Quote:
Originally Posted by xPaulBaiLeyx
Wow. . . Why are you people so concerned with this guys business? If you aren't interested in helping him out you should just stay out of it. He doesn't need all of you ruining his chances at a new car.
There are ways of doing this, legal steps you can take, to insure both parties are covered and nobody gets ripped off. They just need to write up a personal legally binding contract they're both in agreement with and take it to a notory and if anything goes wrong on either side it can be easily taken care of by the proper authorities.
I was going to do this with my last E90. I was desperate to sell and he was desperate to buy however he did not have the best credit and i was willing to help him out.
Really, what can go wrong?
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I'm no lawyer, but correct me if I'm mistaken, if it's your name on the lease, even if he pays for it, anything that happens to the car still makes you financially responsible. Even if you both signed a notarized contract stating he'll pay for the payments and anything that happens to the car, if he were to slack on a payment or two, it would still be you the creditors would come after since its under your name. Granted he may be a responsible guy and I'm not going to prejudge him, but the idea sounds like a big financial risk for the person that keeps their name on the lease.
Having said that, maybe, just maybe if you both signed a legally binding contract that said any and all monetary effects regarding the car will be responsible by him, and if he cannot pay for it now, you will pay it, and he must repay me afterwards within a reasonable amount of time, might work. If you want to do that however, I'd say make sure you, as the person keeping your name on the lease, have enough money to cover for the car just in case anything happens. Better to be safe than sorry. I would definitely have a lawyer get involved with the paperwork though.