I am joining the military and my car lease is about to be up. Can my wife refinance my car while I’m in basic or do I have to be home?
I am joining the military and my lease is going to be up in a few months. My wife does not work and there fore she can not show money coming in except what I am getting direct deposited into our account. I’m wondering if she can refinance the car when the lease is up or do I have to be home to do this? If anyone knows and can help, please comment on this. Also if you have any questions about this and need more information to answer this question, comment and ask for more information pertaining to the question you have. Thank you.
- Coffee DrinkerLv 76 months agoFavorite Answer
She can not sign for you. Being married doesn't give her that legal authority. And most dealerships and banks won't allow her to get a new car loan in her name with all the income being in your name.
If the car is the only concern then go to the dealership and take care of it BEFORE you leave. If your plan is to buy back the leased car then they will be able to handle that a few months early. If your plan is to return the car and buy or lease another car, then you can do that as well.
For what its worth, leases are far more expensive in the long run. I would encourage you to look at either buying an older used car or at least financing the purchase of a vehicle so that you own it outright when the loan is paid.
If you have other financial matters then consider giving your wife a financial power of attorney document (as several other's have mentioned). This gives her the legal authority to sign financial documents on your behalf. She does NOT automatically have that authority simply by the fact that you're married. You would need the separate POA document.
You can probably download a POA document from the internet or get one really cheap at a local attorney. Make sure you have it notarized to prove that you actually signed it.
- 6 months ago
If she has no income, no way for her to finance in her name. Discuss with the lender now and take care of it.
- 28AKOLv 56 months ago
U have to fiance your own vehicle. I highly don't recommend someone just entering the military to go out and purchase a vehicle. Let your wife get a job while you're in basic training and save, she can go live with family until you're done with basic training and AIT. Wait until u get to your 1st duty station and settle there b4 talking about purchasing a car. You can get station on the other side of the world or deployed or something. so just wait
- SumDudeLv 76 months ago
You are financing the car by leasing it. Just figure out the better deal - a lease of a new car, another lease of this car, or buy it on a contract. <-many people finance the buying of a car. Serious question - does your wife actually need a car or would public transportation work?
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- STEVEN FLv 76 months ago
Before you leave, grant here Power of Attorney. Then she can handle ALL financial issues authorized by the POA on your behalf.
Update to comment: NO. There is NO SUCH THING as automatic authority for ANYONE to act in another person's name.
- A HunchLv 76 months ago
You don't have to be home, but you have to have access to a way to sign the loan documents. If they will do esign through the internet or fax.
- 6 months ago
Phone your leasing company and ask them. You might also want to ask what it would cost to buy the end of lease car. Generally that is a good deal cheaper than renewing the lease.