KevinNJ789
Junior Member
What is the name of your state? New Jersey
I co-signed on a four-year leased Jeep Wrangler for a friend in September 2018 state of New Jersey. I discovered after the fact that I am the main Lessee and my friend the Co-Lessee. When I signed the paperwork last year, I told the dealer I was just the co-signer, but in actuality I ended up being the main signer because I have excellent credit and the friend has poor credit. I also found out after the fact that I as listed as the owner on the vehicle registration. I never even drove the Jeep and do not have a set of keys.
My friend verbally agreed to pay the monthly lease payment of $489 since she was the lone driver. Everything was going well for the first six months. She was making the payments each month, some months late, but still making all the payments. Then she ran into financial difficulties in addition to a DUI arrest during the summer. The case is ongoing and she may lose her driver’s license for anywhere from 3 to 6 months in the near future. During the last six months, I have been making half the payments, or all the payments.
Then she drops the news on me about her auto insurance that she has been paying all along has been raised from $200 a month to like $1,400 a month because of the DUI arrest and various tickets. Surprised it was not cancelled. She asked if she could put the Jeep under my insurance and this time I refused. If I listed her as driver, I would be struck paying this crazy premium. If I do not tell my insurance company about her being the lone driver, I commit insurance application fraud. Her auto insurance actually expired a day or two ago I just discovered last night. I hope she has the sense not to drive it. Since this is a leased vehicle, full insurance is required.
I already spoke to the dealer about returning the Jeep. Found out there is a return charge of about $7,000 base. I do not need her signature if I decided to return the Jeep I was told. We still owe about $16,000 in payments over the next three years. I want to either return the Jeep, or just take over total control of the Jeep and insure it as myself the lone driver. She wants no part of this since she would no longer would have a vehicle and forced to reply on Uber or friends to get around. We are still communicating, but not sure when the communications will stop.
Comments, advise, direction very much appreciated. Thanks!
I co-signed on a four-year leased Jeep Wrangler for a friend in September 2018 state of New Jersey. I discovered after the fact that I am the main Lessee and my friend the Co-Lessee. When I signed the paperwork last year, I told the dealer I was just the co-signer, but in actuality I ended up being the main signer because I have excellent credit and the friend has poor credit. I also found out after the fact that I as listed as the owner on the vehicle registration. I never even drove the Jeep and do not have a set of keys.
My friend verbally agreed to pay the monthly lease payment of $489 since she was the lone driver. Everything was going well for the first six months. She was making the payments each month, some months late, but still making all the payments. Then she ran into financial difficulties in addition to a DUI arrest during the summer. The case is ongoing and she may lose her driver’s license for anywhere from 3 to 6 months in the near future. During the last six months, I have been making half the payments, or all the payments.
Then she drops the news on me about her auto insurance that she has been paying all along has been raised from $200 a month to like $1,400 a month because of the DUI arrest and various tickets. Surprised it was not cancelled. She asked if she could put the Jeep under my insurance and this time I refused. If I listed her as driver, I would be struck paying this crazy premium. If I do not tell my insurance company about her being the lone driver, I commit insurance application fraud. Her auto insurance actually expired a day or two ago I just discovered last night. I hope she has the sense not to drive it. Since this is a leased vehicle, full insurance is required.
I already spoke to the dealer about returning the Jeep. Found out there is a return charge of about $7,000 base. I do not need her signature if I decided to return the Jeep I was told. We still owe about $16,000 in payments over the next three years. I want to either return the Jeep, or just take over total control of the Jeep and insure it as myself the lone driver. She wants no part of this since she would no longer would have a vehicle and forced to reply on Uber or friends to get around. We are still communicating, but not sure when the communications will stop.
Comments, advise, direction very much appreciated. Thanks!
