Alright so this may be a lot to understand but we’re going to do our best to explain. My parents and brother got a truck in my brothers name as a gift to me for college. They couldn’t make payments a few months later so I started to make payments. All of which are on time or early.
Now here’s the tricky part. My brother wants the truck in my name now because he doesn’t want it on my credit because he doesn’t believe I’ll make payments on time. He wants to transfer it to my name. However I’m not sure how this works.
From my understanding he would have to break his lease and sell it to me in order to have it transferred to my name. The residual value on the lease is 32,500 and still has about a year and a few months left with the truck being at 34k miles with a limit of 39k on lease agreement. Is he going to have to pay fees to break this lease even if he sells it to me? Is he going to have to buy the truck outright rn then sell it to me or can I buy it straight from his lease?
I’m very curious because the trucks residual is 32.5k and with the truck that it is, I can buy it at residual and sell it at market value for 43k and get a more affordable car. Please let me know if I need to clarify anything!
Submitted June 30, 2022 at 12:44AM by Vicent_rodr https://ift.tt/T9VvzwE
