ThermonMermon

Im curious about this...

But no idea how it works...pro/cons? How painful of an experience is it?

I figure you would have to endure losses from re-registering, and possible non-transfer of $$ spent upfront on insurance. On the bright side, i didnt put anything down on my car except for taxes, which is probably better than what the other guy put down.

Do i need to have a direct exchange with the seller? If so, it seems to be very limiting - i would want to get my hands on a MX5 for my IS250. If it is a direct swap, i highly doubt i would found someone with an MX5 that needs an IS.

How does the shipping work? Do i need to shop locally?

Do you think the insurance transfers over? Am i liable for anything on my old car once i swap?

CCColtsicehockey

Haven't you had the IS just barely a year or less?

ThermonMermon

6 months. i love every second of it. no remorse here - but i would entertain the idea of swapping to a miata for the next ~2 years if it could be had at the same price or less.

charliemike

Advice from a car whore: The grass is always greener on the other side of the fence. And hopping the fence over and over just pisses away money.

That said, if I had the money I'd get something else to replace my Jetta LOL

JS + XES

iTrader: (1)

Crazy Bimmer

Many do it on the BMW forums, it seems that the buyer just fills out an application to BMW to see if they qualify and then the seller pays a small fee to transfer it.

Never really looked into though.

Also you may be confused with the term swap a lease. Typically you are just finding someone to take over your lease. You dont swap your lease for theirs...

Brandon24pdx

You'd have to confirm that leases through Lexus are transferable also.

ThermonMermon

oh oh..okay. so i would first need to find a buyer, get him proofed up, give him my lease, and then either A. lease a new miata under new terms or B. takeover a lease from someone through a similar service.

hmm...disregarding the entire downside of transferring liability, even if everything went accordingly, i would still lose my shirt on:

-re-registering the car
-possible shipping fees for my car
-possible shipping fees for the new car
-possible rental car in the interim
-points in / points out on the website fees
-loss from upfront $$$ spent on insurance (paid in full)
-loss from upfront $$$ spent for tax (paid in full)
-loss from upfront $$$ spent costs for M.V. fees

add that all up, and that could be the difference...of well, i dont want to think about it.

guess i will need to hear from someone that has used this program in order to iron out all of these details. its just way too popular to think that all of the negative aspects listed above are true.

NSXNEXT

iTrader: (2)

You should talk to this guy.
https://acurazine.com/forums/car-talk-5/i-must-have-mental-problems-550-buyers-remorse-819709/

ThermonMermon

haha. well that guy isnt happy with his car, and has a horrible sense of money.

im merely seeing if i could improve my quality of life by swapping from a great car to a trilling car - if and only if it makes sense financially.

if theres anything/anyone to blame its the whole fanboy mazda and mazda miata threads on azine!

Crazy Bimmer

Just buy more yellow bulbs and call it a day.

JS + XES

iTrader: (1)

This is exactly what I'm trying to do.

Will Y.

ThermonMermon

HAHAHA.

Hey, have you guys seen the pics of my yellow bulbs???? maybe i should get yellow headlight film!

JS + XES

iTrader: (1)

Clear bra with yellow tint

How thrilling!!!!!!

Sarlacc

Youve been sucked in

JS + XES

iTrader: (1)

I KNOW damn!

Carraway

Yes, and with only six months in on your lease, you have to ask how many buyers would opt to take over a lease rather than selecting the options they want and negotiating a new lease.

I suspect that, if you figure out the total cost, time and effort involved, it would turn out to be less expensive to keep your lease and buy a used Miata.

MR1

Changing your mind while in a lease is designed to be expensive.

Sarlacc

You basically have to have a desirable lease.

You can not touch the lease I have on my Prius right now...I'd bet money I could easily find a person to take over.

If you have a lease that is more or costs average to current deals, I'm guessing it will take longer to find an interested party.

