SWK6Cup

Hey guys,
I was hoping that in this thread there might be a couple of guys that have worked with lease swapping. I have looked sometime ago, anyone have any epxerince or know of a friend with any direct experience?
Thank, in advance.
R\
Scott

ncgt3

A few yrs back, my wife took a shine to an Crapillac Escalade. I've never had good experience with GM products so I did a lease. Sure enough, two months into the lease, 3 of the 4 door handles came loose. Into the shop it went and that started a long string of constant repairs. Total POS is a very kind and generous description. Wife quickly distrusts & hates the vehicle so I put it on Lease Trader with aggressive terms just to get it out of our lives. It was gone within 2 months but it cost me a few $$. Better and cheaper than riding out the lease. Obama should've let GM go away - the world would be a better place.

The Lease trader experience was good for insofar as it helped me ditch a bad vehicle that was less than 8 months old (warrantee was still good so I have a clear conscious). The person whom assumed the lease lived 1000 miles away and sent out a firm that did a pre purchase at my residence. PP included paint meter etc. GMAC was OK to work with and all in all, it was easier than I expected. When transaction was complete, new lessee flew out and picked up the caddy.

If considering assuming a lease, I'd certainly pay for the pre-purchase, run the vin past your local dealer to learn the vehicle's history prior to moving forward.

Would be interesed to learn what % of vehicles are being dumped because they are lemons, what % are people whom are in over their heads and what % are companies ditching corp cars of former execs.

Serge944

You can always trade in a leased vehicle (at a loss) or sell private party. Either way, you're gonna get screwed...you typically need to offer a very good lease swap deal for someone to assume.

BartN (TX)

Are you trying to acquire a vehicle or get rid of one?

512bb

I swapped out of a Porsche lease a few years ago. Porsche, unlike most if not all other manufacturers at the time would still keep the original lessee on the contract as well as the person assuming the lease. In other words, if that person defaults Porsche will hold liable the original lessee. Not sure if they still do it that way.

I used swapalease.com

Cheers.

007DT

I dumped a 335i a few years back through this service. BMW required the leasee to go through them and basically all the paperwork as if he leased it new except he simply finished off my lease. Worked out fine. I think it depends on the car mfg as to how it is handled

TT Surgeon

Lots of crooks and ripoffs in this area.
Porsche financial Svc does not allow lease transfers or subleasing, ck your contract.
Pfs would have to approve the buyer, You are basically adding him as a user. but you would still be 100% liable. There is usually a very good reason why these guys can't walk into a p dealer and lease a car on their own...
What these guys do is contact you about the lease, usually from Vegas, they make a deal w u, get the car, they make a few payments then poof the car and buyer disappear. Pfs holds you 100% liable. Google lease swap scams and a guy named mike piqua
Be careful.
I went thru this whole scenario about a yr ago, almost got burned for 170k!!
The only legit way out of a lease is they way I did it w Pfs on my tts.
You basically trade the car in, agree to pay all the taxes due and walk away or lease something else.
Pricey up front, but not stuck w a car you don't want.
Pm me if u want
C

SWK6Cup

Guys, thankx, I am possibly looking to assume a lease, depending on what my wife is interested in driving and for how long. Yes, I am aware that some lease companies do not provide a novation to the ooriginal lease holder and some companies will not permit assumptions. Was basically wondering if anyone had assumed a lease through this method...........as I feared, it is a way for someone to dump a crappy vehicle.....

If this is something that we/she wants to do, then looks like PPI plus serious research on the vin# etc., is the only way to go.
Thankx, again.

4forme

I transfered two BMW's using Leasetrader. In both cases I was able to transfer the cars within a few weeks. BMWFS is very good to work with and they allow you to completely remove your name from teh account so no residual liability. Both cars were great, accident free and in good shape, I just wanted something different. Both buyers were happy with the car and got a great deal as well.

kyrocks

I also did it with leasetrader.com. Got rid of a Mercedes Benz C300 4MATIC...not sure what I was thinking buying one in the first place!

Big Al HURT123

I have got rid of my bmw 650 convertible on swap a lease a few years back. I haven't picked up and cars on their site but know several people who have and they loved it. If you are getting rid of your car you must make sure that whoever picks up your car is not the responsible party for the lease payments. With some marquees the original lessor will be ultimately if the person you swaped it to does not make the payment. I think swapaleas may have a list.

TT Surgeon

BMWfs and MBfs both have good mechanisms to swap your lease, porsche does not however.
Tread carefully. Google 'pure motoring group and swap lease scams', an eye opening read, these are the guys who tried to scam me via swap lease.

switchcars

As with anything, watch out for scams, but I have used the service a couple times with my customers and it worked out great.
Contacting the leaseholder/bank directly is the best way to avoid getting scammed - they will tell you their rules and restrictions as well as their process for transferring the lease properly.

SWK6Cup

thankx, all!