LanceK

I just leased a C4-S in February through Porsche Financial and was wondering if I can transfer the lease to someone else?

Anybody know?

TIA

03-C4S

I have heard you can only sell the car to get out of the lease, but I may be wrong. Why are you getting out of it so early? Also check your private messages, i just sent you one.

Frank 993 C4S

LanceK, I did this with a BMW before. Check your lease paperwork for an assignment clause. The new owner would obviously have to qualify for the lease credit wise. Another alternative is to buy yourself out of the deal (there are usually significant penalities associated with that), buy the car and then sell it. BTW, when you buy the car, sales tax is obviously due. Check the early termination provisions in the lease. Good luck!

LanceK

I'm just not sure I bought the right model car.

I don't plan on doing anything drastic at this point. I plan to live with the car for as least a year, but just want to know what my options are.

Just in case someone says "How much do you want"?...

MitchellDavidson

Thinking about stepping up to the turbo?

docjackson1

most leases let you transfer the lease. the process takes about a month-the assumer has to apply and have excellent credit. even if your lease doesn't deal with assumption, alot of lease companies will let you have someone assume your lease if you can supply them with someone with equal credit. i have seen some instances where you have to remain responsible if the assumer defaults. if you just got the car, you will get killed if you try to buy out your lease or use the car as trade in, as you are major league upside down. you can call your leasing company and ask them for the payout, and compare this to it's trade in or retail value-the difference will be stagerring. this is the reality of leasing-unless you have a car with an extremely high resale value, you have to keep the car to the end, or close to the end. if you think otherwise, always buy, or take a short term lease. by the way, unless you have a great deal on the lease, or you are willing to pay a bonus to anyone who assumes your lease, there are not many compelling reasons for someone to assume your used car on your lease. good luck.

speedy g

I agree with DocJackson. I looked into this recently for another car. The main problem is that you REMAIN ON THE HOOK if the new guy defaults! You could end up owing the payments and not even have the car!

Even if the new owner was Donald Trump (bad example?), I don't think I could get comfortable with that risk.

Buying the car outright and then selling it is your best bet, but you'll probably still lose money. Try going back to the dealer who sold you the car -- if you get a another one from them, they might be able to cut you a better deal. Good luck though!

LanceK

Mitchel...I've been thinking of many options since my post about acceleration. But honestly I'm not jumping to any conclusions. I'm gonna live with the car for at least a year, hit some DE events and then see what happens.

I was just curious what my options were in case I came across an opportunity to transfer my lease. I know I would be way upside down otherwise without even looking at my buyout etc. I wouldn't even want to know for fear of depression...

docjackson1

hey lance, you have a great car. your c4s will out handle and out accelerate 98% of all cars. put winter tires on it and you have all weather transportation. most people would kill to drive a new c4s. enjoy the car-you are a lucky guy.

waflnutz

I tried when I was looking to purchase one. I was being asked to purchase the car instead. This was specific to Porsche's finance arm, not other banks that may underwrite Porsche leases.

ben in lj

"The main problem is that you REMAIN ON THE HOOK if the new guy defaults! You could end up owing the payments and not even have the car!"

totally depends on the leasing company and your lease. acs corp has fully assumable NON-RECOURSE leases if the assumer is qualified.

buckdr1

Just sold my '02 C-2, which was leased by Porsche NA leasing arm.
No,you can't tranfer there lease.
Bill