Rennlist Discussion Forums   classifieds | membership | rennlist | photo album    
sponsors | upload photo | chat    
 
Go Back   Rennlist Discussion Forums > Water Cooled Technical Discussion Areas > 996 Forum
Sign in using an external account
Register Forgot Password?
Search


Reply
 
Thread Tools Search this Thread
Old 07-16-2003, 07:46 AM   #1
LanceK
User
 
Join Date: Feb 2003
Location: Westhampton Beach, N.Y.
Posts: 537
Default Can you transfer a Porsche Lease?

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
To remove this ad, register today or login if you already are registered!

LanceK is offline   Reply With Quote
Old 07-16-2003, 08:36 AM   #2
03-C4S
User
 
Join Date: Nov 2002
Location: New Jersey
Posts: 468
Default

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.
03-C4S is offline   Reply With Quote
Old 07-16-2003, 09:08 AM   #3
Frank 993 C4S
Addict
Rennlist Member

 
Frank 993 C4S's Avatar
 
Join Date: Mar 2003
Location: NY Tri-State
Posts: 3,681
Default

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!
__________________
Frank P
'94 964 3.6T
'06 Cayman S #777
'10 Cayenne GTS
'13 Boxster

Quote:
Originally Posted by Sean Edwards - RIP View Post
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
Frank 993 C4S is offline   Reply With Quote
Old 07-16-2003, 12:12 PM   #4
LanceK
User
 
Join Date: Feb 2003
Location: Westhampton Beach, N.Y.
Posts: 537
Default

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"?...
LanceK is offline   Reply With Quote
Old 07-16-2003, 01:07 PM   #5
MitchellDavidson
User
 
Join Date: May 2003
Location: Stockton
Posts: 45
Default

Thinking about stepping up to the turbo?
MitchellDavidson is offline   Reply With Quote
Old 07-16-2003, 01:22 PM   #6
docjackson1
User
 
Join Date: Apr 2003
Posts: 1,839
Default

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.
docjackson1 is offline   Reply With Quote
Old 07-16-2003, 01:32 PM   #7
speedy g
User
 
Join Date: May 2003
Posts: 32
Default

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!
speedy g is offline   Reply With Quote
Old 07-16-2003, 02:57 PM   #8
LanceK
User
 
Join Date: Feb 2003
Location: Westhampton Beach, N.Y.
Posts: 537
Default

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...
LanceK is offline   Reply With Quote
Old 07-16-2003, 06:33 PM   #9
docjackson1
User
 
Join Date: Apr 2003
Posts: 1,839
Default

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.
docjackson1 is offline   Reply With Quote
Old 07-17-2003, 02:58 PM   #10
waflnutz
Addict
Rennlist Member
 
waflnutz's Avatar
 
Join Date: Dec 2002
Location: Colorado
Posts: 54
Default I have heard that Porsche will not transfer a lease...

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.
__________________
2003 C4S
2010 Q7 TDI

Former: GT3RS, 996 Carrera, RS6, RS4, S4's, M3, X5
waflnutz is offline   Reply With Quote
Old 07-17-2003, 03:12 PM   #11
ben in lj
Addict
Rennlist Member

 
ben in lj's Avatar
 
Join Date: Jul 2001
Posts: 1,598
Default

"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.
ben in lj is offline   Reply With Quote
Old 07-18-2003, 06:00 AM   #12
buckdr1
Addict
Rennlist Member

 
buckdr1's Avatar
 
Join Date: May 2002
Location: CT & Florida
Posts: 1,115
Default

Just sold my '02 C-2, which was leased by Porsche NA leasing arm.
No,you can't tranfer there lease.
Bill
buckdr1 is offline   Reply With Quote
Old 07-18-2003, 06:00 AM
Rennlist



Paid Advertisement
Reply

Tags
assignment, assignments, assume, back, buy, early, ending, financial, forum, lease, offer, porsche, porshe, transfer, transferring

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Forum Jump


All times are GMT -3. The time now is 07:18 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.6.1
Copyright ę 1998 - 2007 Rennlist.com

Advertise on Rennlist - Privacy Statement - Terms of Service - Jobs