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Hi everyone. I'm 21 yo and moved to States about a year ago and one of my friends helped me to lease a car. The lease is under her name since I haven't got my DL and SSN at the time, but I was the only one driving it and making payments. I always make payments on time (paid $8 late fee once - simply forgot that the check is in my wallet). So now when i obtained all the documents I want to start building my credit. Is it possible to add me to lease agreement with my SSN number so it will affect my credit score as well? I heard, that if we do so, it will affect both of our scores in a good way at the same time. Is that true?
Appreciate any response/advice
Thank you
-O
It is best to have your friend the co-signer call the company and ask this question. I am sure that all creditors don't have identical policies. I suspect you need to establish some credit on your own before you can do anything so stop by the rebuilding section and see what they suggest.
OP, I highly doubt you will be able to just add your name to the lease agreement to start building your credit, lender's don't typically change contractual agreements mid-way through a loan to add someone to it.
In fact, If your friend financed/leased this vehicle in only their name for your purposes of driving and paying the payment, I would avoid informing the lender of this, as it was a "straw-purchase"
Straw purchases are when a person finances a vehicle for someone else's use, with the intent that they are making the payment and not the actual debtor. It is a big no-no in the banking/lending world and most bank's prohibit it.
When does your lease end? if it is relativley soon then I would start preparing your credit in order to release a vehicle or finance a vehicle directly afterward's with a co-signer if you need it. Get some credit card's, and maybe a small installment loan to build your credit.
What if I will take over the lease? Will it change the amount of monthly payment?