Question about exiting a lease early...
#1
Racer
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Question about exiting a lease early...
Hey all,
This is a sad, sad tale of woe. After a Boxster S and 2 997s between 2003-2012, I decided the ride was a bit punishing for a ~100 mile daily commute. It was a little loud, a little rough and a bit nerve-jangling on days where I'd be spending upwards of 4 hours in my car. So I decided to go with a 2013 S4...great performance with a lot more comfort and day-to-day livability. And it hasn't disappointed. Very fast car, handles great for a big, heavy sedan and the technology works great. So much more comfortable than my last 997. But you already know the punchline...God, I miss that 997! I'm seriously obsessing about getting a new 991S...I'm in the mode where I've configured the damn car 100 times on the Porsche website and I've viewed about every YouTube video of it in action there is to see. So, with that backdrop in mind, a few questions:
1. How much more comfortable as a daily driver is the 991S over the 997? Keep in mind that I didn't have PASM on my last 997, so I'm not sure how much difference that makes.
2. Anybody know a good way to break a 3-year lease about 2.5 years early without having to pay off the entire lease amount? Any leeway since my lease is with Audi Financial and they're all part of the same automobile group?
Anyway, if I have to stay in this lease until 2015, so be it. But if there's any chance to get out - and back in to a 991! - without too much pain, I'd be all for it.
Any advice/ideas/help you can provide are much appreciated.
This is a sad, sad tale of woe. After a Boxster S and 2 997s between 2003-2012, I decided the ride was a bit punishing for a ~100 mile daily commute. It was a little loud, a little rough and a bit nerve-jangling on days where I'd be spending upwards of 4 hours in my car. So I decided to go with a 2013 S4...great performance with a lot more comfort and day-to-day livability. And it hasn't disappointed. Very fast car, handles great for a big, heavy sedan and the technology works great. So much more comfortable than my last 997. But you already know the punchline...God, I miss that 997! I'm seriously obsessing about getting a new 991S...I'm in the mode where I've configured the damn car 100 times on the Porsche website and I've viewed about every YouTube video of it in action there is to see. So, with that backdrop in mind, a few questions:
1. How much more comfortable as a daily driver is the 991S over the 997? Keep in mind that I didn't have PASM on my last 997, so I'm not sure how much difference that makes.
2. Anybody know a good way to break a 3-year lease about 2.5 years early without having to pay off the entire lease amount? Any leeway since my lease is with Audi Financial and they're all part of the same automobile group?
Anyway, if I have to stay in this lease until 2015, so be it. But if there's any chance to get out - and back in to a 991! - without too much pain, I'd be all for it.
Any advice/ideas/help you can provide are much appreciated.
#2
Three Wheelin'
try swapalease.com and see if someone interested in taking over your lease terms...make sure the lease is completely transferable tho, or you will also be on the hook
#3
Rennlist Member
Do you know what the payoff of the S4 is right now vs. a fair value? Of course Audis are not know for their resale, but depending on how good a deal you made on your S4, and current mileage/condition, it may not be painful to trade it in for a 991 (especially if your Porsche dealer also sells Audis).
#4
You don't have to payoff the remaining payments, just the difference between your current buyout and trade-in value. From the sounds of it I doubt you'll make it another 2.5 years!
#5
My 991 Carrera S offers a noticeably smoother ride than my 997.1 Carrera. It is my daily driver and I have really enjoyed they switch. My 997 didn't have Bluetooth and all those fancy features which are great to have on the 991, especially as a daily. I now have PDK, and while it is great, sometimes I do miss rowing through the gears in a manual. Other than that, no complaints and in my opinion the 991 is a much better daily than the 997.
+1 on swapalease - no personal experience, but site and competing sites are about the only thing ive heard of that might help.
+1 on swapalease - no personal experience, but site and competing sites are about the only thing ive heard of that might help.
#6
Racer
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Very helpful, guys. I haven't experienced Swapalease personally, but I'm aware of it. If anyone's used the service and has an opinion, please let me know. Otherwise, since I used Cartelligent and was pretty satisfied with them, I might just call them and see what suggestions they have...especially since they'd get my business on the 991S!
#7
Nordschleife Master
I have taken a couple of 3 hour trips in the 991 and been very comfortable. One was through the mountain roads and I was completely comfortable at the end of the trip.
No problems for me!
My everyday car is the S4 and I love it! We get lots of snow here.
No problems for me!
My everyday car is the S4 and I love it! We get lots of snow here.
Last edited by ny991; 01-18-2013 at 09:14 PM. Reason: Adding comment
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#8
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Never heard of a 2003 997. I'm hoping that was the Boxter.
That said... breaking a lease is expensive. Even on an S4. You will take the depreciation hit plus a penalty, not the lease/finance company.
If you really want out badly enough and can afford the hit then go for it. Otherwise, run out the lease and then go for the 991. Delayed gratificaton can be a good thing.
That said... breaking a lease is expensive. Even on an S4. You will take the depreciation hit plus a penalty, not the lease/finance company.
If you really want out badly enough and can afford the hit then go for it. Otherwise, run out the lease and then go for the 991. Delayed gratificaton can be a good thing.
#9
Rennlist Member
I think the stars are lining up for you. You should be able transfer your lease and get into a sweet 24mo lease on a 991 on very tempting terms.
Assuming that Audi Financial is like VW financial and you didn't get a bad lease term, then you should be able to find someone to assume a lease on your highly desirable S4. Try swapalease or craigslist. Offer some cash if you don't get any bites quick enough if you really want out. Unlike Porsche financial, you're not on the hook if the person you transfer it to does not honor the lease.
The second part just came up the last couple weeks. PFS is offering a killer residual of 75% for a 24mo lease at 15k mi/yr. I read it was 78% at 10k mi/yr. This takes a 24mo lease on a lightly optioned 991 from an outrages $1500/mo closer to $1100/mo. Money factor is still 0.0020 or 4.8% interest. Still that is a very nice residual considering it was 57% in September 2012 for a 2013 991.
Assuming that Audi Financial is like VW financial and you didn't get a bad lease term, then you should be able to find someone to assume a lease on your highly desirable S4. Try swapalease or craigslist. Offer some cash if you don't get any bites quick enough if you really want out. Unlike Porsche financial, you're not on the hook if the person you transfer it to does not honor the lease.
The second part just came up the last couple weeks. PFS is offering a killer residual of 75% for a 24mo lease at 15k mi/yr. I read it was 78% at 10k mi/yr. This takes a 24mo lease on a lightly optioned 991 from an outrages $1500/mo closer to $1100/mo. Money factor is still 0.0020 or 4.8% interest. Still that is a very nice residual considering it was 57% in September 2012 for a 2013 991.
Last edited by daddyscar; 01-19-2013 at 12:12 AM.
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