Should You Co-Sign a Car Lease?
A car lease is a binding financial contract. At times, someone with no or bad credit will want to get an automobile loan. If they do not qualify alone, they might qualify with a co-signer. Should you co-sign a lease for a friend or relative?
"Doing a good deed" is wonderful and should be commended whole-heartedly. You might feel like you are helping someone achieve their goals. Transportation is a necessity, right?
But, you also must be very careful and assess your own duties with respect to the loan. Your friend or relative does not qualify. This means that the bank sees some problem with their income. If your friend should default, you will be responsible for the car loan.
We can discuss the advantages and disadvantages of co-signing a car lease in more detail when you visit us. We want everyone to get into the car of their dreams.