BKKJames

Hey everybody,

I had a question about car leasing (California). My boss has kindly said he'd co-sign a loan with me which is great. I thought we had a deal all sewn up with Hyundai however he doesn't want his name on the title of the car and have me as the leasee.

Has anyone had any experience with this? I'm reading several conflicting things on the internet i.e. he does have to be on the title/reg, it's not a legal requirement etc.

Thank you,

James

Michael

Did Hyundai require him on the registration? Normally that is not required since he is just a co-signer with the bank which has the lien holder title. He is just guaranteeing the loan will be repaid and if he was on the registration, he would then be liable for any lawsuit in case you had an accident.

BKKJames

Thank you Michael.

Myself, my boss (and various internet sources) both said legally he doesn't have to be on the registration and like you said, he's co signing for the loan so if I don't make payments it's on him.

He wanted it this way so basically if i have an accident thats my fault, i'll be the 1 getting sued not him. I don't know if I should just go back and continue to argue with them or try and get a notary public involved?

Michael

A notary public won't help at all but are just a state registered person that is authorized to verify and records documents. I don't understand why Hyundai would require to have him on the registration since you would be required to have collision on the car which would pay for the car in an accident or theft.

If you injure or kill several people in an accident, that has nothing to do with Hyundai being repaid for the car but could put your boss in jeopardy if you didn't have enough liability insurance.

If Hyundai won't allow a cosigner to not be on the registration, there is nothing you can do about it and you should start shopping for another car.

BKKJames

I agree .

My friend works for Hyundai so I was on his Circle scheme which meant i could get an excellent deal. I guess i'll have to continue looking around for someone who WILL allow me to be the only person on the title