Jump to content
johnmaknak

What happens if the lessee......

Recommended Posts

........(in this case a 2-person owned company) can’t pay lease payments on a BMW? Is only the lessee’s credit report affected, or would the co-lessee’s credit report also be affected?

 

 

One car company told me that only the lessee’s credit report would be affected.

Share this post


Link to post
Share on other sites

Your post was a little confusing to me. Could you clarify who the "co-lessee" is in this story, and why the company as a lessee of a car needed a "co-lessee"?

Several possibilities suggest themselves to me, but I'd rather not assume.

 

 

Share this post


Link to post
Share on other sites
2 hours ago, johnmaknak said:

What happens if the lessee (in this case a 2-person owned company) can’t pay lease payments on a [car]?

 

Presumably, the lessor will repossess the car.

 

 

2 hours ago, johnmaknak said:

Is only the lessee’s credit report affected, or would the co-lessee’s credit report also be affected?

 

You told us that the lessee is a company.  What sort of company?  And, if the company is the lessee, who is the co-lessee?  Please also explain what you think the distinction is between a "lessee" and a "co-lessee"?

 

 

2 hours ago, johnmaknak said:

One car company told me that only the lessee’s credit report would be affected.

 

Was the person who told you this an employee of the company that is the lessor of the car in question?  If not, what this person told you is meaningless.

Share this post


Link to post
Share on other sites
4 hours ago, johnmaknak said:

........(in this case a 2-person owned company) can’t pay lease payments on a BMW? Is only the lessee’s credit report affected, or would the co-lessee’s credit report also be affected?

 

 

One car company told me that only the lessee’s credit report would be affected.

I was blocked for 14 minutes on here. Anyway, the business is my wife who owns 20 percent, and her partner owns 80 percent. The business is in business but it’s future in not as good as its past.

 

 

 

Share this post


Link to post
Share on other sites
1 hour ago, pg1067 said:

 

Presumably, the lessor will repossess the car.

 

 

 

You told us that the lessee is a company.  What sort of company?  And, if the company is the lessee, who is the co-lessee?  Please also explain what you think the distinction is between a "lessee" and a "co-lessee"?

 

 

 

Was the person who told you this an employee of the company that is the lessor of the car in question?  If not, what this person told you is meaningless.

I guess, no offense, but I need to talk to an attorney.

Share this post


Link to post
Share on other sites
1 hour ago, pg1067 said:

 

Presumably, the lessor will repossess the car.

 

 

 

You told us that the lessee is a company.  What sort of company?  And, if the company is the lessee, who is the co-lessee?  Please also explain what you think the distinction is between a "lessee" and a "co-lessee"?

 

 

 

Was the person who told you this an employee of the company that is the lessor of the car in question?  If not, what this person told you is meaningless.

Yes, but on the phone, so what they said isn’t binding.

Share this post


Link to post
Share on other sites
13 minutes ago, johnmaknak1 said:

the business is my wife who owns 20 percent, and her partner owns 80 percent.

 

So....is the business a general partnership?  A corporation?  An LLC?  Something else?

 

 

14 minutes ago, johnmaknak1 said:

I guess, no offense, but I need to talk to an attorney.

 

Sounds like your wife might, but if you answer the questions that I and some of the others asked, we might be able to provide some useful information.  Note that the questions we asked are the same questions that any decent lawyer will ask your wife as part of a consultation.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

×
×
  • Create New...