Lease Swap
#1
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Has anyone here ever taken over someone elses lease. I checked out a couple of sites that specialize in lease swaps and saw some real good deals on 996s. The only downside that I can see is that when you live in a tax hell State like MD, I'm certain that they will make me pay the full State sales tax even on an abbreviated lease.
#2
Chandler!
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I used Swapalease to get out of the lease of my 2001. It had just under a year left when I bought my 2004, it was pretty painless and I think the person that assumed my lease got a good deal, was able to get into a 911 for a short period of time, and saved some money.
Make sure they are throwing in incentives, remember you're doing them a favor, and in my experience the shorter the lease term the more attractive.
Why would you take over a lease with 30 months left on it??
Rob
Make sure they are throwing in incentives, remember you're doing them a favor, and in my experience the shorter the lease term the more attractive.
Why would you take over a lease with 30 months left on it??
Rob
#3
Miserable Old Bastard
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I got rid of my leased Boxster S through leasetrader.com (about 22 months left on the lease). I offered a healthy incentive (couple or 3 grand), which made mine one of the better deals listed. I got very few inquiries - the guy who took it was the first, and I think it was a month or more before I had another inquiry. "But this makes it a buyer's market" and some good deals can be had.
I transferred a Chase lease and on that end, I have to say Chase was extraordinarily screwed up and they took forever - with a super qualified guy to take over, it still took something like 7-8 weeks to complete the deal, and enormous frustration with Chase's repeated mistakes and nonsense. However, Chase does allow transfers and does let the transferor off the hook, so that is a plus. Not every leasing company does allow a transfer.
There are some older threads a year or so ago with more information, so do a search.
State tax rules vary and it is more costly in some states, though not Kalifornia, which only imposes tax on each lease payment.
While it can be a slow and frustrating process, there are some really good deals and often its a cheap way to lease a car for a short period of time. Get something with plenty of warranty left and a good PPI, and its definitely worth it.
I transferred a Chase lease and on that end, I have to say Chase was extraordinarily screwed up and they took forever - with a super qualified guy to take over, it still took something like 7-8 weeks to complete the deal, and enormous frustration with Chase's repeated mistakes and nonsense. However, Chase does allow transfers and does let the transferor off the hook, so that is a plus. Not every leasing company does allow a transfer.
There are some older threads a year or so ago with more information, so do a search.
State tax rules vary and it is more costly in some states, though not Kalifornia, which only imposes tax on each lease payment.
While it can be a slow and frustrating process, there are some really good deals and often its a cheap way to lease a car for a short period of time. Get something with plenty of warranty left and a good PPI, and its definitely worth it.
#4
Chandler!
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Originally Posted by jcnesq
I transferred a Chase lease and on that end, I have to say Chase was extraordinarily screwed up and they took forever - with a super qualified guy to take over, it still took something like 7-8 weeks to complete the deal, and enormous frustration with Chase's repeated mistakes and nonsense. However, Chase does allow transfers and does let the transferor off the hook, so that is a plus. Not every leasing company does allow a transfer.
And, actually Chase doesn't do this anymore.
Rob
#5
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Originally Posted by riad
I had the same experience with Chase... it took FOREVER, it was so painful I think it took at least 2 months to transfer the lease, I almost lost the deal because of it.
And, actually Chase doesn't do this anymore.
Rob
And, actually Chase doesn't do this anymore.
Rob
"I used Swapalease to get out of the lease of my 2001. It had just under a year left when I bought my 2004, it was pretty painless..."
So which is it, painful or painless? I was looking help someone that is transferring from overseas here for just 1 year get into a swap lease, but I am trying to find out how painful it is....? If it take 2 months to do the paperwork, does that mean the guy can't drive your car for those 2 months and you are still paying for those 2 months? If so, taking over a car with 12 months left means that for 1/6 of the entire ownership period, you are s.o.l....
#6
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Originally Posted by PorschePRH
If it take 2 months to do the paperwork, does that mean the guy can't drive your car for those 2 months and you are still paying for those 2 months? If so, taking over a car with 12 months left means that for 1/6 of the entire ownership period, you are s.o.l....
Rob said Chase doesn't do transfers anymore, which wouldn't surprise me (I raised hell with their general counsel, who was a friend of a friend) and may have stirred things up. I don't believe Porsche Financial allows transfers either. Check with your lessor first before you start anything.
#7
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Thanks for the info guys. We are ready to dump a Volvo S60 lease. We have 11 months to go and we leased with Wells Fargo, which, after speaking with them on the phone, seem to make this an easy process. They assured transfer within 10 working days. We'll see...
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#8
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Originally Posted by riad
I used Swapalease to get out of the lease of my 2001. It had just under a year left when I bought my 2004, it was pretty painless and I think the person that assumed my lease got a good deal, was able to get into a 911 for a short period of time, and saved some money.
Make sure they are throwing in incentives, remember you're doing them a favor, and in my experience the shorter the lease term the more attractive. ...
Rob
Make sure they are throwing in incentives, remember you're doing them a favor, and in my experience the shorter the lease term the more attractive. ...
Rob
#9
Chandler!
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Originally Posted by PorschePRH
Before you said:
"I used Swapalease to get out of the lease of my 2001. It had just under a year left when I bought my 2004, it was pretty painless..."
So which is it, painful or painless? I was looking help someone that is transferring from overseas here for just 1 year get into a swap lease, but I am trying to find out how painful it is....? If it take 2 months to do the paperwork, does that mean the guy can't drive your car for those 2 months and you are still paying for those 2 months? If so, taking over a car with 12 months left means that for 1/6 of the entire ownership period, you are s.o.l....
"I used Swapalease to get out of the lease of my 2001. It had just under a year left when I bought my 2004, it was pretty painless..."
So which is it, painful or painless? I was looking help someone that is transferring from overseas here for just 1 year get into a swap lease, but I am trying to find out how painful it is....? If it take 2 months to do the paperwork, does that mean the guy can't drive your car for those 2 months and you are still paying for those 2 months? If so, taking over a car with 12 months left means that for 1/6 of the entire ownership period, you are s.o.l....