PS: this is funny because you leased a car and said you didnt want to spend a lot on mods...then you spent on mods...now you want to lease a miata...I just have to chuckle.

ThermonMermon

i got the last non-awd 2010 IS250 in the state of NY...that no one wanted...on the last week of the year...while the lots and showrooms were chock full of 2011 refresh IS's...my lease is probably 30% less than what it would be if you walked into a dealership today. my lease payment is about 100/mo less than what is advertised now...and i had the $2,000 down pmt ROLLED IN.

ThermonMermon

upsides:
-i didnt have a car before the IS. i needed a sedan to move myself down to florida. im here, and i could now get away a small vert, and a manual tranny
-i walk away with nothing paid upfront on the lease (just tax and title)
-i hedge my lack of capital reduction with another leasee's loss on their capital reduction.
-my monthly payments are low, attractive, but still on par with the pmts for a miata
-i am moving back to nyc in 2 years, and will no longer need a car. the fun factor window is closing to not only have a car in general, but to have a car in miami weather. also, i will be likely forced to return the lexus 6 months before it is due back anyway, and will be hit with penalties.
-insurance on the lex quadrupled when i moved from ny to downtown miami. miata insurance is less.

downsides:
-i spent almost $1,000 on mods/labor
-its a killer lease deal to walk away from
-time and effort to swap the lease
-possible liability problems
-i friggin love my current car

only if its a carefree swap, then i wouldnt mind doing it in 6 months, when my insurance policy expires. then get into a remaining ~12 month lease for a miata before ditching the whole car scene entirely for a nyc metrocard.

Jiggy2dmax

iTrader: (1)

Taking a lease over is 95% an advantage to the buyer and usually some type of loss to the person getting out of the lease, it's what makes it a viable thing to do.

For example, if you didn't have a car at the moment, you could possibly find someone that had paid taxes upfront/security deposits/had a significant dp and take over there lease simply by going through the application process and continuing the payments...a plus for you since you saved on all the initial cost.

neuronbob

While you are awaiting a response from someone who's done this, I'd offer the advice that you shouldn't do this. I just recently went through new car lust a couple of months ago but after I crunched the numbers I decided it wasn't worth spending more money to add to the stable for a while yet. The money you lose by swapping a lease is the same as having spent it on nothing IMHO.

ThermonMermon

^ thanks.

I could think of many more reasons not to do this. I have a feeling that this will be validated once someone confirms the difficulties of a lease swap. I am in no way serious about doing this until that point.

I am sure that the secondary lease-buyout market has spun out of control over the past years, gaining some traction and popularity. These web platforms probably help streamline the process for struggling souls to dump their lease. I am not in that boat - but then again I could offset my loses on selling my lease by taking on the misfortunes of someone else's lease. For example, I have seen leases on swapalease for $50k Z4s that have 400/mo payments. So I am certainly curious as to the ins and outs of these programs. Heck, I would be curious regardless of my situation.

Just putting the idea out there and looking for feedback.

Jiggy2dmax

iTrader: (1)

Not sure about swapping but taking over a lease is fairly painless. You apply,they run your credit and in about a month the name on the lease changes to yours and you move on. You will of course have your DMV fees but aside from that its far less bothersome than buying a new car. I have friends/family members that solely take over leases when there looking for a new car, best one I remember was my uncle who took over a 750LI where the original leasee had put a 20K downpayment. His monthly payment ending up being around $650 for ~~90K car.

ThermonMermon

wow. any issues when they go to return the car? or getting insurance on the car?

JS + XES

iTrader: (1)

Just to make you go more crazier.. I got quoted $80 / month for insurance on MX-5. It's $30 / month saving for me, if I do it.

Brandon24pdx

I had a buddy assume a lease on a G37C that had about 9 months left on the contract. Then he just turned it back in to Infiniti. Seems like you could actually do pretty well with this tactic if you like switching cars every 6-12 months and aren't overly picky. Often times people are desperate to get out of the contract and are willing to take a bath.

