I have a friend I know well, but has no credit score, therefore dealerships don't want to lease him a car. I know he's good, can I lease the car from the dealership and make a similar contract with my friend so he leases the car from me?I understand this is a very risky situation, but I just wanna know if in Florida it'd be legal to do such transaction. I know I am liable to the dealership for ALL payments and damage to the car. I read that without title of the car my friend won't be able to secure an insurance policy on the car.... so then how am I allowed to get an insurance policy when I am leasing from the dealership (I also don't have title of the car?)
Could you let someone drive a car you lease and you make the payments? Probably yeh. But unlike subleasing an apartment, the driver needs insurance. It is doubtful someone unrelated could get insurance on the car with title and and lease not in their name though. It also sounds incredibly risky to you since, unlike an apartment, a car can be totaled in a split second and you're on the hook.
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I would say the answer is no. I'm sure the dealership's attorneys have thought of the likelihood of this happening and put anti sublease clauses in their leasing contracts. In addition, you could end up being liable for the sub lessee's negligence if he was in an accident. Not to mention all the other ways this could go wrong. Bad idea all around!
The answer would depend on the terms of the leasing agreement with the dealer. The leasing agreement will specify whether the car can be subleased and, if so, what conditions must be met. Generally speaking, contracts in the state of Florida are assignable (meaning you can give certain rights and obligations under a contract to someone else) unless the agreement specifies otherwise.
Not a good idea on many levels. The main one is you would be liable for any property damage or personal injury related to the car. The insurance company can deny coverage since you subleased the car. Also, what if your friend with bad credit can't pay the lease? Can you afford 2 car payments? What if he takes off with the car and you can't find him? Tell him to buy a used car and build his credit the normal way.
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Nooooooooooooooo! Do not even think about it. If financial institutions spend BILLIONS of dollars determining who is a good credit risk and say your friend is not one of them, your view of " I know he is good" is a receipe for disaster. Beyond the legal liabilities and contractual limitations that will likely say you cant do so, you would be a flat out fool to make such an arrangement as YOU will accept ALL the liability for the vehicle. I can't tell you how many people I have represented regarding co-signor agreements under the same premise and ended up in bankruptcy or spending thousands of dollars defending lawsuits when good people turn bad.
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