Need advice on my first car lease?
Ok so I'm kind of stuck i'm not sure how to get myself out of this one. My sister some time back passed me on her car it wasn't paid for so I continued to make the monthly payments with the car still being under her name. The car is only worth about 10k or 11k and total pay off is 17k. The car is horrible on repair cost which is the main reason why I wanna get rid of it. I wanna lease a new Honda Civic. I'm only 18 years old and according to experian with Fico my credit score is good. I make almost about 3k a month. But My credit history length is only about 7 months. Is this possible to lease a car on my own? I don't drive to much so I'm not really worried about the mileage on the lease. Has anyone ever experienced something like this?
Shove her back the car and let her deal with it.
First off, you have no legal responsibility for your sister's lease. Just stop payments and it will go on her credit and not yours. The finance company has no legal binding contract with you. She should have informed the finance company of the changes.
Leases are good as long as you know the penalties such as mileage and damage when you turn it in. If you're not going to drive much, get a lease. If you are, buy it through financing.
You won't be leasing for 5+ years at best.
"My sister some time back passed me on her car it wasn't paid for so I continued to make the monthly payments with the car still being under her name."
Give the car back. It's not yours, and it isn't your responsibility. You could pay the car off, pay the insurance, pay for the gas and tags, and service, and she could still legally take it back at any time.
"The car is only worth about 10k or 11k and total pay off is 17k."
This is irrelevant, as it isn't your car to trade.
"The car is horrible on repair cost which is the main reason why I wanna get rid of it."
Just give it back to her, or, if she won't take it, let them repo the car. It will not affect you in any way.
"I wanna lease a new Honda Civic. I'm only 18 years old and according to experian with Fico my credit score is good. I make almost about 3k a month. But My credit history length is only about 7 months. Is this possible to lease a car on my own?"
Not a chance. Any 18 year-old kid can have a 700+ credit score, based on a $500 credit card. You need more than just a good credit score, you also need established credit history. You will not even be considered for a lease. With a strong cosigner, and your income, you MAY be able to get approved to finance a new(er) car, but you're definitely not going to lease.
Your best bet would be to buy a beater for cash, put liability insurance on it, and drive it until the wheels fall off. When you're in a better place in life (out of the house, done with school, not reliant on friends and family for anything), then consider something newer.
So you hold the debt on the car you're paying off now? Who is responsible for this debt? If it's you, then I seriously doubt you'll be able to lease. Maybe if you paid off the other car completely and then applied.
I think you have to give this car back to her, if she won't take it, let them repo the car.
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