Question:
I recently leased a brand new car, all the leasing papers have only my name on it. Now I'm thinking of adding my husband's name onto the registration, can I do that without notifying the bank, revising all the leasing papers, to avoid all those hassles?
Answers:
After an auto accident, do I need a lawyer to get a settlement for bodily injury?
You probably can't. The actual owner of the vehicle is the leasing company and they hold the title to the car. You can check with your DMV but I'm pretty sure the registration has to match the title in most states. The leasing company is not likely going to allow you to add him, but you can pick up the phone to ask. They gave you the lease based on your credit score, not your husband's. If his name was on the lease from the beginning it is based on both of your scores. At best, you will probably have to renegotiate the lease to add his name. That is probably a lot of hassle & paperwork & you may have to pay penalties, you may have to pay higher monthly payments, etc.SR-22 Insurance required if I don't drive?!?
Why would you want to add him, as long as he is on your insurance, he can drive the car.There no real advantages to having his name on it.
There is one distinct possible disadvantage though. If something were to happen[and things DO happen] that would present some sort of financial difficulty causing you to fall behind or default on the lease payments, it would go against the credit of only the person on the lease. So, if both of you are on the lease, you would both get negative marks on your credit. On the other hand, with only one name on the lease, you ould only have one negative matter to worry about.
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