jcnesq

I used swapalease once for my 01 Boxster S, but it doesn't work if the lessor won't allow transfers. Even if the lessor allows an assumption, I can tell you it was a royal PITA and only worked because I got lucky and found a real patient gentleman to take over the lease (and I paid him a couple grand as incentive to take over the lease). PFS also told me re my wife's former 05 Cayenne S that they would not negotiate the buyout at lease end - take it or leave for the residual amount. Now if stoppie took over the car under the table, at lease end he would have a good shot at getting a great buy as PFS would likely offer it to his dealership for bare bones wholesale - here's your chance to buy rather than sell, stoppie!

MJones

I read this thread .....I'm saddened... to a point.

The situation did not happen overnight but has been brewing for some time now
before reaching critical mass.
More complicated than just the car.

It's a lesson many should heed about deficit spending.

Whisper

Well, yes, but that's a lesson that not only individuals, but our entire society as a whole, needs to learn. The problem is deeper than the actions of this or that individual, and giving them advice that would have been useful years ago probably isn't the most practical of courses to take.

Deanski

Well, no as I was doing well and so was the wife in our respective careers. Paid cash on remodel of home to increase value and to add what we wanted/needed without going overboard. New energy windows, heat pump etc.

All was going well, then this economy turned over and all investments went south, wife lost her job, cash on hand went fast even though spending was controlled.

If she kept her position, and I was able to increase more savings and remove some bad investments I would not be in this mess now.

Anyway, we do not live above our means, in fact a bit more reserved than most. We have a modest condo, no other flashy items, do not go on big trips or cruises. In fact, I haven't been on a real vacation in years.

The car is the only luxury item we have. It's my payback for long hard work over the years and my last "thrill" of a sport car. Future cars would be modest ones as that's all I need.

So, this car being my last thrill before I take the "dirt nap" was my reward.

Deanski

DJ23

Jim why doesn't PFS allow a transfer of lease? As long as they get paid what is the difference? And I agree with everyone else on the board, do not surrender the car in. Think, and work out a sensible solution and not react to emotion.

Jay

Deanski

I'm working on it as I do not want to surrender the car that's for sure. I hate to loose this, but we'll see what I can work on to do whatever it takes.

Dave07997S

Jay, PFS will allow a lease transfer but holds the original leasee responsible if the new leasee (transferee) defaults on the lease. That's why I didn't do a swap lease awhile back. I had someone who was interested but when PFS says my skin was still in the game I decided against it.

Dave

jcnesq

If that's the case, (a) I would not do a transfer to someone I didn't know really well, and (b) this is the perfect car for stoppie! (Back in 04 when I dumped the Boxster S lease, it was with Chase, and they would release the original lessee (although it took them two damn months for the process); shortly after they stopped doing it, possibly since I raised hell with their general counsel, who was a friend of my close friend who used to be a counsel at Chase.)

BTW, I gave up my 97 Targa less than 2 years old after I booted my biggest client and had to cut back. It was painful, but it was the right conservative move at the time. My 01 Boxster S was a step back into the game, and since the game has been going quite well. Good luck Deanski - things will work out in time and you'll ride again. Don't know how old you are, but cut the dirt nap talk!!!!

Dave07997S

Yea I gave my car to my bro..who for 10 mos. made the payments but only put 120 miles on the car...I got it back like the day I gave it to him. I am holding on to her like Michael Jackson to a 12yr. old boy.

Dave

jcnesq

All I can say is, I feel sorry for your car.

Dave07997S

Dean did you think about getting a 2nd job?? Believe it or not right when the mortgage crisis hit in Aug. 2007 I didn't close a real estate transaction for 6 mos. My savings was dwindling away..I took a job parking cars believe it or not...I made $9.00hr. + tips, it made my wife accept the car a little more as she saw I was willing to work that hard to keep it. I averaged $70.00 per day on tips working 3 days a week, it brought home $1200 a month...pretty much what my payment is.

Dave

997, esq

If OP is considering bk, I can't see how he should keep the car even with a second job. A second job is fine, but he should put the money in a bank. He's running things too close. If something happens (health problem, major repair, divorce, etc.), he's screwed. You don't want to spend the last $1200 of your cash flow on something unnecessary.

Dave07997S

I know..the battery was dead and a low TPMS warning...good he didn't drive it, yet not good...

Dave

jcnesq

I meant your statement "I am holding on to her like Michael Jackson to a 12yr. old boy."

jw97C2S

Deanski
You may want to include the number of miles the car has on it currently and the number of allowable miles remaining on the lease. Good luck.