Hello, I have been a long time lurker and I finally got the deal that I wanted for a BMW m3. I am currently on stage 2 but I had to get a co-guarantor for the lease due to my credit age being so young (3 years). I had a few questions that the paper work is asking me.
For insurance, do I (the applicant) need to include my co-guarantor (even if he has his own insurance/car), even if the car will be fully covered.
Driver license: Do I( the applicant) Need to include my co-guarantor Driver License as they ask.
Anything else that I would be missing at Stage 2 please don’t hesitate to let me know! I know BMW Financial is helpful but I rather ask here before I get stumped by FS.
I have included a picture of what they ask. Please help!!
How come though, if the co-guarantor was only put on because they had asked for another person on the lease. This still applies even if he himself drives his own vehicle, and pays his own insurance?
I could be wrong, but in order to approve you, the co-signer has to appear on all paperwork. Reason being, your credit alone isn’t sufficient to lock in the lower interest rate and they need collateral in the event you default on the loan
In NY I just heard they passed a law recently where both the Guarantor and Co Guarantor have to be put on insurance where as previously, you were able to have one or the other solely on the insurance.
I’d imagine it works differently for different states but technically speaking both the Lesse and Co-Lessee should not have to be on the insurance.
