Hi! So I have been shopping for a vehicle for over a month with local dealers with little success. I have maintained a credit score in the 700s for years now. Well last week, a miscommunication with the apartment I moved out of resulted in a derogatory mark on my credit and now I’m in the mid 600s 
. I find this out when I’m sitting in a dealership negotiating. The apartment is working with me and the collectors they sent it to, to get it removed, however I found a dealer that is near my number on a JGC 4xe and I need to purchase it today! It’s gonna take at least 30 days to restore my credit. I have a co-signer, but they are planning to buy another home within the next year. If I have them co-sign, can I remove them once my score goes back up or is that not possible on a lease? I’ve googled and can not find a definitive answer in regards to a lease. Any useful information would be appreciated.
Why do you need to purchase the car today? What’s the rush?
Have you tried asking the dealer/finance manager about this?
I have no experience with this, so take this info with a grain of salt but I doubt you will be able to remove a co-signer on a lease. If you were to finance a car, and then refinance at a later time, you might be able to do that. Again, take this with a grain of salt.
I’ll let others chime in.
Not possible.
My car was totaled in an accident and I no longer have a vehicle. I am renting cars to get to work and take my kid to activities at a ridiculous price. I’m also wasting the money I received from the equity in my car after the accident. I need a car.
In my experience to date, the people at the car dealership will tell you anything to get you to buy, so I do not intend to take their advice or bother to ask. Thank you for the suggestion though.
Ahhh, I figured. This situation is extremely upsetting…ty though.
Maybe you’re at the wrong dealer
Try finding a very short term lease takeover. Will get you through until your credit issue is resolved, and also release your co-signor before their home purchase.
I’m not asking to take their advice, but I am sure they’ve had experience with customers in a similar situation. Anyway, good luck.
You don’t have that many good options here, given the need for a car immediately.
@jay3’s idea is probably the best one if you can get approved for something with 6-7 months remaining with your co.
Get a month-to-month subscription until your credit is restored. One of my buddies uses Flexcar.
Makes no sense to pay 24-36m of 600 FICO rent charge if your credit can be restored in 1-2 months.
How do I release them on a lease?
I will look into it. Most of the lease take overs I see seem to be ridiculous, but I’ll look again.
Agreed. Was just hoping I could take advantage of the deal I got on the JGC before it’s gone and just let my co-signer off later.
Lease takeovers can take time. You’re not getting a car this week, let alone in a couple days.
NTM you’ll be paying transfer + disposition fees amortized over a very short period and any excess wear, miles, tires below 4/32” etc etc.
Lease takeovers only make sense when they’re priced cheap enough to cover those fees and risks.
What car(s)/model(s) are you looking at? Your best bet is to find something cheap (not sure what your budget is).
There are always going to be deals on Jeeps.
Agreed, but we’re comparing it to rental car pricing which is disgusting on weekly rates.
I can’t speak for other brands but BMW can do a transfer in less than a week.
For a short term take over, I would be willing to go with pretty much anything under $500, even if I don’t like it, as long as I didn’t have to keep it for more than 3 months.
I doubt you are going to find a short term lease transfer for not more than 3 months. You can start your search here.
Looking now, thank you.