Both spouses on a lease or just one?

Ask the Hackrs
1

Just curious if it matters whether I put my wife on the lease when it’s primarily my vehicle.

I’ve always felt you shouldn’t add two people to a debt agreement when only one is necessary. Any pluses or minuses?

2

My main reason for not having my wife on my lease contract is she would have to go to the dealer with me to sign the contract.

6 Likes
3

Plus

  • Helps their credit too
  • If ever towed, their name is on the vehicle (Wow I watch too much Everything Autos)
  • Allows you to take a ‘special rebate’ on the other party’s name. (If your state has a limit one per person rebate.

Cons

  • Yes you both have to sign, but with a broker that’s done at your house.
  • If the car ever goes into Repo, both of you are screwed.
  • If the other person allows a deadbeat to borrow the car, you have no recourse (a thread here about a broker putting his name and the deadbeats mom’s name on the car)

Quasi Legal

  • Trying to put 2 people to do a strawman purchase which might hurt you later personally. (A side effect of Con #3)
4

I suggest not to, unnecessary debt account on the persons credit. Unless you have concerns of getting approved with one income.

5

Not looking it up but 99% certain that was a finance agreement he cosigned

Not entirely certain the point but just to add that it’s NOT a straw deal if cohabitating spouses drive each other’s cars and are not on the loan/lease. The fraud occurs when you knowingly lease or finance with your credit and hand the car/keys to a third-party, even a blood relative outside their household.

6

It’s just inconvenient to make two people sit through the dealer BS. I’m not aware of any advantages.

7

Either way your assets and liabilities are shared between the spouses in most states, as in she would be equally liable to your debt under the lease if you two go separate ways.

I would defer to others when it comes to the impact on your credit report. I think it would only impact yours if you are the sole signor.

4 Likes
8

Sometimes the spouse may have benefits you don’t qualify for - military, educator, fleet/supplier, etc. in that case you’d need them. And if they’re in the same household, they should be listed in your insurance coverage anyway.

But I otherwise I try to keep it to myself :joy: easier from paperwork perspective.

2 Likes
9

But then rebates apply to “household” (at least in most cases), hence no need for the spouse to be on the lease.

1 Like
10

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