


even thought the car will be on this new guys name and his insurence will be too, hypetheticly, in the event he gets in to an accident and does not have insurence will i be sued or responsible for his mishap, even thouight the car is in his name , i just cosighned?

 

good question

 

as long as your name is still on the lease...you are still responsible...so any 30, 60 or 90 day late payments would end up on your credit bureaus, and so would a repo if he doesn't pay. at some point they would call you to make payments.

 

It means that your name will still be on the loan, don't do it! Unless you know and trust the guy. You might get screwed.

 

Even if you did know and trust the guy you can get screwed. How do you think family feuds start? (I have relatives that trusted their "best friends" to only get stabbed in the back, and have them run off with their money)

 

leased? or a loan?

I am little confused... if you are leasing the G, and you tell the dealer you will be leasing another G and turn over your old lease to another person.. they will be happy to help you with that.. you will not be responsible for the old lease once that guy takes over and agree on your old leasing conditions. Usually it means you lose the down payment on your lease.

 

I went through this in June.. guy had his g35 on Craigslist. We took the ferry to Conn. to go check out this car, he ended up jerking me for a month... with Infinity finance if you are leasing the original leasee stays on the lease as a cosigner.. there is NO WAY around this. And yes, if he defaults you will suffer too. I own my own business and could of paid for this car in cash with no problem... they opted to not do it after much thinking. I cant blame them, as I wouldnt cosign a stranger either. To bad, it was a nice car coming from a couple in there 50s with a multi million dollar house so I am sure the car had been very cared for.... but there lawyer looked at the contract, etc that we both needed to sign off on and let them know as Infinity let me know.. there name stays on there as cosigner, end of story. If the new owner defaults, your credit suffers.


Chris

 

thanks for the help chris. now what if this guy who im cosighning for pays the lease off in full...... am i in the clear

what if the lease is paid but he doesnt have insurence and crashes into someone ...amy i held liable for the accident too ?

 

Lease trader is an excellent source for subleasing your car. I looked into this pretty deep because I know a lease is hard to get out of. I am in the car business and asked alot of ppl who have been in it for years what they thought of lease trader. Everyone including myself was pretty skeptical about the normal means of doing it which means that you remain a co-signer on the loan, and i said from day one i would never do that. Lease trader does offer on the other hand a full asumption program which they have a bank actually buy out your lease and release to the person who is interested. It makes the payment go up slightly but if you offer some incetives like 1 or 2 g's cash upon taking the vehicle im sure you will get a bite.

If you are wondering why i didnt do it, its because my father ended up wanting my 05 maxima for himself, so now i have that lease and the g under my name. Hope my father dont stop making his payments lol.

Other then the full asumption method, there is NO other way to turn your NILT lease over to someone else without getting your name off of it.
Goodluck.

 

ebuy..
If he pays the lease off.. then your in the clear... but what happens until then and what if he says he will pay it off in a month or two and then decides not to.. you cant do anything about it at that point. I told them I wanted to buy the car out but would finance it.. they asked when will you flip the lease into a finance.. I said give me a month... they still opted not to give up the car. If this guy gets into an accident.. I am sure they will go after you to.. most likely the owner, cosigner and Infiinity will all be named... would they be able to get anything out of you? I dont know but do you want to chance that? Infinity finance makes leases really impossible to flip to another person... I know others dont do this but Infinity does this with the leasee becoming an automatic cosigner. I personally wouldnt do it if you value your credit... everythings a risk, no doubt.. but to cosign a stranger.. I wouldnt do it.

Chris

 

Its Not Impossible, Read My Last Post.