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!
'94 964 3.6 turbo
'06 Cayman S - #777 (PCA GTB1)
'13 Boxster S
Originally Posted by Sean Edwards - RIP
You have to know the track well too, I always learn fast. But you just rely on instinct I guess, calculated guess work to where the apex is
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.
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!
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...
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.