Hello Ladies/Gents,

Thought I would join since Rennlist seems to be the place to be. I've always been an Audi enthusiast and new changing to a new platform. I just want to run a deal by you citizens of the P car land.

I came across a 13 month lease. I met someone at a restaurant and he is planning to get out of his lease early. A manual 991 911 Carrera NOT Carrera S .

He is asking for $4,000 cash and I pick up his monthly payment for 13 month of $500 a month INCLUDING tax.

He put a LARGE sum of money down for this car which I thought was stupid. I negotiated the down payment for him to $3500 and he seems to be firm on it.

I'm looking at a once in a life time deal or it's the usual mojo that many of you already have?

I'm in for a lease since I was on the market for a new BMW 750i , I just couldn't pass on this, specially for the short term .

Your opinions?

 

$500 a month to lease a Carrera for 13 months is very, very cheap (in a good way.) Paying an upfront fee to do it is not. If the seller of the lease is willing to give it to you for $3500, why doesn't he just make the rest of the payments?
On the other hand, if he's just desperate to get out of the car for some reason, I'd offer just to take over the remaining payments, maybe a token down payment, say $1K.
If you do this, make sure the car is still well within the mileage requirements, and that whomever the lease holder is (Porsche Financial Services or other) allows lease transfers, make sure all the paperwork is done.

 

If I'm quoting him correctly , he put about $18,000 down to have that payment this cheap.

He's a young kid which tells me either his mother or his father put the down payment for him and he pays his own monthly payments.

I don't think he has any financial background. He is very firm on having $4000 and I stuck firm to my $3,500 . He said he will think about it and now he's saying someone else is interested . I call a bluff .

Porsche financial is the holder.

He will receive his money the day I receive the car keys from him after all the paperwork have been done. I'm going to also make sure he returns the plates to avoid him driving the car at the duration of the transfer .

 

Is it just me, or does this sound crazy?

 

is any of the $18k a returnable security deposit, or was it all cap reduction?

 

Depends on how you treat car owning/purchases.
$10K to drive a Carrera for 13 months is almost certainly cheaper than either a conventional low down payment lease, or taking the depreciation hit on either a financed or cash purchase.
But you've got to accept that it's just a rental for the 13 months, unless the buyout on the residual ends up being advantageous. If they buyer likes to trade cars often, it's a lot of car for the money.

PS: I'd still push for not paying the leasor $3500 cash, if he wants out bad enough, he'll have to take his losses.

 

Make sure restaurant guy actually owns the car before you give him $3,500.

 

Also check that PFS lease is transferable!!!

 

I don't think they are. Restaurant guy needs to make sure Watchflexed doesn't steal his car and stops making $500/month payments.

I've never heard of leasing a car from a stranger in a restaurant. I've never heard of someone putting $18,000 down on a Carrera lease.

 

Nothing he put down is returnable, hence why he is asking for a $4000 down payment from me. Probably the only thing He's going to get out of that car and no more monthly payments for him.

The car has about 7k miles on it, the lease ends at 15k . Leaves me to about 600 miles a month.


It is basically a rental of something I'm going to rip apart on for 13 month and not worry about anything.

If he agrees on my price then I'm going forward with this. I can buy a little extra mileage for .20 cents an extra mile. Can't really complain .

Transfer fees are equivalent to $400. tax included on monthly note.

Is it worth it? I mean did I get a holy deal on a 911 Carrera or nah ?

 

I stated all of the legality stuff in my first post. Some leasing companies DO allow lease transfers (BMW Financial for one) that totally moves all of the responsibility to the person taking over the lease and absolves the original lease holder of any responsbility.
Others are not so good. VW Finance will allow a lease transfer, but I believe the original lease holder is still on the hook if the other person quits paying. Other companies flat out don't allow it, I don't know PFS's policy. So of course that is the major thing that must be up to snuff before anything else is considered.
As far as bad deals like putting $18K down on a lease, I'm sure people make bad decisions all the time. There are a couple of websites out there dedicated to this, Swapalease.com comes to mind.

 

If I go through Lease trader to proceed with the transfer, they wouldn't do it?

I've heard of ease transfers on BMW's and Infinitis .

If I take the car from him, it's under my name and under my insurance , why would I ever not pay ?

And believe me , I know someone who put $22,000 on a new 750i BMW to have a $600 monthly note.

There's too many stupid people out there with poor money management , it's all about getting behind that wheel for the moment.

 

Checking on that as we speak, I'm not at all sure about Porsche.

Thanks for the clarification bud

 

If the miles and the money work for you, and you are going to drop it off at the end of the lease I would go for it, but not before playing hardball on the 4k...

I see no incentive to giving him 4k ... you are getting him out of something he no longer wants ... I'd negotiate up from $1-1.5k ...

 

While common for bmws, I have seen exactly 0 Porsche lease takeover threads. This suggests that the whole thing is either bulls&it or wishful thinking.