Has anyone tried changing their co-signer on a lease?

edb4164 · 08-22-2020, 07:54 PM

Hi all, my wife is a co-signer in a lease we purchased in early July. She is trying to buy a rental property on her own and I’d like to transfer her off as a co-signer and replace her with another family member.

Has anyone done this before?

I called BMW Financial services and they said it is possible however they said we need to do a lease assumption and both myself and the new co-signer would have our credit run again.

I am wondering why they would need to run my credit again along with the new co-signer and not just theirs.

Any input here is greatly appreciated!

Thanks all!

Next Level Auto Brokers · 08-22-2020, 08:32 PM

With any new lease contract, the bank will need to check your credit again. Also, as long as it's within 60 days, multiple inquiries from the same bank will not count as another hard hit to your credit score.

edb4164 · 08-22-2020, 08:45 PM

Does it matter what my credit is at the time of rechecking my credit (for changing the co-signer) after I was already approved?

moto111 · 08-23-2020, 06:11 AM

if you are this worried about your credit why the hell are you leasing a bmw......

MineralM · 08-23-2020, 10:39 AM

I went through the credit check and assumption process, it's like transferring to an entirely new place.

Takes forever, been about 3 weeks now and in still waiting on the to mail back some more info.

Weiner0123 · 08-23-2020, 04:22 PM

Quote:

Originally Posted by moto111

if you are this worried about your credit why the hell are you leasing a bmw......

What's credit?

08-22-2020, 07:54 PM	#1
edb4164 Private First Class 34 Rep 113 Posts Drives: 2017 BMW ///M4 Join Date: Jun 2019 Location: Northeast US iTrader: (0)	Has anyone tried changing their co-signer on a lease? Hi all, my wife is a co-signer in a lease we purchased in early July. She is trying to buy a rental property on her own and I’d like to transfer her off as a co-signer and replace her with another family member. Has anyone done this before? I called BMW Financial services and they said it is possible however they said we need to do a lease assumption and both myself and the new co-signer would have our credit run again. I am wondering why they would need to run my credit again along with the new co-signer and not just theirs. Any input here is greatly appreciated! Thanks all!
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08-22-2020, 08:32 PM	#2
Next Level Auto Brokers Captain 1042 Rep 786 Posts Drives: M car specialist Join Date: Apr 2020 Location: NY, NY, CT, PA, MD, VA, DE, MA, NH, VT, FL, GA, SC, NC, MS, TX, CA, WA, NV iTrader: (0)	With any new lease contract, the bank will need to check your credit again. Also, as long as it's within 60 days, multiple inquiries from the same bank will not count as another hard hit to your credit score.
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08-22-2020, 08:45 PM	#3
edb4164 Private First Class 34 Rep 113 Posts Drives: 2017 BMW ///M4 Join Date: Jun 2019 Location: Northeast US iTrader: (0)	Does it matter what my credit is at the time of rechecking my credit (for changing the co-signer) after I was already approved?
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08-23-2020, 06:11 AM	#4
moto111 Enlisted Member 29 Rep 40 Posts Drives: 15 mustang Join Date: Feb 2018 Location: chicago iTrader: (0)	if you are this worried about your credit why the hell are you leasing a bmw......
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08-23-2020, 10:39 AM	#5
MineralM Private First Class 251 Rep 179 Posts Drives: BMW 2020 M340xi Join Date: Nov 2019 Location: Raleigh NC iTrader: (0)	I went through the credit check and assumption process, it's like transferring to an entirely new place. Takes forever, been about 3 weeks now and in still waiting on the to mail back some more info.
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