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Getting a lease transferred to my name

Valued Member

Getting a lease transferred to my name

Hi everyone! So my roomate is currently leasing his car, he paid off the lease in full already, and wants to get a new car.

Basically I need to take over the lease to have the car under my name, and pay him personal payments for the amount he already paid for the car.

We just got off the phone with Lexus Financials, and they said that I do need a credit score of atleast 720.

My current scores are TU 644, EQ 642, EX 645. 

My friend is telling me I might need a cosigner, but I am trying to steer clear of that as of right now, because my family does not know that I will be having this car. (I live at my friends house.) 

Do you guys think I would have a chance of being able to transfer the car to my own name?

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1 REPLY
Valued Contributor

Re: Getting a lease transferred to my name

I think you already have your answer, you need a 720 for Lexus to do the deal.  Of course your friend could co-sign for you since you will be paying him payments.  

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
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