The Great Dildini asking how to cover up the straw purchase on insurance.
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Ok so basically I give him the bimmer and drive the new lease myself
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Correct, if you want to be legit.
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Assuming it, too, is not leased.
No bimmer and jeep are paid in full. But quick q about the straw thing, If I want to get someone a car I cant do that? like he didnt tell me to go out and lease him a car. I just know his credit sux and he has not gotten a car for a while so I wanted to him a favor, but I figured it there is a way I can only pay for the car and not insurance it would be financial better for me.
sorry for typos, not used to this keyboard.
You cannot. It comes up regularly:
Now everyone is going to jump in with their many variations (what if it’s my kid? My dog? What if the inlaw lives in my basement)?
There is no way you can argue a car you leased, that is primarily driven by someone else, at another address - is primarily driven by you, the leasee. It’s fraud and violates the lease agreement.
If you want to buy the car, you can do what you want with it.
You signed your name to rent the new BMW from BMWFS for the term, and immediately handed the keys to someone else. If that person couldn’t sign for it themselves, because of credit or income, you defrauded the bank.
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What you could have done is have him lease with you as a cosigner. Then he is the primary on the insurance, but you’re still helping with the credit issue.
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Yea true, just wanted bit of a surprise factor, watched too many movies where ppl buy cars for others lol. This is good you guys are awesome and very helpfull. If anyone has time just to chat about a topic, I dont understand the straw law point. If I put my neck on the line to lease/buy why does the law care if Im buying it for myself or someone else? In other words I dont understand who gets hurt in that type of a transaction.
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You are not buying the car.
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The issue is that you signed a contract with the bank, based on your credit, saying that you are the person that is going to retain possession of their asset. It becomes an issue when you essentially give away their property to someone else that they haven’t agreed to.
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what do you mean?
You didn’t buy it. You leased it. You don’t own it. Huge distinction when it comes to these things
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They would either have charged the intended driver a different MF or denied them altogether.
You basically bait-n-switched the bank.
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So lets say I lease a car for my 16yr old, will that be a straw?
They wont lease to a 16 yr old…to build early credit for my daughter I tried😁. They wont even allow her as a cosigner.
deja vu all over again. This has been discussed at length before, good luck!
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so i think I see where my thinking was off lease/buy. I guess the way I was looking at it was if I leased a car and I make the payment on it who cares who I let drive my car. But I guess yea looking at it from all sides its like my buddy lending me his tools because he trust me but he doesnt want to lend them to “John” because the tools go missing lol. So I get it now, its a lease so its ment for only, if I buy then its actually mine and I can do as I please. Sorry guys took me a while to see the whole picture not just my way. As always thank you for your knoweldge.
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Have the common courtesy to read what people say when you ask a question. All the other permutations of your straw purchases can be Googled.
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