: Lease Assumption



NC STS-V
01-12-07, 08:27 PM
Has anyone ever assumed a lease through a site like www.swapalease.com (http://www.swapalease.com) or www.leasetrader.com (http://www.leasetrader.com)?

My '04 V comes off lease in May and I'm afraid I'll take a killing in depreciation if I buy it out and wait for news on the new V.

The sites above have a number of V's available for short term leases at what look to be reasonable payments. Seems like a good interim solution for me, but I've never talked to anyone who has done this.

Any thoughts?

Ron

svassh
01-12-07, 09:10 PM
Never heard of it either but looks like some awesome deals.

vmoving
01-13-07, 12:29 PM
I assumed my last car (02 BMW M3) from swapalease.com. I had someone assume my 03 BMW 530 at the same time so I could get the M. I think it's a great way to get into a short term lease without putting money down. Most of the time they are just cars peolpe can't trade sue to neg equity, which if you don't plan on buying the lease out and the payment is good who cares.

HiTechRV
01-13-07, 01:00 PM
SO the terms in most leases like those from GMAC let someone else pick it up for just the remaining payments? You do not need a deal like this to buy out moses leases - most let you buy out any time you want.

NC STS-V
01-13-07, 08:36 PM
SO the terms in most leases like those from GMAC let someone else pick it up for just the remaining payments? You do not need a deal like this to buy out moses leases - most let you buy out any time you want.

That is my understanding. The current lease company does a credit check on the "buyer" of the lease and charges a transfer fee (looks to be around $600).

In this case the "seller" simply gets rid of the car without making any additional payments. If you wanted just buy out your lease, you'd have to give them the car AND pay a buyout amount which in my experience is basically the sum of the remaining payments.

Thanks vmoving for the info!

Ron

vmoving
01-14-07, 03:59 PM
Yep your right! The M3 I assumed had a horrible payout because the original leasee rolled neg equity into the car. But on the other hand he put alot down to buy his payment down. He couldnt trade it because he was burried but he also couldnt make the paments anymore. So I took over the lease with 21 months left. The payment was 489. I couldnt have done a two year lease for that payment if my life depended on it. I think BMW charged $500 for the lease assumption fee which covered the credit ck. I know you have to have great credit to do it because their thought is they already have someone on the hook for it so why let someone with crappy credit take it over. Hope that helps.