College student and leasing out of state

Ask the Hackrs
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1

Hello fellow hackrs. I have quite a complicated situation for my next lease and I’m looking for guidance.

Two relevant people:

Me: College student, Pennsylvania resident with PA drivers license, undamaged but very young credit history.

Parent: California resident with CA drivers license, excellent credit, the type of person every bank would lend to at their best rate.

What I am trying to do:

I would like to lease a Chrysler product through a credit union due to IDL and best prices overall. Specifically, Sun East credit union which you must be a PA resident to be eligible.

Here is the ideal situation:

I negotiate a lease with the dealer over email. The loan sheet is sent electronically to California so my parent can fill it out. I would also fill out my part of the loan sheet electronically or in person. I would like to be on the loan since it will help my credit and will satisfy the Pennsylvania residency requirement. The credit union would then approve the loan at the best rate since my parent is the cosigner. The car is then registered in Pennsylvania in both of our names. The car is insured in Pennsylvania in both of our names with me listed as the primary driver.

Questions

Is this even possible?

How are loan applications signed when the person is not physically present?

Does it matter who is the primary and who is the cosigner?

Will the loan be approved at the best rate or will my credit drag it down no matter what?

Should I just hire a broker and follow the LH logic of ‘let it be someone else’s problem’?

Also, is model and trim specific lease cash eligible for credit unions?

2

Might want to post specific numbers to see if your assumptions survive LHF scrutiny

3

Fair enough. Here are the incentives. It appears 12k (IDL+IDL+Lease) Right? I could also add Penfed too right?

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I meant this thread more as a ‘is this possible before I negotiate’ not as a deal check.

4

I’d be surprised if those two IDL cashes stack

5

I’d be shocked

6

It is a lot of IDL cash. However nothing surprises me about Chrysler’s financial decisions anymore.

This thread gives me hope:

Regardless of whether these cashes stack, it could still be a great deal. Any suggestions for the other parts of my post?

7

What is possible is going to depend on what the CU’s policies are. E.g., they might require the primary to be a PA resident (you) but then might also require the primary to be the one with income (your parents, who aren’t PA residents).

8

I had not considered that, thank you.

I just emailed the credit union about this. I also emailed a dealer about stacking IDLs.

9

IDL cash “might” stack but I don’t think lease cash applies as that would be a Chrysler Capital incentive.

10

Your situation is a little more complicated but I had a similar situation where my nephew was you and I was your parent.

Nephew wanted to lease a new car but had no or “young” credit. I agreed to co-sign.

When we leased he actually had to be the co-signer as I had the credit, but his will build with this as him a co-signer.

The car is registered in his name and insured in his name only. We both live in NJ.

Car is leased with Kia motor finance. Credit union may have different requirements but hope this helps.