Joec500

That's a nice looking car, try stopping by your local dealer to see if they will buy out the lease from you. White on black 4S with aero package would do well on the used market.

cajerseyboy

My buddy had a 60 month lease that he wanted to get out of. He found a buyer who offered cash in the amount higher than remaining lease payments and buy out. He was up front with the buyer and they worked it out. It did take him 3 months to sell though. Not sure your time frame.

STG

Most likely the residual buyout is about what he'd get for it selling it.

By the way OP, what is the current buyout??

The problem with that is, he's on the hook for the remaining payments.

I can guarantee you the current market rate (what you could get for it) for the car isn't over the buy out + remaining payments.

X2Board

If it's bought out, then there are no remaining payments. PFS will be paid in full, as if he bought the car outright before the end of the lease.

I would like to know the buyout figure too.

STG

Correct. My mistake.

But "buyout" would be residual $ outlined in the lease deal + remaining payments correct??

X2Board

Possibly, but not necessarily the same, depending on how much up front money the OP put out.

VINK

Monthly statement has a buyout number listed. It's 'Account balance" which is the total buyout amount to own the car.

pitt911

buyout number is easy to get, you can call PFS and get that and it is also prorated depends when you pay off but this variation is minor. Seriously doubt, the car's current value is close to buyout number. All cars, other than GT cars , are losing a lot of money the first 2 years. It is unfortunate, but this is what is happening in the real world.

Chris C.

You need more facts - Porsche leases (at least in CA) are very pricey as residuals are conservative. You'll be upside down for sure but it may be surmountable - as others have suggested you could roll the negative equity into a trade (and shoot for a REALLY good deal on the new car, perhaps a leftover or used 2015 model)

Selling privately can also be advantageous if you get a near retail price on the car you can offset some of the negative equity.

Don't forget to factor in sales taxes as any retail purchase from Porsche will incur it - some states/lenders will let you transfer title direct to the 3rd party so there isn't potential double sales tax due.

I've done this a number of times, really not a big deal just drive the best deal on every aspect of the transaction. ( It is painful to sell a 2 year old Porsche whether you leased or financed isn't really the main factor)

oalvarez

yes and absolutely yes......"some one" will be on the hook for the sales tax no matter how you cut it.....and you're absolutely right, they do depreciate a ton.

Stil_1

Depending on where you live, your payoff could be less if traded to a dealer. In Washington your payoff includes sales tax on the balance. When you trade in to a dealer the dealer doesn't pay sales tax so the dealer payoff is less than your payoff by the sales tax amount. That could be a lot less than if you bought it and tried to sell for minimal loss.

Example if you had a 74k balance your payoff would be 82k or so with sales tax. If selling to dealer was say 60k. You would be negative 14k. You would have to sell the car private party for more than 68k to be equivalent loss since sales tax would have to be paid.

In this case you might be better off selling to dealer at a little less than private party and still come out ahead. Depending on car of course.

oalvarez

Yep. I was referring to private party transactions, and as you say, it's also state dependent.

MJG911

In Georgia, we no longer have sales tax, only title tax, but it used to work the same way with sales tax. If you trade a car in, you only pay the difference in sales tax between the 2, so if you trade for a less expensive car, you don't pay any tax on it.

Additionally, since you only pay tax on the payments on a lease, in Georgia at least under the old rule, you still got the sales tax credit. Now you pay the full title tax on a lease at the beginning, and then a 2nd time if you buy the lease out, which really sucks.

Several years ago, I traded in a G35 in 1 year into a 3 year lease and actually got 1000 more than the lease buyout plus the sales tax credit on the new car.