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-> Household Management
-> Finances
amother
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 Tue, Nov 12 2024, 11:13 pm
What does it mean and was do you need to be the one to cosign? Is it all about the money/credit/loan?
Or would the cosigner need to be in the insurance as well/have a good driving record/have a license at all??
I don't know how it works and I know some of these ideas are detached from reality. I'd appreciate if someone can help me understand this. Thanks.
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amother
Black
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Tue, Nov 12 2024, 11:49 pm
It’s strictly for loan purposes, so no need to be on insurance (only the person driving the car)
It means that if the person taking out the lease defaults in any way- you are the one on the hook. If they stop making payments, your credit will be hurt just as much as theirs. If it goes to collections, your name will be on it too. You will also have it on your credit report as a loan so it may or may not impact it in the short term as well
You do not need a license or good driving record, typically just an income and good credit score
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nicole81
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Tue, Nov 12 2024, 11:52 pm
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It means you need to be prepared to pay the entirety of the lease. If you're not willing to do that, don't cosign.
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amother
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Wed, Nov 13 2024, 1:02 am
| amother Black wrote: | It’s strictly for loan purposes, so no need to be on insurance (only the person driving the car)
It means that if the person taking out the lease defaults in any way- you are the one on the hook. If they stop making payments, your credit will be hurt just as much as theirs. If it goes to collections, your name will be on it too. You will also have it on your credit report as a loan so it may or may not impact it in the short term as well
You do not need a license or good driving record, typically just an income and good credit score |
Thank you for explaining all the details!
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Dolly Welsh
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Wed, Nov 13 2024, 1:30 am
You can end up being the one who has to pay. The whole thing. You.
You are saying that if the other person does not pay, you will. All of it.
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