So my Mom and I went in on an '08 Honda Civic EXL. She co-signed b/c I didn't have enough credit history.

Fast forward to today and there are 3 pymnts left on my lease. I make all the payments, maitenance - basically it is my car that my Mom co-signed for.

My mom is buying another property and in order to finalize stuff with the bank, they are making her pay off our lease TODAY!

So Honda and Chevy this week have asked me to come in b/c they want to pay for my last pymnts and get me into a new lease (I'm a leaser for life, just my preference).

Now that she has paid off the Civic, just moments ago, how screwed am I now? Will I get no incentives now? What does this mean for me?

BTW, she wants me to pay her the 3 pymnts that Chevy and Honda were going to eat. So I am "upside-down" lease situation once I get my new vehicle next week.

I am in tears I am so mad!!!

Any advice pls?

 

Ya, here is the advice...wish it was better:

I'm an Underwriter for a major government loan lender. I make this exception ALL THE TIME. If her loan officer and bank cared about her they would have asked her to have you give 12 months proof of cancelled checks (showing you paid) and this would have ommited the debt from your mothers side. Instead they didn't want to do the leg work and are forcing your mother to pay it off.

Unfortunately from a mortgage perspective the lease screws both you, and your mother. Sorry about your $hitty day. If you have any more questions feel free to PM me.

 

We gave them the paperwork to show I have been paying it and they still said they are considering it in her debt to income ratio.

SUCKS!

She told me that I need to go in and let the dealerships know what happened and ask for them to take care of my first 3 payments so I can pay her back (yeah she needs the money back) and not have two car pymnts for the next 3 months.

IYO, how likely do you think it is that on the last weekend of the month a dealership will agree to pay my first 3 pymnts of my new lease when they said they would take care of my last 3 on my current lease?

 

Thats total bull$hit... Typically leases are included no matter who's making the payment but if the lender goes to bat they can usually get an exception on this and omit from DTI's. Very surprised to hear they won't work with you here.

IMO you'll be hard pressed to find a dealership that will pull this deal for you. Ultimately that'll end of the finance managers desk. Just hope that he/she woke up on the good side of the bed... :-/

Wish you luck man.

 

ttt

 

I don't understand leases apparently, cuz I have re read this so many times and still don't get it. I'm glad I just financed my car.

 

Thanks for the advice!

 

I know its not much...and I know its not in your favor, but I've been working as a credit manager for 10 years on the wholesale banking side for what its worth.

Truly hope everything works out for you brother.

 

Why dont you ask the dealership since they're the ones who were offering to pay off your last 3 payments?