Taking over a car lease?

[spoofking]

A friend of mine looks like he's going to lose his job. Unfortunately he's recently started a personal PCP and is worrying about the payments going forward. I'm in the market for a new car and I was wondering f it's possible to take over a lease that someone else originally started.

It would seem to be a win/win and therefore I'm sure that its not possible!!!

Pete

[DocArbathnot]

Unusual to able to this but speak to the lease co. They have an interest in the arrangment after all.

[rfoster]

Not on a PCP agreement I'm afraid - but if you are interested in the vehicle it may be worth your colleague requesting a settlement figure from the finance company - this amount could then be re-financed to you by way of a hire purchase / PCP or personal loan.

[Mojooo]

A lease is nothing special its just a credit agreement

what will need doing is that the old agreement would have to be cancelled and a new agreement made for you.

worth asking i would suggest - especially if you push home the point that matey might be unable to pay soon.

[big_boz]

All the above is correct, you could just start paying the finance on his behalf, but he will always be contractually responsible for the debt...how good a mate is he!

You would be surprised how much of this goes on. I spent some time in auto loan recoveries, and it was not unusual to get a few cases a week, where you would call for a missing payment and the registered owner/keeper would claim that the car had been taken over by someone else....madness

[Futureologist]

You should be able to novate the agreement. Most funded will charge a fee