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A friend of mine was planning to take over the lease on my vehicle, so I can upgrade to another vehicle... however...
HCFI (Honda Canada Finance) tells me that I am still liable if he (the new leasee) misses a payment or some other thing. How is that possible? If he assumes all obligations of my lease contract, why am I still liable for something? And even still, how can I upgrade if I am liable? Does any of this sound familiar to any of you? Help....
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__________________ 1992 Toyota Soarer GT-TL
1JZ-GTE
1992 Toyota Paseo (project)
4E-FTE
1990 Toyota Corolla AE92 SR5
Last edited by CdnSilverStreak; 03-16-2005 at 07:41 PM.
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Sounds like you got locked in the lease. Or, they have you listed as a co-signer, in which case you would be held liable if he/she missed the payment.
I would check on those 2 parts, otherwise, they should not be able to hold you liable if your friend takes over.
Make sure you tell them that it will be your frinds name on the lease, not yours. There is a difference between taking over the payments, and taking over the entire lease.
No, it's not a locked in lease, and I'm not co-signed. I am the primary leasee...
That's the part I don't understand. If the contract changes to my friend's name, then you would assume that he has assumed all obligations of the contract, and that I have been absolved of all responsibility. But yet, they go around and tell me that regardless, I am still responsible if he misses a payment, or loses his job, etc...
The whole issue is bullshit IMO. I should have the right to upgrade if I choose, but this whole policy of Honda lease agreement is crap. I reviewed my contract through every detail, and there is nothing that says I would still be liable...
I'm not from your area, but I just sold my lease to my dad. AHFC siad if he didn't get accepted, for the laon/lease, I would have to be the secondary signer, like a co-signer, but he got accepted. Not sure how much that helps, btu maybe he did not have good enough credit to assume it.
Check with HCFI, maybe they are confusing the situation with a sublease, if which case you are still the primary lease holder and is resonsible. If the your friend is taking over the lease and title, then you shouldn't be on the hook.
On a some what related note, I'm on pre-authorizied payment for my loan with HCFI, but I haven't been receiving statements so I don't even know my account number. Anybody got HCFI's number so I call them up?
I have never leased, or gotten finance. I paid cash for mine and avoided all the problems.
You're better off getting a 2.9% finance load from HCFI and putting the chunk of cash into a balanced mutual fund with an average 10% return. That's what I did.
You're better off getting a 2.9% finance load from HCFI and putting the chunk of cash into a balanced mutual fund with an average 10% return. That's what I did.
True. I would never consider paying all cash for a car, especially with the amount of depreciation it incurs.
__________________ 1992 Toyota Soarer GT-TL
1JZ-GTE
