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Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 102162
Experience:  Qualified attorney in private practice including business, family, criminal, and real estate issues.
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I have a car that belonged to my deceased husband. I can't

Customer Question

I have a car that belonged to my deceased husband. I can't sell it because it is underwater. I would have to come up with 4000 to give it back to the bank. I have a friend who badly needs a car and doesn't have the credit or down payment. I want to lease my car to him. What are the steps involved in doing this?
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Ely replied 9 months ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

I am sorry to hear about this situation. Someone in your situation can enter into a lease agreement with her to lease her the vehicle. See a sample lease agreement HERE.

The problem is that your lender may not approve of the lease. You may wish to check with the lender to see if they will allow it - they may not. Some people still choose to go ahead and lease anyway, without telling the lender.

Assuming the lease is executed, there is nothing else that really needs to be done. The friend can use the lease as a basis to get insurance on the vehicle, for example, and for the duration of the lease, get road tags etc in her name.

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