If my father has a car lease can he co-sign for my car lease?

Question

If my dad has already a car lease under his name, can he co-sign my car lease or is there a rule saying that if you already have a car lease that you can not co-sign a car lease or even a car purchse for a realtive or a friend? please let me know :)

Answer 1

If your pop's income can cover both cars, according to the lender's guidelines, he's good to go.

Answer 2

he should be able to

Answer 3

There is no such rule that you can't Co Sign. But please remember that if your dad signed that lease recently, for a short time there is a big hit on your credit. Your score does nosedive. if during this period, if you try to co-sign they may not accept it.

If its been a while since your dad signed that lease then go for it.  

Answer 4

Yes however it depends on his credit situation.  If he has great credit it and has some assets(like a house) then there won't be any issues.

I had the same question as you a month ago but I found the answer on a site called Car Lease Depot in their blog.

Take care and have fun driving! :)

Justine.  

Answer 5

As long as your father's credit, income, and debt load can handle the new lease (as a co-signer), there is no problem. However, your father should realize that your lease will show up on BOTH your credit report and on his as a debt. If he has excessive debt already, it could be a problem to him in the near future if he needs any other type of loan.