Guys, I have tried to search the site, but get error mesages so I have a question.
What are the limitations regarding assuming a Porsche Financial lease?
Here is the scenario. I have 14m left on my 2007 lease and a friend wants to assume the lease, allowing me to pursue another car.
Now I can, and will, call Porsche Financial but I am really hoping that one of you can give me the short n dirty before I spend too much time on the phone listening to a recorded voice...

Thanks in advance...

 

I have done several lease assumptions and they tend to be fairly painless, though they can take longer then you might expect. Your friend will have to be credit worthy.

One thing you should check is if you are off the lease once the assumption is complete. If not and the friend doesn't make the payments your credit will be dinged for a car you no longer own.

Also, if you paid a security deposit you should determine with your friend in advance who gets this. You might also check the contract to determine if Porsche is going to charge a disposition fee if the car is turned in after the lease is over. If so, who is going to pay this? In the spirit of maintaining a friendship you should understand this up front.

Probably a 10 minute phone call to Porsche Financial will answer your questions but hope this helps. good luck.

 

Yes, we have discussed the disposition fee and the security deposit as both apply.
I will be sure to make sure that the lease is fully transferable into his name and off mine - good point to make sure. I guess among other questions one is how much it will cost to transfer(my expense). I am sure the dealer will help since the other car I want is on his floor..

Thanks for the response...

 

Fees vary, normally in the $500 range.

What are you going to get to replace the S?

 

I've never heard of a leasing company that will let the original off the deal. There's just no reason whatsoever for them to give that position up. I did this once and knew and trusted the guy so my deal was with him, though the leasing company adjusted things so payments, etc. were with the new guy. I was still in the liability background just in case the deal went south.

 

I have done this several times and been taken off the lease. Twice with BMW, once with US Bank, once with Huntington. Each lender is different and if the person making the assumption is credit worthy the lender is no worse off then they were when they leased to car to you in the first place.

 

As stated - it must depend on the leasing company. In my experience, it has had nothing to do with the credit of the guy assuming the lease because the guy that picked up my car at the time (about 7 years ago) could have leased 10 of them and still had plenty of credit (score was high 700s).

 

You're right it does depend on the leasing company. You can find out prior to writing the leaes what their policy is if you feel an assumption is possible.

 

Here is some infor from Swapalease

The team at Swapalease.com prides itself in being the number one resource for automotive lease transfers anywhere. For this reason we need your help in both researching new leasing companies as well as keeping the information current that has previously been collected. Please contact Swapalease if your leasing company is not listed, or if you are aware of changes for any leasing companies that are currently listed below.



If you need help understanding the terms below click here:

Leasing Company: Porsche Financial Services

Lease Transfer Restrictions: na

Lease Buyer Credit Application Fee: $100.00

Lease Transfer Fee (typically paid by lease buyer): $400.00

Does Original Lessee Remain Liable? Yes
Click Here to find out about Swapalease's Peace of Mind Program


Mileage Issues at Transfer: Per original

Wear & Tear Issues at Transfer: Per original

Does Security Deposit Transfer? na

Other Policy Information: na

Fee amounts do not include Swapalease charges. Click here for more information on