My friend Y was asked to cosign a lease for a Nissan vehicle…

Yes I can wait. Thanks.

The dealer did not fulfill their responsibility in interpreting the terms of the lease before sign the lease. Is there any thing to do from this point?

When she cosigned the paper she has no idea for what she has been bound to the lease. And nobody explained to her the liabilities she was taken for her cosignatory.

That is what I tried to say. Thanks

So, if she rejects to pay or take the liability as a cosignatory what is the impact to her credit in future?

I do not think she wants to sue her former boy friend since it is very time consuming and costly. She just wants to get rid of the issue as soon as possible and does not want to be in court with her former boyfriend. So, what is the other best way to deal with this tough issue for her?

Thanks a lot.

She did contact the dealer for a resolution. The dealer’s representative seems not caring about the payment collection. They said their responsibility is to lease out the vehicle with a legal signed document, whether the payment can be collected is the concerns of their upper level management company.

So should she talk to the Nissan Financial Company and tries to reach a deal on this issue with them?

One another option is, my friend can prepare to bankrupt to be away from this liability. If that happens what is the impact to her future credit record? Is that worth to do that?

Thanks a lot.

She owns a partial paid house and a vehicle and she might have some savings in bank. The house is currently under the names of her and her husband. She is now undergoing a divorce, and as soon as the divorce certificate is issued to her (might be very soon with a month), she is going to put the house under her parents’ name.

Is there any risk for her to do this house title transferring in order to get away from the liability by bankruptcy?

Her vehicle can not be taken away since it is a living necessity for her, is that right?

Thanks again!

Does it help for transferring house title to her parents if she can provide some evidence that the house was originally paid mostly by her parents as a wedding gift?

The vehicle now may worth $8,000, is there any risk to loss the vehicle by bankruptcy?

New Brunswick