John

[lopic14]

What is the name of your state (only U.S. law)? Ny

 

[lopic14]

My 21 year old son recently leased a 2016 Chevy Silverado. He did all the paperwork, and drove the truck home the same day. Now 3 days later the finance guys at the dealer call. They say they now want a cosigner for the lease agreement. I would never let him default on the lease, but the deal was he would do it on his own. He has a full time job coming out of college middle of May. He also has established credit for 3 years with a major credit card. My question is since the deal is already done. Can the bank legally compel him to get a cosigner for his signed lease agreement?

 

[quincy]

My 21 year old son recently leased a 2016 Chevy Silverado. He did all the paperwork, and drove the truck home the same day. Now 3 days later the finance guys at the dealer call. They say they now want a cosigner for the lease agreement. I would never let him default on the lease, but the deal was he would do it on his own. He has a full time job coming out of college middle of May. He also has established credit for 3 years with a major credit card. My question is since the deal is already done. Can the bank legally compel him to get a cosigner for his signed lease agreement?

Whether your son can be legally compelled to get a cosigner on the car loan depends on how the lease agreement was worded (e.g., if there was a contingency clause).