Leasing a car under my name (10 pts best answer)?
Question by Jez: Leasing a car under my name (10 pts best answer)?
Hello, I’m currently 19 yrs old and I have never bought a car of my own. But my mom wants to lease a car for us and she wants to get it under my name so it will boost my “credit score.” Is this true? Also would it have any complications with insurance with my name going under my mom’s name while the car is UNDER my name?
Thanks a lot!
Best answer:
Answer by Amanda
Your mom will be the main owner of the car and you will be the secondary owner because it will be based off her credit. It will help your credit though if you are on the loan with her but she will be the primary owner. You can get insurance on the car just fine as long as you are on the loan. But, if you are going to do all that I would buy a car instead of lease….WAY too many complications going into a lease even though it is a cheaper monthly payment. You have to have EVERY maintenance thing signed off on and keep track of the limited miles allowed every year and all that or they make you reponsible.
In my opinion, you would be better off getting the car on your own there are several places that offer “first time buyer” programs to give you a decent interest rate and you can get the car all on your own!
Add your own answer in the comments!
If you are only 19 the car won’t be in your name only. It will hve to be in your name and your mothers. It will still give you the benefit of boosting your credit score but it won’t be in your name only.