Recently,I have signed as co-lessee for my friend when he leased a Honda Civic for 3 years My credit score – Experian was 702 and FICO 680.I am not making any payment for his lease.he takes care of himself.I just helped him get the car using my credit score.I am planning to buy a car for me in Oct/Nov.1.Can I get auto loan for my self being a co lessee?If not…
2.If I come out of my co lessee status in Oct, will it help my credit score?
Clarification is much appreciated. Thanks Dan!
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{ 1 comment… read it below or add one }
You can be on 2 car loans/leases but they will look at the lease payment required on the other lease as an expense. Even though your friend is paying it, your name is on the lease so you are responsible for making payments if he can’t.
If the finance company judges that your income is insufficient to make both the co-lease payment and the new lease payment they won’t approve it.
Being his co-lessor in itself shouldn’t lower your score that much but a lot depends on how much other debt you have and various other factors.