Credit Question: Is it possible for a co-signer to get off a lease?

[sonambulo]

Someone I work with co-signed for a lease on a friend's car and realized after doing so how bad of a move it was. State is Massachusetts if that makes any difference. The lease was signed yesterday. Is there a grace period or some way to return the car minus a penalty fee of some kind? Yes I know this is realllllllllly reaching.

Laugh at my ignorance of the matter all you want. Also this is not for me; I'm too hippie/broke to drive a car.

 

[Turin39789]

Pay off the loan and you're off the lease!

 

[JohnOfSheffield]

I don't know how it works in the US but i assume you'd have to renegotiate the lease just like in the UK.

 

[OCGuy]

Yep her friend would have to qualify for the lease on her own. Which if she could have, she wouldnt have needed a co-signer anyway.


Shes fucked, unless there is some cooling off period. A quick google could find that, im sure.

 

[amdhunter]

There is a 30 day buyers remorse law. Google it and try to get your friend off the lease that way.

 

[sonambulo]

Originally posted by: OCguy
Shes fucked, unless there is some cooling off period. A quick google could find that, im sure.

It's looking like no dice in MA.

Originally posted by: amdhunter
There is a 30 day buyers remorse law. Google it and try to get your friend off the lease that way.

Not in MA, according to the Great Goog in the Sky. Oh well. Looks like she is going to learn the hard way!

 

[Wreckem]

Originally posted by: sonambulo

Originally posted by: OCguy
Shes fucked, unless there is some cooling off period. A quick google could find that, im sure.

It's looking like no dice in MA.

Originally posted by: amdhunter
There is a 30 day buyers remorse law. Google it and try to get your friend off the lease that way.

Not in MA, according to the Great Goog in the Sky. Oh well. Looks like she is going to learn the hard way!

If the person she co-signed for fails to make payments, she could legally repo it. Would take a court order, but it wouldnt be hard to do.

 

[OCGuy]

Originally posted by: Wreckem

Originally posted by: sonambulo

Originally posted by: OCguy
Shes fucked, unless there is some cooling off period. A quick google could find that, im sure.

It's looking like no dice in MA.

Originally posted by: amdhunter
There is a 30 day buyers remorse law. Google it and try to get your friend off the lease that way.

Not in MA, according to the Great Goog in the Sky. Oh well. Looks like she is going to learn the hard way!

If the person she co-signed for fails to make payments, she could legally repo it. Would take a court order, but it wouldnt be hard to do.

By then your credit is screwed and you can just let them come take it back anyway.

 

[Wreckem]

Originally posted by: OCguy

Originally posted by: Wreckem

Originally posted by: sonambulo

Originally posted by: OCguy
Shes fucked, unless there is some cooling off period. A quick google could find that, im sure.

It's looking like no dice in MA.

Originally posted by: amdhunter
There is a 30 day buyers remorse law. Google it and try to get your friend off the lease that way.

Not in MA, according to the Great Goog in the Sky. Oh well. Looks like she is going to learn the hard way!

If the person she co-signed for fails to make payments, she could legally repo it. Would take a court order, but it wouldnt be hard to do.

By then your credit is screwed and you can just let them come take it back anyway.

Your credit wont be screwed if you make the payments that are missed.

 

[OCGuy]

Originally posted by: Wreckem

Your credit wont be screwed if you make the payments that are missed.

Huh? Once you get a 1X30, 1X60, and a 1X90, youre credit is in the toilet for a while. Making up the payments does not help this.