Jiggy2dmax

iTrader: (1)

I can't see why you would have any trouble insuring, everything is done through the respected financial service(for example, if you took over a Acura, you would be dealing with Acura Financial Service).

It's really no different than taking out a new lease but with that being said I wouldn't take over a lease with a car that has a ton of cosmetic blemishes because you will be on the hook for it at the end. Mechanically wouldn't be too much concern since it likely still be under warranty.

oonowindoo

Instead of "Swap" the lease, why don't you have someone TAKE OVER your lease. It is much simpler solution and you can go lease a new Miata for 2 years with whatever color you desire. No amount of HP can touch the fun driving top down in a perfect balance sports car on a twisty road along the beach, especially Miami!!

-re-registering the car Lease a new one, so you dont have that problem
-possible shipping fees for my car Find a local buyer!!
-possible shipping fees for the new car Not Applicable if you lease a new one
-possible rental car in the interim Not Applicable
-points in / points out on the website fees It is very cheap
-loss from upfront $$$ spent on insurance (paid in full) you will get refund for the un-used insurance or pay the difference for the new car, 10 mins phone call-loss from upfront $$$ spent for tax (paid in full) have no idea what this means
-loss from upfront $$$ spent costs for M.V. fees What is this??



Option 1:
It is a lot easier to ask someone take over your lease than swap lease. People only "Swap" lease if they need a car for short term like 6 month, 12 months since most of "New" lease terms are 24 months+

If your IS250 lease is attractive as you said, it should be very quick to find someone to take over since they would have to pay a lot more to lease new ones. and you dont have to put any incentives up front for the new guy.

If you are planning to keep the MX-5 for 2 years, then just go lease a new one.

Option 2:

The most hassle free and easy way is take your IS250 to a Mazda dealer. See what kind of # they can give you if you trade it in to lease a MX-5. Regardless if the car is leased or Financed, they all have a "Buy it now" price. If the dealer can give you a good price for your IS250, you might not even have any upside downs on it (i doubt it tho). If everything works out in your favor, the Mazda dealer will pay off your lease and you drive away in your MX-5.

JS + XES

iTrader: (1)

I thought he only has yellow bulbs as cosmetic mods.

JS + XES

iTrader: (1)

To OP, the current lease programs for Lexus is completely horrible due to the production cuts stemmed from earthquake. My boss leased out a fully loaded RX350 3 months ago for like $600, and my other coworker is trying to do the same thing with a same salesmen but its like $200 more per month.

With that being said, if your lease rate really is great, then I'm sure you can find someone to take over your lease.

Good luck. See you with your MX-5.

ThermonMermon

as for the lex, i added high quality tint, springs, factory rear lip, and spent a couple hundred in the lighting dept (car came with halogens)....rubberized/vinyled about 10 difference parts, but thats all removable, and no real loss.

wait, i could go into a mazda dealership and trade in a lexus lease for a miata lease??? hmm...just looked it up - their lease special is 269/36 months @ 3,400 down on an optionless $23k base MX5. no thanks...my 34k lexus is actually less than that (by 76 cents/mo) if you were to roll in the 3,400 down. i would probably price out the MX5 to be closer to the $30k range, so thats definitely a no go.

oonowindoo

that s what they Advertised... Do you ever pay what they asked for when buying a car?

$269/36 month with 3400 down = $280/36 month with 500 drive off to me

go on to the MX-5 forum and see what other ppl are paying for their leases, so you have a general idea of how much you are going to pay so you don't throw some unrealistic #s and get laughed at.

and yes you can trade in the is250 just like ur own. Except depends on how much your buy it now price. you might have upside downs.

If you pay your payments online, it should tell you your payout amount currently on your statement. Keep that # in your head when you negotiate with Mazda.

ThermonMermon

on what premises?

MR1

If someone takes over your lease don't you still have final financial responsibility? This would be similar to subletting or cosigning. I don't know, just curious.

