Can I get an auto loan after just getting one 2 days ago?

I just got a new car less than 2 days ago. It's a lease. I'm looking to get another car and give the leased car to my sister to pay for.. Will it show up in my credit already when I go to the dealership? Are they going to know that I already have a car and that no bank will loan me money.. etc.... Is it easier for someone to lease a car or finance?

Can I get an auto loan after just getting one 2 days ago?

When you buy or lease a car, you have to fill out a financial statement that usually, very clearly asks about other cars that you own or any debt that you might have. You have to sign and date the form which asks if everything is true and correct that you have stated.

If you buy another car and finance it, you will be automatically nullifying your contract with them if you were not honest with them. Financing may get started the day you buy a car but it would not be unheard of for a lender to begin finalizing financing 2-3 weeks later and discover that your credit report does not match.

Also, if your sister fails to make any payments on the first car, you will still be liable for it so it kind of sounds like you are asking for something potentially bad to happen- either you could lose the second car or the first or both.

Depending on the brand, leasing can be easier.

Can I get an auto loan after just getting one 2 days ago?

You cannot legally %26quot;give your sister the leased car to pay for%26quot;. She would need to qualify for the lease herself and get your name off the car. As the lessee, you are responsible for it and cannot transfer possession as you do not own it.

Can I get an auto loan after just getting one 2 days ago?

Because the credit inquiry was so recent (2 days), the dealership/bank will assume you are shopping for a car %26amp; car loan. The credit line will not show up until the leasing company processes the paperwork and reports the credit line. Right now, it's just a credit inquiry (meaning someone pulled your credit). So, the answer to the question is...NO, it will not appear on your credit.

Now for the other stuff. When you apply for credit, you are asked to disclose all of your liabilities. This includes the car lease. You signed the lease, you are responsible for the payment. All debts factor into 'debt versus income ratio'. If you have too much debt versus your monthly income, no bank will approve a loan. So, if you falsify the credit application (don't show the car lease), you could be subject to bank fraud if there were ever a payment missed and the second bank did an inquiry into your original application.

The other is what is known as a 'straw purchase'. If you buy/lease a car, put it in your name and then let someone else 'have' the car (like your sister), that's a straw purchase and can also be considered bank fraud.

Now the reality. What are the chances anyone will find out? 1) If a payment is missed, the bank will start calling you. What are you going to say (on the spot) if you think your sister has been making payments? Any indication the bank may have to think you are not in possession of the car will start an inquiry. 2) Your sister is involved in an accident...you are looking at a big problem. Unless the 2 of you are at the same address, and you can prove she is a part-time driver, you will be in big trouble. With the bank, the insurance company and whatever lawyer may get involved.

So...bottom line. Can you go buy another car tomorrow and that bank not know you just leased a car 3 days ago? Yes. Can you give your sister the leased car? Yes.

If everything went OK through the whole term of the lease..would anyone find out? No.

Is it legal? No.

If something were to go wrong, could you be subject to federal bank fraud...YES!

Can I get an auto loan after just getting one 2 days ago?

If the loan is only 2 days old it won't show up on your credit, it takes 30 days for the bank/finance comp to report it. As far giving your car to your sister, be sure she's able to make the payments and can afford the lease, or else your in for a rude awakening; cause you'll be stuck with making 2 payments and all the headache. Drive safe.

Can I get an auto loan after just getting one 2 days ago?

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