Taking over a car lease

[lartinos]

I know someone that needs to get out of a lease he's had for a few months.
Seems like a good deal, anything to stop me from doing it?

 

[bigmann245]

be careful, get the car checked out and make sure he didnt put a billion miles on it over the limit. you would have to pay for the excess on top of the rest of the lease. look elsewhere bro. never buy a car from a friend.

 

[lartinos]

not from a friend really, someone I know bought this car for their GF. The bitch didn't pay the monthly amount like she promised so he broke nup with her called the police and got the car back.

 

[lartinos]

so now he just needs to get rid of the car....

 

[calveless wonder]

get everything in writing...and make sure you understand all the original terms of the lease (so you don't get fucked on mileage, warranty or the value at the end of the lease)

do it legit.

i think there may be a lease assumption fee if you go that route. you're subject to all qualifications etc.

i'm not exactly sure of all the details of the process.

a site well known for the above is autotrader.com but that's for people who don't know each other. it may help you though understand how it gets done

usually in situations of desperation you can usually get an incentive like them paying for the first month or two of the newly assumed lease

 

[75th]

get everything in writing...and make sure you understand all the original terms of the lease (so you don't get fucked on mileage, warranty or the value at the end of the lease)

do it legit.

i think there may be a lease assumption fee if you go that route. you're subject to all qualifications etc.

i'm not exactly sure of all the details of the process.

a site well known for the above is autotrader.com but that's for people who don't know each other. it may help you though understand how it gets done

usually in situations of desperation you can usually get an incentive like them paying for the first month or two of the newly assumed lease

Leasetrader.com or swapalease.com

Im going to do the same thing with one of my cars. I dont need it anymore.

 

[calveless wonder]

Leasetrader.com or swapalease.com

Im going to do the same thing with one of my cars. I dont need it anymore.

whoops, thats what i meant. i was on the phone and typing at the same time

 

[bigmann245]

not from a friend really, someone I know bought this car for their GF. The bitch didn't pay the monthly amount like she promised so he broke nup with her called the police and got the car back.

still, if something goes wrong it will affect your friendship no matter how well you plan it not to.

 

[calveless wonder]

still, if something goes wrong it will affect your friendship no matter how well you plan it not to.

i think he said it wasn't really a friend. merely an acquaintance

if you legally do the transfer then there's no real liability for either party especially if the warranty is legit.

he's not buying the car, he's leasing it and it's new.

 

[Razorguns]

Read ALL the legal contracts he signed, to make sure all is legit. It can be a pain. Remember, its the leasing companies car, not his. Work with them, not him.

And don't sign anything, and have the car attached to YOUR credit record. They might try that.

r

 

[lartinos]

Thanks guys, much more of an acquaintence than a friend for sure. I know the Mom and she is the one who is gonna have to buy it from the son cuz he can't afford it.
They seem desperate to get rid of it, I think they will agree to things on my terms.
Thanks guys, anymore info would be help would be apppreciated.

 

[lartinos]

I went to swapalease and they have deals where you can new cars with no money down??? I'm confused as to how they could do that. I must be reading it wrong.
Monthly Payment $217.00
Lease Term 36
Miles Per Month 1,000 miles/mo
Down Payment $0.00
Opt. Lease End Buyout Contact Lease Seller
Total Miles 36,000

 

[calveless wonder]

you can walk into a dealership and lease a car with no money down if your credit is good.

usually only have to pay tax, first month and a few other minor charges

 

[puddlemonkey]

You leasers crack me up.

 

[Razorguns]

I went to swapalease and they have deals where you can new cars with no money down??? I'm confused as to how they could do that. I must be reading it wrong.
Monthly Payment $217.00
Lease Term 36
Miles Per Month 1,000 miles/mo
Down Payment $0.00
Opt. Lease End Buyout Contact Lease Seller
Total Miles 36,000

Sure if you take on a lease from day zero.

If you find some desperate person willing to give you a $35k car for $0, and he's already put in $15k, and you can purchase it in 1 year for $15k, grab it.

The key thing is to get the leasing company to put it in your name. So you don't pay it off, and the title goes to the original guy.

r

 

[Arabian]

I know someone that needs to get out of a lease he's had for a few months.
Seems like a good deal, anything to stop me from doing it?

Make sure you read the lease agreement for stipulations such as mileage, wear and tear and most important the residual value of the vehicle at the end of the lease. I would say that if you cannot write a lease off on your taxes then dont. The only advantage of a lease is that you are in a new vehicle every other year or so however the banks have tightened up the restrictions of the lease on the back end.

 

[lartinos]

Yeah, this shit seems too complicated like many things can go wrong.
If I get the a copy of the lease agreement I'll just post it up here and let you guys take a look at it.

 

[rjl296]

Sure if you take on a lease from day zero.

If you find some desperate person willing to give you a $35k car for $0, and he's already put in $15k, and you can purchase it in 1 year for $15k, grab it.

The key thing is to get the leasing company to put it in your name. So you don't pay it off, and the title goes to the original guy.

r

pretty much what i just did,
its not that complicated, just call the dealership and tell them what you want to do