My mom’s lease is ending and she wants to buy her car (Bmw x3)
however, her credit score is sub 600 for an accidental issue of forgetting to pay for the car on time.
My credit score is 700+ and 730 but I only have credit cards.
I know that her buyout rate is going to be really bad because of her credit score. Is there any way to avoid it or for her to transfer the lease to me so I can buy it out and get a better rate because of my credit score?
any help is appreciated, thank you for reading this. this forum has been really helpful.
It takes more than one “oops, I’m 33 days late!” on a car payment to destroy a credit score to that degree.
If you go the co-sign route, make the payments yourself and have her give you the money.
If she stops making payments - or pays them late - your credit score will be
Personally, I wouldn’t co-sign for anyone.
Under the right circumstances I would gift a lump sum to defray some or all of the additional interest that would come with the risk-based APR that will be charged for flying solo with subprime credit.
You can call it a loan if you want to, just don’t expect to see it back.
