sweatinmyac

I see some people saying that they took over on another's lease payments etc. Does anyone have info on how this works exactly? Is it a simple transfer of payments to new lessee? How does their credit come into play? What are other options of getting out of a lease? Early buyout, etc...

Anyone have experience with this?

Thanks in advance.

TL Fantasy

Go to www.leasetrader.com and learn all you ever wanted to know about taking over a lease. Actually, there are some pretty good deals there you just have to search for them.

WdnUlik2no

yep, I was responding before my laptop battery went dead. Like sweatinmyac said leasetrader is a good site and also swapalease. This is the best way to lease in my opinion; generally no down payment and also a short term lease. Sometimes the seller will pay you an incetive to take over their lease.

In fact I am considering taking over someone's G35 coupe's lease to accompany my TL. The process is really simple, go to one of these sites find a car you like and when you are serious about taking over the lease you have to fill out a credit report. If you are approved, all you have to do is pick up the car or have it shipped to you (for a fee of course). These two sites will walk you through the process.

This way both parties win, the buyer is out of his/her lease, and you get into a car you want without all the hassles of getting a new lease from a dealer.


The other option in getting out of a lease is a buyout. You basically send the leasing company the payoff amount and the car is yours. The buyout amount is generally higher than a traditional loan, and also you are charged the sales tax on the balance. If someone wants to buy a lease usually the buyer and the current lessee have to complete the paperwork at the dealership. A lot of communication is required because when the car is purchased from the leasing company, the title will be in the lessee's name, its up to the two parties to cordinate the transfer of the title.

sweatinmyac

cool thanks,

looked on a couple of those sites when i searched this one...
just wanted to see people's responses if they have actually been through it...
i also heard it may effect/hurt your credit...
any truth in that?

WdnUlik2no

My Maxima was my first and only lease, I wanted to get out of it, and I almost was able to transfer it to someone else with swapalease.com, but his credit was f*cked up so he was denied. After that I got a lot of BSer's that weren't serious, and just wasted my time. I ended up getting the lease bought out and transferred to the title to this guy that saw it in the paper. It cost me some out of pocket money, but it ended up being better than keeping the car through the duration of the lease spending even more money. My credit wasn't adversly affected at all. My credit actually went up. And another bonus if you buy it out, it shows as a PAID AS AGREED/ACCOUNT CLOSED $0 balance on your credit report. Basically, all the leasing company want is their money, as long as they get it, they could care less if you decide to buy it out.

sweatinmyac

Thanks WdnUlik2no, just the info I was really looking for.

Bottom line is that I'm thinking about getting out of my 04 non nav auto for an 06 nav auto...

I appreciate everyone's feedback.