QUESTION
Is is possible to get out of being a cosigner for a vehicle lease?
Asked on Nov 30th, 2013 on Contracts - New York
More details to this question:
I'm 26, and my girlfriend is 21. She needed a new vehicle and her credit alone wasn't sufficent enough to get a car through a lease. Her mothers credit is very poor, and therefore I felt obligated to help her get this vehicle. In September of this year, I cosigned a lease agreement with Honda. Now, we are no longer together, and I feel uneasy about having this 3 year lease agreement potentially effect my credit. I am just not entirely convinced she will be able to handle her bills without being in a relationship with me. We are on good terms, and she is, for the most part, responsible. Is there any way I can get off as a cosigner? I don't know if it's possible, but could she find someone else to cosign instead (picking up where i left off)? I don't want her to lose her car because she needs it for school and work, but I definately do not want to ruin my credit. Any advise would help, and thank you.
1 ANSWER
Your obligation can be excused if Honda agreed to excuse it, but why would Honda do so? Perhaps if your ex found another co-signer who was in better financial condition than you, Honda would prefer to swap his/her/its guarantee for yours, but that is an unlikely scenario. Alternatively, maybe your ex could find someone who would agree to indemnify you if you had to pay Honda, although I don't know why anyone would undertake that obligation voluntarily. You would still be obligated to Honda, but you might feel more secure if you had another party, apart from your ex, whom you could look to to reimburse you for any money you had to pay Honda.
Answered on Dec 02nd, 2013 at 3:02 PM