Bob04

Probably not, due to the fact that most leases have a limit on mileage.

FatherTo1

True, I do not close the longstanding accounts, just the ones I've been signing up for the point bonuses since most rewards cards are limited to new applicants (anyone not having the card within the past 24 months).

FatherTo1

Oh, good point! Forgot about that one, and a primary reason I never leased.

Bob04

I don't think being a co-signer gives you any right to the car, even if you are paying for it. You may have to get him to sign it over to you before you can do anything about it other than just pay for it. There are sites that list leases for others to take over. Once you get to that point, you may want to try that.

https://www.swapalease.com/

Toys4RJill

Same here. Among others reason why we never lease.

bitkahuna

iTrader: (20)

i used to think like you but then learned from many people i know that leasing can make perfect sense for some people for many 'reasons'.

FatherTo1

Agreed. I changed my tune and am totally open to leasing , seeing how the numbers can actually be cheaper in some cases. It is just the mileage allowance that kills it for me.

My wife has held onto her ES 330 for 14 yrs and 2 months now. She used to drive a lot during the first few years but the past decade has been 5000-6000 miles a year. Even at the 10 year mark she just broke even compared to leasing once I factored in maintenance, repairs, and tires. Now, if we stretched the oil change intervals and didn't buy Michelins all the time then maybe we would have been ahead sooner, but her car is so old and outdated now. In hindsight, she could be driving a newer car every few years with maintenance included and modern convenience and safety features, but she loves her ES and thinks it is the best car on the road, bless her heart.

To Lexus' credit, her ES interior and leather still looks excellent. The car has held up extremely well. They don't make cars like that anymore. The tranny has hiccups, as is common in that gen ES, but the car overall is still quite comfortable and feels like it will still be good for another decade. That car might just be her first and last car.

geko29

Though it wasn't my suggestion, I would assume it would be a short-term stopgap, not a permanent change. He likely wouldn't run up so many miles in 3-6 weeks as to blow out his lease allowance, unless he's right at the edge already.

FatherTo1

I know you have to provide proof of insurance but it makes me wonder if there's a way for someone to rent a car to use for Uber. Hypothetically, they may make enough to pay for the daily rental and maybe even cover the rental car insurance coverage, all without accruing miles or wear-and-tear on their own vehicle.

Toys4RJill

It is possible to rent a car. Uber does not check the driver's credit, so that is a plus for the individual in this scenario

FrankReynoldsCPA

I don't think Uber is as lucrative as it was a few years ago. My roommate(and also tenant) is an uber driver and he's been struggling to pay rent lately, usually a week or more behind. And he just financed a repair to his Elantra.

Bob04

That's another point. I wonder if the OP knows how many miles are on it now? If it is over mileage already, he could owe a bunch in mileage fees. If it is close to being over, it's going to be tough to get anybody to assume the lease.

Hey OP, if you don't mind sharing, what are the details? What model? How much per month? How many miles per year allowed and how many miles has it been driven?

riredale

Wow, talk about making one bad move after another (referencing the lessee, not the cosigner).

(1) Okay, I have no/lousy credit. I know!: I'll drive a brand-new expensive BMW!

(2) Yeah, I have a job and presumably a bit of cash in the bank. I know!: I'll rent that brand-new BMW and pay the extra costs to the lender! And I'll commit to doing so for a couple of years!

(3) Huh, the lender doesn't trust my track record or lack thereof. I know!: I'll obligate one of my good friends! The buck will stop with him!



Sorry to be so cold-hearted here, but these are basically the facts. New car, expensive car, leasing, obligating a friend. Four gigantic mistakes.

Far better solution if you could turn back the clock--you buy an old but very nice car for $5K, then drive it for the next few years. Suggest Toyota or even Lexus, very reliable. But I imagine status is what the friend craved, not pragmatism.

Anyway, curious to see what deal you can work out. Best Wishes (seriously).

Toys4RJill

Great post!

AJT123

Yes, you're a great friend. I wouldn't co-sign anything for anyone other than my spouse.

Hopefully you can get it resolved. One 30 day late on your credit isn't great but if that's the only blemish your credit will recover well enough within a year and just keep going up.