Credit Card Center Advertiser Disclosure

Reply
Established Member
Posts: 33
Registered: ‎12-04-2016
0

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?

Valued Contributor
Posts: 1,571
Registered: ‎12-16-2014
0

Re: Getting a lease transferred to my name

[ Edited ]

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.  

NFCU Go Rewards 18k, NFCU Go Rewards AU 22k, NFCU CLOC 15k, NFCU N Rewards 14k, Amex ED preferred 12k, Amex BC 1k, USAA CL 2k, Hawaiian Air Barclay 1.2k, Venture One 10.1k, Target 7k, Citi Costco 2k, Citi AAdvantage 7k, NFCU Platinum AU $14K, Penfed Platinum Rewards $5.5k. PayPal 2.2K, Discover IT 6k

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores June 2017: EQ 692 TU 703 EXP 698

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.