[RRGOO7]

Hi Guys

A friend of mine is going though tough times and doesnt have adequate credit to lease/buy a car. I was thinking of leasing a car for her but dont want the liability of her hitting someone and having my ass on the line. Is there anyway I can take responsibility for the payment but they hold the liability of the vehicle? Any suggestions would be appreciated

Thanks

[htoudiee]

Why don't you co-sign for her. This way she appears on the registration as the primary owner. Your name will still be on everything (Loan docs, reg, etc) but if she hits someone, she is responsible. Also, she needs to get her own insurance.

[mu979]

I assume you're not talking about leasing her a BMW. If you are, I think she owes you more than friendship!!

[Eights-n-Aces]

You could create a sub-lease arrangement but you would have to draw the appropriate legal documents to truely protect yourself. You would include a requirement that she obtain and maintain insurance that meets certain coverage levels. However, with that said, if you live in a state with vicarious liability, you could have some liability above her coverage limits.

I think it is a really poor idea.

[RRGOO7]

Originally Posted by htoudiee

Why don't you co-sign for her. This way she appears on the registration as the primary owner. Your name will still be on everything (Loan docs, reg, etc) but if she hits someone, she is responsible. Also, she needs to get her own insurance.

I will look into this tomorrow. I appreciate the help

[nyte3k]

Not sure how close you and your friend are, but if you do co-sign, keep up with the payments that are made just to protect yourself in case she misses a few payments without you knowing.

Also, i assume you can afford the vehicle if she can no longer (or choses not to) make payments?

Personally i'm not a fan of co-signing (unless it was for a child) as it could leave you in a financial and relationship mess. If she's in financial hard times (low, slow, or no money in addition to bad credit) maybe a cheaper (non BMW) car on her own would be a better choice?

[lopealle]

not to be negative, but if she is in a financial hardship why doesn't just a little hoopty type car that will do until she can get back on her feet instead of a newer car thats able to be leased? im sure something in the 5k area would last a while. like a honda or something like that.

[jopa489]

Mighty nice of you to even consider this. But unless this is a lifelong friend and you really know her well, I agree it's a bad idea. This kind of thing almost never works out it seems.

Assuming you're not leasing her a BMW, maybe pick up a slightly used Civic or similar for her? Purchasing something like that would probably be close to the total lease payments. If you do it, co-signing would be the way to go. The car would be registered and insured to her, but you assume responsibility for the payments should she stop paying. Whatever arrangements you make with her as far as monthly payment goes is up to you - you can pay it in full every month if you wanted. Doesn't matter who's account the money comes from.

[RRGOO7]

I went to BMW yesterday to lease the car. I couldnt come to an agreement on the price so went over to audi today. As i sat down to crunch the numbers the salemen told me that the car will be under both our names and we are both liable if an accident occurs. He insisted there was no way around this. Has anyone gotten around this? I DO NOT want my name to appear on the registration. They said they cannot do it even if I do a one pay lease

[nukezero]

won't work like that. don't do it. he will go from best friend to your enemy when something happens.

plus, if he's in "tough times" , what the hell is he doing leasing a car in your name. Let him get out of "tough times" so he can afford the car by himself or sign the car himself.

If he screwed up his own credit, chances are, he'll screw yours too.

[envision]

I've known friends who have done this for other people in the past. I guess it all comes down to how close of a friend you consider her to be. If you really feel you need to help her, I'm sure there's very good reasoning for it.

I agree with the co-signing, and if you're worried about her getting into an accident, just go through the entire insurance process with her, and make sure she's completely insured in case something does happen to the car. BMW requires leases to have maximum collision coverage, so you just have to be sure she stays current on insurance.

If her insurance rate isn't too bad, maybe you could pay for a year or 6 months of coverage in advance and have her pay you in monthly payments. That way you'll know at least the car is covered in case something happens, and if she bails on the payments, lesson learned and you'll be out a couple grand for the insurance advance.

[kgb1637]

How tough are times? A BMW or Audi doesn't seem like times are that tough to me. There are tons of Hondas, Acuras, Toyotas that would be reliable and cheaper than leasing a new BMW.

[e90fanatic]

Originally Posted by kgb1637

How tough are times? A BMW or Audi doesn't seem like times are that tough to me. There are tons of Hondas, Acuras, Toyotas that would be reliable and cheaper than leasing a new BMW.

well in this country we like to go all the way until we are broke.....*cough* subprime

how much are leases on the Veyron?

[Cookiemonster]

If you put her on all your credit cards.....Order her a card on your accounts and use her SS # she will assume your credit score. You have to do it on all the CC's you own. This is a loop hole and it does work....I've even seen that bitch blond money lady talking about it. Just don't give her the cards when they arrive.....activate them but don't give them to her....and it will take a few months for the credit agents to catch up and update her credit. Do an online search.

UPDATE: This loophole has been closed up in 2008 and no longer can be done. Looks like she'll be rollin in a Focus!

[SEWELLGT]

worst idea ever... Everyone else is right, if times are "hard" does she really need a BMW or Audi??? Nothing good will come of this.

[Delta0311]

WTF is your friend doing getting a luxury car when she is down on her luck. Tell her to go lease a Honda Civic or Toyota. This way she will have low paymnets and she will be able to get her financial situation in order. It's called living within your means.

[Htown09]

Dude statistics show leasing for a friend almost never works.

[HPIA4v2]

There must be easier ways to get laid
Just kidding folks.



BTW, some profession needs lux car to look good, art dealer, real-estate agent etc, even in hard times to look successful. So maybe that the reason for his friend.

[Delta0311]

Originally Posted by HPIA4v2

There must be easier ways to get laid
Just kidding folks.



BTW, some profession needs lux car to look good, art dealer, real-estate agent etc, even in hard times to look successful. So maybe that the reason for his friend.

Well if your profession requires you to be in a luxury car then your should be able to easily afford it. Other wise you're probably not very good at what your doing. If that's the case then it might be time for a carrer change.

[335iheLLraiseR]

^^^peer pressure works too, "all my friends have luxury cars, i cant drive a civic"..

[e90fanatic]

Originally Posted by 335iheLLraiseR

^^^peer pressure works too, "all my friends have luxury cars, i cant drive a civic"..

yes...i need at least a bugatti to hang out at starbucks

[Delta0311]

Originally Posted by 335iheLLraiseR

^^^peer pressure works too, "all my friends have luxury cars, i cant drive a civic"..

Let's all sing along now..

"Oh Lord won't you buy me a Mercedes-Benz; my friends all drive Bimmers I, must make ammends."