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If you are the cosigner on auto lease and the primary lessor files bankruptcy does the cosigner have the right to take over the vehicle lease?
Wiki User
∙ 16y ago
It depends on how the agreement is worded, but usually - NO. The co-signor is NOT the co-owner but is only someone whom the lender has qualified to act as a financial "back up" to the purchaser. This is not to say that the co-signor cannot become the car's owner but would have to go through the qualification process that would qualify them.
Wiki User
∙ 16y ago
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Can you sign a lease if you need a cosigner for an apartment and the cosigner has not yet agreed to cosign?
The other party (lessor) won't accept the lease if they have already told you that you require a co-signer.The other party (lessor) won't accept the lease if they have already told you that you require a co-signer.The other party (lessor) won't accept the lease if they have already told you that you require a co-signer.The other party (lessor) won't accept the lease if they have already told you that you require a co-signer.
Who is the lessor vs lessee in auto registration?
The Lessor is the finance company. The lessee is the person leasing the vehicle from the finance company
Can a cosigner be removed from a lease?
The co-signer cannot be released until the lease has expired unless the lessor agrees to release the co-signer in writing.
Can a cosigner get out of a rental agreement?
Not unless the lessor agrees to release the co-signer from the obligation and that agreement should be in writing.Not unless the lessor agrees to release the co-signer from the obligation and that agreement should be in writing.Not unless the lessor agrees to release the co-signer from the obligation and that agreement should be in writing.Not unless the lessor agrees to release the co-signer from the obligation and that agreement should be in writing.
Who is the lessor and lessee?
lessor is the owner of property
Can a lessor collect total lease amount more than the asset value?
A common misconception regarging automobile financing, both traditional and lease arrangements is that the debtor is paying for the vehicle. In actuality, the debtor is paying for the contract, and the vehicle is only security on that contract.The short answer is yes, if the contract states an amount that is greater than the asset, then yes, the lessor can collect that amount.
What is a lessor and lessee?
A lessor is someone who grants a lease of something to someone. For example, in a commercial building lease scenario, the lessor is the landlord (building owner), and the tenant will be known as the lessee.
What is a lessor?
A lessor is a person or business that rents dwellings to individuals and families. The lessor is typically an owner of the property or an agent of the owner of property. Lessors also rent office and business space to lessees.
What happens if a leased vehicle is in an accident?
If a leased vehicle is in an accident, the lessor has to notify the lease company, along with their insurance company. Sometime the lease company will have you go through your insurance for repairs, other times they send you to their repair shop (if they have one).
What is the Difference between lessor and lessee?
a lessor is the owner, the one who borrows someone something and the lessee is the user, the borrower. I do understand that you may be trying to assist ?students, in your responses - but no-one...can 'borrow' someone, something!! Students trying to find answers, should not really use these forums sometimes, unless they already know what they know, but just want confirmation,
What are the motivating factors for a lessor and a lessee?
The lessor has income producing property available and the lessee needs to rent residential or commercial space.
Is the lessor the landlord or the tenant?
Tenant and lessee are the same thing, they are a person who rents property from a lessor who own property that he wants to lease.
