Getting Off the Lease:
1. Lease Buyout: In some cases, the cosigner may be able to get off the lease by purchasing the car from the lessor at the agreed-upon buyout price. This option may be available at the end of the lease term or during a specified period during the lease.
2. Transferring the Lease: The cosigner may be able to transfer the lease to another person who meets the lessor's credit and other requirements. This process typically involves obtaining the lessor's approval and executing the necessary paperwork.
3. Early Termination: Depending on the lease terms, there may be an option for early lease termination. However, this often involves substantial fees and penalties, and the cosigner may remain responsible for any remaining lease payments.
Rights to Sell the Car:
1. Ownership: Typically, the lessor holds legal ownership of the car until the lease is fully paid off. The cosigner does not have ownership rights and cannot sell the car without the lessor's consent.
2. Sale with Lessor's Approval: In some cases, the cosigner may be able to sell the car with the lessor's permission. This may involve obtaining the lessor's approval, signing a release agreement, and fulfilling any outstanding lease obligations.
3. Assumption of Lease: Another option is for the buyer of the car to assume the lease payments and take over the lease contract. This requires the lessor's approval and involves executing the necessary paperwork.
It's crucial to consult the specific lease agreement and discuss any questions or concerns with the lessor or a legal professional to fully understand the cosigner's rights, responsibilities, and options regarding getting off the lease and selling the car.
