My own auto loan (if I use a co-signer, question about my co-signers lease opportunities)

[Anonymous]

Still trying to improve my chances of getting an auto loan, but there is a higher sense of urgency for me to purchase a new vehicle with recent events. My wife has agreed to be a co-signer for me to get that auto loan.

My question is pointed towards my wifes own existing lease. She leases a car, and the term is up during this summer.

If she co-signs a loan for me in the next few months to purchase a car, would that lessen her opportunity to re-up a lease for a new vehicle in the summer time?

TIA!

[cdtotten]

It would show up as a joint car account on her credit report. The effects:

1. The payment would be used in the DTI calculation performed.

2. You will have to explain that the other open car note is not hers, as some lenders don't like you to have multiple car notes open at once.

Overall, shouldn't have a significant affect if everything else falls in place.

[webhopper]

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@cdtotten wrote:

It would show up as a joint car account on her credit report. The effects:

1. The payment would be used in the DTI calculation performed.

2. You will have to explain that the other open car note is not hers, as some lenders don't like you to have multiple car notes open at once.

Overall, shouldn't have a significant affect if everything else falls in place.

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+1 Agree   May want to look at something with a lower payment so that it doesn't affect her DTI too much. 

Why doesnt she just purchase, as its a cheaper way to drive?