Are there any issues if I lease a car in my name for my father to drive, as long as I add him to my insurance as a driver?
Do you live at the same address? Is he going on the paperwork too?
About 20 min away. No the lease will just be in my name, but I’ll do it in his name if that’s a problem.
IANAL, but my understanding is: if you are going to lease or finance, your father has to be on there.
If his financial circumstances can’t support the approval on it’s own, it’s a straw deal.
If his finances can support it but you get the approval and pay for it, it still violates the lease agreement (he is driving around in the captive’s car, so a big part of the approval decision is whether the car will be returned at term, in the agreed condition - an evaluation they make based on driver’s credit score).
If you do everything as yourself and just hand him the keys to a lease, it’s potentially fraud. As long as your credit is good, the dealer can help you with the particulars and you can work your deal as if you are leasing yourself (meaning I wouldn’t expect to pay more, but the credit app and paperwork matter).
Thanks, we both have excellent credit. Main reason I was going to do it is to get the loyalty since I’ll need another car in a year. I Guess we’ll just both need to be on the lease.
(I am speaking from personal experience) In order for your father to operate your leased vehicle safely he needs permission from the owner or company on lease. Regarding insurance they will either let you add him temporary or permanently to your policy. If your main reason was loyalty then just make him a co-applicant.
So this brings up a question, all leased vehicles under my name, my credit info, etc, including My wife’s vehicles.
In the future would I need she need to be leasing the vehicle to avoid any fraud issues?
Again IANAL but if you are married and live at the same address you should be fine.
Especially in community property states (CA is one, as an example).
Legally speaking this probably needs clarification due to state to state, and lender to lender differences. I would imagine, lease contract would spell this out. I am going to read my lease contract, when I’m bored and have nothing else to do.
It will be no problem to lease the car in your name then let your father drive it, as long he’s on the insurance.
Don’t over legal think it.
I was at a dealership signing few years back and noticed some commotion among the sales/managers, turns out certain NFL hall of famer was trying to lease a car for his father in law. The kicker was that he had a sub 700 credit scores. Of course eventually he was approved.