Lease question

[b1gr3dmachin3]

Hi all, last summer I need a cars for both my wife and I. The problem was, at that time neither of has had any credit score/history at all. We didn't even have a credit card. So my father-in-law leased two cars for us but we make the payments every month. Fast forward a year, and we both have 3 credit cards with 2.5k limit each and a fico score of 720.

Is there any way to put my wife and I on the lease to help us further build history and credit? Are there any other requirements I would need (job, etc)? Kind of sucks paying every month and not getting the credit for it! Any information would be very helpful, thank you!

[203bravo]

The only way would be to refi.. even if FIL would need to co-sign.

[b1gr3dmachin3]

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@203bravo wrote:

The only way would be to refi.. even if FIL would need to co-sign.

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Okay so if he did that would I qualify to get on the lease given my limited credit history/job history? Also, would that change the interest rate?

[Creditaddict]

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@b1gr3dmachin3 wrote:

Hi all, last summer I need a cars for both my wife and I. The problem was, at that time neither of has had any credit score/history at all. We didn't even have a credit card. So my father-in-law leased two cars for us but we make the payments every month. Fast forward a year, and we both have 3 credit cards with 2.5k limit each and a fico score of 720.

Is there any way to put my wife and I on the lease to help us further build history and credit? Are there any other requirements I would need (job, etc)? Kind of sucks paying every month and not getting the credit for it! Any information would be very helpful, thank you!

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YES, It depends who the cars are leased through?  You can call the lease company and ask about transferring ownership... Infiniti for example, you can go into the dealership and apply, if you are approved they can make you primary on the lease of the car but they will not remove the original borrower, in your case that is okay since it's a relative... little scary if you actually sell the car to someone you don't know and have to stay on it.

This is going to be car company to car company different so fastest to just have your father inlaw call and ask about swapping the lease. (Infiniti they send a loan package and you have to pay for it... but you can just go to a dealership and apply and if approved then pay the loan package fee (transferring the lease cost basically) vs. pay the fee and be denied!)

[b1gr3dmachin3]

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@Creditaddict wrote:

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@b1gr3dmachin3 wrote:

Hi all, last summer I need a cars for both my wife and I. The problem was, at that time neither of has had any credit score/history at all. We didn't even have a credit card. So my father-in-law leased two cars for us but we make the payments every month. Fast forward a year, and we both have 3 credit cards with 2.5k limit each and a fico score of 720.

Is there any way to put my wife and I on the lease to help us further build history and credit? Are there any other requirements I would need (job, etc)? Kind of sucks paying every month and not getting the credit for it! Any information would be very helpful, thank you!

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YES, It depends who the cars are leased through?  You can call the lease company and ask about transferring ownership... Infiniti for example, you can go into the dealership and apply, if you are approved they can make you primary on the lease of the car but they will not remove the original borrower, in your case that is okay since it's a relative... little scary if you actually sell the car to someone you don't know and have to stay on it.

This is going to be car company to car company different so fastest to just have your father inlaw call and ask about swapping the lease. (Infiniti they send a loan package and you have to pay for it... but you can just go to a dealership and apply and if approved then pay the loan package fee (transferring the lease cost basically) vs. pay the fee and be denied!)

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Hmm okay thanks, I'll have him do that then and see what they say. The car is from Chevrolet. I was also thinking if maybe I could just somehow purchase the car even though it's in a lease from dealership. Just thinking of different options.

[Creditaddict]

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@b1gr3dmachin3 wrote:

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@Creditaddict wrote:

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@b1gr3dmachin3 wrote:

Hi all, last summer I need a cars for both my wife and I. The problem was, at that time neither of has had any credit score/history at all. We didn't even have a credit card. So my father-in-law leased two cars for us but we make the payments every month. Fast forward a year, and we both have 3 credit cards with 2.5k limit each and a fico score of 720.

Is there any way to put my wife and I on the lease to help us further build history and credit? Are there any other requirements I would need (job, etc)? Kind of sucks paying every month and not getting the credit for it! Any information would be very helpful, thank you!

---

YES, It depends who the cars are leased through?  You can call the lease company and ask about transferring ownership... Infiniti for example, you can go into the dealership and apply, if you are approved they can make you primary on the lease of the car but they will not remove the original borrower, in your case that is okay since it's a relative... little scary if you actually sell the car to someone you don't know and have to stay on it.

This is going to be car company to car company different so fastest to just have your father inlaw call and ask about swapping the lease. (Infiniti they send a loan package and you have to pay for it... but you can just go to a dealership and apply and if approved then pay the loan package fee (transferring the lease cost basically) vs. pay the fee and be denied!)

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Hmm okay thanks, I'll have him do that then and see what they say. The car is from Chevrolet. I was also thinking if maybe I could just somehow purchase the car even though it's in a lease from dealership. Just thinking of different options.

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You can very much purchase and depending how long you want to keep it, could save yourself money and build some great history... you should be able to obtain a "Payoff quote" right online if you have online access or else a simple call through automated system can probably give that... just because it's a lease, it still has a payoff value good for "x" days just like if you were buying it... you can take out an auto loan to purchase the car from your father in law and the check would be written directly to lease company.