Comments on: Can a Co lessee buy a car on his own using Auto Loan? http://autocarloansnow.com/can-a-co-lessee-buy-a-car-on-his-own-using-auto-loan.html Tue, 10 Apr 2012 00:46:52 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: David F http://autocarloansnow.com/can-a-co-lessee-buy-a-car-on-his-own-using-auto-loan.html/comment-page-1#comment-4464 David F Mon, 08 Mar 2010 16:54:44 +0000 http://autocarloansnow.com/can-a-co-lessee-buy-a-car-on-his-own-using-auto-loan.html#comment-4464 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. 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.

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