ThermonMermon

ive come to the conclusion that im not going to do it. i shopped around online for fun, and it really seems that i wont be able to find a lease to my liking that comes anywhere close to my current terms. i really got a good deal. even if i disregard any liability issues, i would only be getting a barebones miata for what im paying now, and the car would be almost $10,000 less MSRP....then id have to take off work once or twice to spend multiple afternoons at third-party registration offices with a spanish-english dictionary...it would be a nightmare. not to mention, the miata is by far less appealing than most cars on the road in miami. the competition is fierce. im sticking with what i have.

Shoofin

I guess it's time I chime in...

The way a lease assumption works:

You find someone to transfer the lease to.
You call up the bank and ask them to send you documents/applications to transfer the lease.
New buyer fills out the application and you send it to the bank.
Application gets approved, then the bank sends over paperwork for the transfer of the lease.
Once they get that documentation confirming the lease has successfully been transferred, you are no longer obilgated to your car, then they send over a notarized copy of the title with power of attorney for the new lessee to register the car.

And that's it. Total fees involved: Most banks charge a transfer fee of anywhere from $300-$600. The state the new lessee is registering the car will be looking for sales tax to be collected on the remaining payments. Even if you find someone in your home town, there's a good chance that they may have to pay tax again. Last fee involved would be any sort or monetary incentive you would offer to the individual to sweeten the deal.

----

Most banks allow lease assumptions, some do not, and some will make you the co-lessee and the new owner the lessee. Lexus/Toyota Financial, BMW/Mini, Mercedes Financial, all those banks and a few others i'm not thinking about will remove you off the lease so you have no liability at all. Nissan/Infiniti and VW/Audi Financial will make the new owner the lessee and you the co-lessee, which isn't always good if you don't know who they are because if they stop paying, you're next on the call list from the bank looking for payment. Honda/Acura does NOT allow lease assumptions at all. The only way to transfer a lease is if the current lessee dies, then they would entertain transferring the lease to another family member. Otherwise, they do not do lease assumptions.

----

Where the lease transfer websites come in, they will help you find a person to transfer the car to, or help you find a car. How? They charge a fee to post the advertising, and they charge a processing fee if you find someone and start the transfer process through them (forgot how much, but I don't think it was much, maybe $200 or so). They pretty much act as a middle man in the transaction. If you are with a bank that allows full lease transfers with no liability to you after, all they do is connect two people and help with the process. If you are with a bank that keeps you on the paper, they will still help you with the process but will make you aware that you would still be obligated to the lease. If you didn't want that, or are with a bank that does not do lease assumptions, they have their own banks that they can lease with, but the numbers usually suck, and you wouldn't be taking over the balance of the other person's lease, you would be entering a new lease.

----

I've helped a few customers do this, which is why I know this, and being in the business helps too. When I had a '03 FX35, I transferred the lease to a good friend of mine, so I was still on the lease, but this friend is like a brother to me, so I wasn't worried. The only other time I considered transferring out of my lease was when I had my '06 S2000. When I called them up, they told me the only way I can get out was if they started a new lease to the new customer. I was paying at the time $330/month for a 27 month lease through AHFC on the S2000. If they created a new lease, IIRC, the payment went up to about $390 using their bank for 36 months. I never went through with the S2k transfer though, I kept it..

Hope this helps!

ThermonMermon

shoof, THANK YOU. this is exactly what i was looking for...

shoof, would i be a fool to walk away from this?

here is my current lease deal (signed for it in December):

2010 IS250 RWD Auto. Starfire White Pearl on Ecru. No options, except 18" liquid graphite wheels, floormats, wheel locks. but it comes standard with just about everything but nav, heated seats and HIDs. i was able to get the preferred customer lexus rate too. $34,xxx sticker.

$364/mo, 36 months, 10k/yr. zero down, except tax/title/registration.