Lease buyout
07-30-2006, 08:31 PM
#1
Racer
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Location: Southern California
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Lease buyout
A friend want to buy a 997 and he told me about leasetrader.com. I have no financial interest in this company. Anyway anyone heard of this or used it? Basically you buyout someone elses lease part way through.
If anyone knows about it please fill me in.
Thanks
If anyone knows about it please fill me in.
Thanks
07-31-2006, 04:17 AM
#2
Miserable Old Bastard
Rennlist Member
Rennlist Member
Used leasetrader.com to get out of an upside down lease on my Boxster S several years ago. Their main purpose is to hook up buyers and sellers. Did not use their (optional services) to process the transaction and don't really think they are needed.
I offered $3K cash to sweeten the deal. I got one call fairly early and lucky me that turned out to be a patient and first class guy. I think it was 6 weeks before I got another inquiry.
You must determine if the lessor will allow a lease transfer and, if so, whether they will let the first guy off the hook. Not all leasing companies allow it.
Mine was with Chase Bank, and they were utterly horrible, slow and totally inept at handling the transfer - it took two and one-half months once I had my "buyer" with numerous mistakes along the way. Just unbelieveably horrible experience. I heard Chase no longer does transfers but I could be wrong.
Notwithstanding, for someone wanting to take over a lease and get a very good deal, the process can work.
I offered $3K cash to sweeten the deal. I got one call fairly early and lucky me that turned out to be a patient and first class guy. I think it was 6 weeks before I got another inquiry.
You must determine if the lessor will allow a lease transfer and, if so, whether they will let the first guy off the hook. Not all leasing companies allow it.
Mine was with Chase Bank, and they were utterly horrible, slow and totally inept at handling the transfer - it took two and one-half months once I had my "buyer" with numerous mistakes along the way. Just unbelieveably horrible experience. I heard Chase no longer does transfers but I could be wrong.
Notwithstanding, for someone wanting to take over a lease and get a very good deal, the process can work.
07-31-2006, 08:47 AM
#3
Years ago my company decided to give officers company cars. Instead of a new one, I asked the company to take over my existing lease from The Bank of America. We made the calls and did the transfer....then I found out that I was still on the hook. My company is a 140 year old public company and financially very strong. When I asked the bank why I was still on the lease, their answer was simple, "...we do not have to let you off". I thought about it and figured that they're right! I signed the original lease, why should they let me off. Somehow it makes sense to me....
When that lease was over, we leased another car through the company. This time, i still had to give my personal information and was on the hook again! The explanation was the same, I was also responsible. I find this hard to believe but the lender makes the rules and you live with them or you don't. Simple really. I'm in the wrong business.
When that lease was over, we leased another car through the company. This time, i still had to give my personal information and was on the hook again! The explanation was the same, I was also responsible. I find this hard to believe but the lender makes the rules and you live with them or you don't. Simple really. I'm in the wrong business.
