Options for guarantor when lessee doesn't make payment

[djl605]

This is a situation that has actually happened to me. I had an auto lease through Nissan Motor Acceptance Corporation (https://www.nissanfinance.com/) which I transferred to someone else about 3 months ago. Upon lease transfer, Nissan requires the original lessee to remain on the contract as a guarantor.

I recently discovered upon checking my credit report that the new lessee has not been making payments on the car. I called Nissan about this and they said I should still have been receiving monthly statements; however, I have not been. The missed payments have now been reported to the credit bureaus and are appearing on my credit report.

My question is, what are my options here? If I have to make the payment, is there any way I can be compensated for that? Should I make the payments now? Can I force them to give the car back?
For what it's worth I am located in Atlanta, GA, USA.

 

[Zigner]

This is a situation that has actually happened to me. I had an auto lease through Nissan Motor Acceptance Corporation (https://www.nissanfinance.com/) which I transferred to someone else about 3 months ago. Upon lease transfer, Nissan requires the original lessee to remain on the contract as a guarantor.

I recently discovered upon checking my credit report that the new lessee has not been making payments on the car. I called Nissan about this and they said I should still have been receiving monthly statements; however, I have not been. The missed payments have now been reported to the credit bureaus and are appearing on my credit report.

My question is, what are my options here? If I have to make the payment, is there any way I can be compensated for that? Should I make the payments now? Can I force them to give the car back?
For what it's worth I am located in Atlanta, GA, USA.

You have the option to either take the hit on your credit and, possibly, be sued for the full amount due, plus various costs. You also have the option to make the payments. If you make the payments, you should be able to seek compensation from the new lessee (If they haven't paid Nissan, why would they pay you?) You can't force them to give the car back because it's not your car.

 

[adjusterjack]

I had an auto lease through Nissan Motor Acceptance Corporation (https://www.nissanfinance.com/) which I transferred to someone else about 3 months ago.

To whom did you transfer the lease:
Friend?
Relative?
Boyfriend?
Girlfriend?
Acquaintance?
Coworker?
Somebody else?

And why couldn't this person just go lease a car on their own.

 

[djl605]

To whom did you transfer the lease:
Friend?
Relative?
Boyfriend?
Girlfriend?
Acquaintance?
Coworker?
Somebody else?

And why couldn't this person just go lease a car on their own.

The lease was transferred to someone I found on Swapalease.com. I understand there's certainly a risk of getting involved in something like this with a stranger, though Swapalease does claim that they check the credit of potential buyers. Anyway, if what you're trying to get at is whether this is a relationship which exists outside of this transaction, the answer is "no".

There are various reasons why someone might prefer to take over a lease rather than get their own lease including a shorter term than you can get from a dealer, incentives offered by the seller (who doesn't want to continue paying for a car they're not using), etc.

 

[FlyingRon]

It was a bad deal for you. Nissan Motor Credit are scum (worse than most leases). Unfortunately, you are screwed. You have to pay up to Nissan or deal with them ruining your credit or suing you. You can possibly have ssome redress independently against the person you "transferred" the lease to. You're deluded if you think swapalease provided any vetting of the "buyers." Of course, if you had any brains, you wouldn't have been sucked into the Flease to begin with.