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Car Lease Co Signer Liability
Summary
Co-signing a car lease in Ontario makes you equally responsible for payments. Non-payment can severely impact your credit score, staying on your report for up to 7 years. Repossession laws vary, but lenders may repossess after prolonged non-payment. Repossession appears on hard credit checks but not typically on employment checks. Transferring liability requires lender approval and a qualified new lessee. Consider discussing options with the lender or seeking legal advice for personalized guidance.Full Conversation
Friend (ineligible lessee) got me (co-signer/guarantor) for Toronto car lease (retailer/bank). She stopped paying (car with her, months overdue). Bank demands my payment, threatens repo. Asking about impact of non-payment, liability transfer, repo delay, removing friend/taking over, and best course of action.
Hi David! Here's some general information that might help you:
- Impact of Non-Payment: As a co-signer, you are equally responsible for the lease. Non-payment can affect your credit score negatively.
- Liability Transfer: Transferring liability usually requires the lender's approval and the new lessee meeting credit requirements.
- Repo Delay: Repossession laws vary, but lenders often repossess after a certain period of non-payment.
- Removing Friend/Taking Over: You can discuss with the lender about assuming the lease fully, but this often requires a new lease agreement.
Would you like help connecting with a local lawyer who can assist you further?
- Impact of Non-Payment: As a co-signer, you are equally responsible for the lease. Non-payment can affect your credit score negatively.
- Liability Transfer: Transferring liability usually requires the lender's approval and the new lessee meeting credit requirements.
- Repo Delay: Repossession laws vary, but lenders often repossess after a certain period of non-payment.
- Removing Friend/Taking Over: You can discuss with the lender about assuming the lease fully, but this often requires a new lease agreement.
Would you like help connecting with a local lawyer who can assist you further?
repossession laws in ontario how will it affect my credit and how severly can it last
Repossession in Ontario can significantly impact your credit score. Here are some key points:
- Credit Impact: Repossession can stay on your credit report for up to 7 years, severely affecting your ability to get loans.
- Severity: It can lower your credit score by several hundred points depending on your current credit status.
Would you like more detailed guidance or assistance from a local lawyer?
- Credit Impact: Repossession can stay on your credit report for up to 7 years, severely affecting your ability to get loans.
- Severity: It can lower your credit score by several hundred points depending on your current credit status.
Would you like more detailed guidance or assistance from a local lawyer?
will it be on any record if i apply for a job or anything that requires a soft or hard credit check
Case Rating: *
In Ontario, repossession can impact your credit score, which may be visible during a hard credit check. However, it does not typically affect employment checks, which are usually soft credit checks.
Would you like more specific information about how repossession impacts your credit record?
In Ontario, repossession can impact your credit score, which may be visible during a hard credit check. However, it does not typically affect employment checks, which are usually soft credit checks.
Would you like more specific information about how repossession impacts your credit record?
yes please
Case Rating: *
Repossession in Ontario can impact your credit record in several ways:
- Visible on Hard Credit Checks: When applying for loans or credit cards, repossession will appear on your credit report.
- Employment Checks: Typically, employers perform soft credit checks which do not show detailed credit histories like repossession.
Would you like more detailed guidance on this matter?
Repossession in Ontario can impact your credit record in several ways:
- Visible on Hard Credit Checks: When applying for loans or credit cards, repossession will appear on your credit report.
- Employment Checks: Typically, employers perform soft credit checks which do not show detailed credit histories like repossession.
Would you like more detailed guidance on this matter?
yes please
Case Rating: *
Would you like to be connected to local lawyers who can better assist you with your case?
Would you like to be connected to local lawyers who can better assist you with your case?
yes
Case Rating: *
It seems like your case might be a high value one. Would you like to be connected to local lawyers who can better assist you with your case? If so, I will need some additional information.
Can you provide a brief description of the issue?
It seems like your case might be a high value one. Would you like to be connected to local lawyers who can better assist you with your case? If so, I will need some additional information.
Can you provide a brief description of the issue?
My friend is the leaser, or the contract holder of a car leased, but she is not eligible for the lease terms, so she asked me to help her out by becoming the co-signer, or the guarantor of the lease contract. The car is leased in the great Toronto area, Ontario, with the car retailor itself and supported with a bank doing financing and staff. Now the issue is my friend does not want to pay the lease payment anymore claiming she does not have any money, while the car is still in her possession. It has been several month overdue, and the bank contacted me to ask for payment and threaten me that if no immediate payment, a repossession might be imposed any time from now on to the car.
Case Rating: *
It seems like your case might be a high value one. Would you like to be connected to local lawyers who can better assist you with your case? If so, I will need some additional information.
What is your phone number?
It seems like your case might be a high value one. Would you like to be connected to local lawyers who can better assist you with your case? If so, I will need some additional information.
What is your phone number?
*
It seems there's a misunderstanding. I can only provide assistance for legal issues within Hesse. For legal matters in Toronto, Ontario, please refer to local legal resources or seek assistance from legal professionals in your area.
Is there anything else I can help you with?
Is there anything else I can help you with?
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