I have a little situation going on and I wanted to ask for an advice.
Recently, I helped my boyfriend to lease a car because he had low credit history. He's British so he does not have any credit history in this country yet. I helped him to open up a credit card in his bank few months ago to start building up his credit score. I also helped him to look for a car since we were supposed to move in together, but never got to that point. We bought the car under my name. I'm a full-time student without any income, but he was earning decent money, and he had no problem making car payments.
Things did not turn well for us, and it looks like the car needs to go back to the dealership soon because he's unemployed now. He can continue paying for the car, but he's very forgetful and I don't want to leave it up to him to make the payments because I'm afraid that he may pay it late or forget to pay. He's famous for forgetting to pay his bills.
I don't want my credit score to go down since I've never missed any payments, and my credit score is very high now. I did him a favor, but now I regret it. He may move to a different place (not certain though) so I really want the car to go back. I am not familiar with how leasing works, but what would you guys suggest me to do. Do you think that the dealership will take the car back (is there such a law) since we've only payed for it 3 times since we bought it.
How does that work in general, and are there certain rules that I should know? I don't want to be cheated by the dealership (if they even do that) when we take back the car.
The car is a brand new Nissan Xterra 2006 and the payment on it is $368/month. It's leased for 6 years I think. The milage is around 500/miles, we bought it in mid-December of last year. Also, he put $2,000 as a down payment.
Any adivice is appreciated at this point lol!
Edited by _femme333_, 14 March 2007 - 12:24 AM.