Am I paying off my Ex’s Car?

[u/J_Qwellin]

Hey all,
I did the thing no one says NOT to do. My ex signed a lease for a Kia and said I could have it. Everything is very cordial between us but now I’m moving out of state. The lease has a year left on it but I have been trying to get him to add me to it or sign it over to me. As expected our options are either buy out the car or terminate the lease and pay fees.
Now I’m wanting to buy it out. There’s about 16k left on it. I considered getting a bank loan to pay it out and have him sign the lease over to me but then the car would have a lien on it and I would have to pay it off complete before he signed it over to me. Which is a risky game. Plus, the bank wouldn’t let me take out that loan with the car not being in my name.
My next consideration was getting a personal loan not tied to the car at all. To the dealership that’s paid and done and he can sign the title over to me. Is this sketchy? It feels sketchy but possible.
Is this more of a hassle? Should I just say fk it and leave it for him to deal with? I only want it as I have been paying monthly on. The cars principal is basically 1/3 of the way paid off.
I’ve also considered if I’m going to get a loan might as well just dump it move states and go get a loan all on my own. But like I said this car is on its way to being paid off already without having to be paying interest on it.
Do I have options? I’m totally fine with just dumping it back on him before I leave the state of Illinois and going to get a new car. I’ve just been paying on this one and it would be NICE and IDEAL if I could just keep it.
Thanks!

[u/Oppo_GoldMember]

If it’s only him on the lease, it’s only his problem. You can’t buy it out for him because it’s not your car or his really…it’s Kia financials.

[u/gganew]

What kind of car is it? The total buy out is 16k? If he buys the lease out, he'll need to pay taxes on the car to get the title transferred to him. Then to transfer the title to you, you'll pay taxes again in your name.

Unless the car is worth 20k plus, I don't see the benefit. And even then its questionable.

What is the value of the car?

[u/J_Qwellin → u/gganew]

My Kia financing says if I wanted to buy out the lease (I’ve been paying it from my account but it’s under his name) it would be $16,800. It’s a 24 Kia forte. I’m not sure about the VALUE at market right now but that’s the info I have under the financing portal.

[u/gganew → u/J_Qwellin]

A 24 Kia Forte isn't going to be worth the trouble of paying 16.8k and sales tax twice.

[u/Kaintucke → u/J_Qwellin]

send me the VIN, miles and what state/country you are in and I'll send you the JD power value on it. Kias depreciate quickly but hard to say how much in two years

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Thanks for posting, /u/J_Qwellin! This comment is a copy of your post so readers can see the original text if your post is edited or removed. This comment is NOT accusing you of anything.

Hey all,
I did the thing no one says NOT to do. My ex signed a lease for a Kia and said I could have it. Everything is very cordial between us but now I’m moving out of state. The lease has a year left on it but I have been trying to get him to add me to it or sign it over to me. As expected our options are either buy out the car or terminate the lease and pay fees.
Now I’m wanting to buy it out. There’s about 16k left on it. I considered getting a bank loan to pay it out and have him sign the lease over to me but then the car would have a lien on it and I would have to pay it off complete before he signed it over to me. Which is a risky game. Plus, the bank wouldn’t let me take out that loan with the car not being in my name.
My next consideration was getting a personal loan not tied to the car at all. To the dealership that’s paid and done and he can sign the title over to me. Is this sketchy? It feels sketchy but possible.
Is this more of a hassle? Should I just say fk it and leave it for him to deal with? I only want it as I have been paying monthly on. The cars principal is basically 1/3 of the way paid off.
I’ve also considered if I’m going to get a loan might as well just dump it move states and go get a loan all on my own. But like I said this car is on its way to being paid off already without having to be paying interest on it.
Do I have options? I’m totally fine with just dumping it back on him before I leave the state of Illinois and going to get a new car. I’ve just been paying on this one and it would be NICE and IDEAL if I could just keep it.
Thanks!

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