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OT-Vehicle lease transfer/assumption


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#1 inkman

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Posted 19 July 2014 - 04:39 PM

I'm considering transferring my lease to another person (have not advertised yet).  I have to change vehicles and I'm looking for anyone who has experience or knowledge of this type of transaction.

#2 Eleven

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Posted 20 July 2014 - 10:38 AM

View Postinkman, on 19 July 2014 - 04:39 PM, said:

I'm considering transferring my lease to another person (have not advertised yet).  I have to change vehicles and I'm looking for anyone who has experience or knowledge of this type of transaction.

We did this with my aunt's car when she passed.  She had prepaid the whole lease, and there were 18 months remaining on it.  I'll ask my father for the details on how it was done.  But I know it took help:  the original dealer helped, as did whatever leasing company is associated with Ford, and it didn't hurt that the transferee is a car salesman who knows about these types of things.

#3 DeLuca1967

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Posted 20 July 2014 - 11:14 AM

View Postinkman, on 19 July 2014 - 04:39 PM, said:

I'm considering transferring my lease to another person (have not advertised yet).  I have to change vehicles and I'm looking for anyone who has experience or knowledge of this type of transaction.
You need to contact your leasing company and verify what their policy is on transfers/assumptions. Some banks will not allow you to transfer your lease.

#4 SabresFanInRochester

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Posted 20 July 2014 - 11:38 AM

leasetrader and other similar companies charge a transaction fee and do all the work, some of which includes locating a buyer. Since you already have the buyer, you may find their fee is too steep. You may still want to review their site as they might walk you through the steps of the transfer. But, I agree with most of the above posts, it involves having the lease company completing a transfer on your behalf. Good luck.

#5 inkman

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Posted 20 July 2014 - 12:20 PM

View PostDeLuca1967, on 20 July 2014 - 11:14 AM, said:

You need to contact your leasing company and verify what their policy is on transfers/assumptions. Some banks will not allow you to transfer your lease.
My company allows it and I have the credit application in hand.  Haven't heard of a fee, I'll need to check that out.


#6 Sabre Dance

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Posted 22 July 2014 - 11:44 AM

If there are too few months left on the lease (varies according to leasing company, but generally 6 months), they won't do it.  Too much paperwork for too short a period, I guess...

#7 inkman

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Posted 22 July 2014 - 12:10 PM

View PostSabre Dance, on 22 July 2014 - 11:44 AM, said:

If there are too few months left on the lease (varies according to leasing company, but generally 6 months), they won't do it.  Too much paperwork for too short a period, I guess...
I have 15 months left with a great payment (330) for a 2013 caddy CTS coupe.  I may need to ask for a down payment as I'm losing a little equity.  I traded into Solstice upon lease agreement and dropped my payment significantly.  I'd hate to just give that away.

#8 inkman

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Posted 24 July 2014 - 09:21 PM

So anyone have any recommendations for a 4 door, inexpensive good MPG sedan?  I've been looking at Kia's and Dodge Darts.  Any input would be appreciated.

Edited by inkman, 24 July 2014 - 09:21 PM.


#9 biodork

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Posted 24 July 2014 - 09:41 PM

View Postinkman, on 24 July 2014 - 09:21 PM, said:

So anyone have any recommendations for a 4 door, inexpensive good MPG sedan?  I've been looking at Kia's and Dodge Darts.  Any input would be appreciated.

I don't think it qualifies as a sedan since it's a compact car, but I honestly love my Honda Fit.  The mpg is insanely good (I regularly average 35+ for the full tank), the foldable rear seats are awesome for fitting all sorts of stuff you wouldn't think a car that small could hold, and it's surprisingly fun to drive at highway speeds.  But, the engine is underpowered, so I wouldn't recommend it if you live somewhere hilly.

#10 d4rksabre

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Posted 24 July 2014 - 10:12 PM

View Postinkman, on 24 July 2014 - 09:21 PM, said:

So anyone have any recommendations for a 4 door, inexpensive good MPG sedan?  I've been looking at Kia's and Dodge Darts.  Any input would be appreciated.

The Chevy Cruze is probably the best deal on the market right now. Personally for looks I prefer Nissan. Hyundai I believe offers the best warranty. I've been looking into economy sedans because I'm going to try to get out of my gas hog Buick.



#11 inkman

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Posted 24 July 2014 - 11:26 PM

View Postd4rksabre, on 24 July 2014 - 10:12 PM, said:

The Chevy Cruze is probably the best deal on the market right now. Personally for looks I prefer Nissan. Hyundai I believe offers the best warranty. I've been looking into economy sedans because I'm going to try to get out of my gas hog Buick.
Lots of driving in your near future young padawan

#12 X. Benedict

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Posted 25 July 2014 - 04:26 AM

View Postd4rksabre, on 24 July 2014 - 10:12 PM, said:



The Chevy Cruze is probably the best deal on the market right now. Personally for looks I prefer Nissan. Hyundai I believe offers the best warranty. I've been looking into economy sedans because I'm going to try to get out of my gas hog Buick.

I had the Cruze as a last minute rental and put 800 miles on it. Great fuel economy, nice ride...only complaint are the rear views. Small rear window, and the mirrors need to be extremely precise. Bump that sucker and it isn't a quick adjust.

#13 inkman

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Posted 02 August 2014 - 12:01 AM

So I put my whip on Craigslist.

http://rochester.cra...4597166253.html

  It's been just over 24 hours with no contact.  I've sold several vehicles through Craigslist and almost always got an immediate response.  I did notice a much slower reaction to my solstice which was 5-10 time the price of most of my vehicles.  

There is a website to go through just for this sort of thing but they charge anywhere from $100-$500, based on level of advertising you want.  This is getting to be annoying.

Edited by inkman, 02 August 2014 - 12:01 AM.


#14 tom webster

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Posted 02 August 2014 - 06:21 AM

View Postinkman, on 02 August 2014 - 12:01 AM, said:

So I put my whip on Craigslist.

http://rochester.cra...4597166253.html

  It's been just over 24 hours with no contact.  I've sold several vehicles through Craigslist and almost always got an immediate response.  I did notice a much slower reaction to my solstice which was 5-10 time the price of most of my vehicles.  

There is a website to go through just for this sort of thing but they charge anywhere from $100-$500, based on level of advertising you want.  This is getting to be annoying.

In my opinion ,  582 miles per month may be the big drawback.

#15 inkman

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Posted 02 August 2014 - 11:17 AM

View Posttom webster, on 02 August 2014 - 06:21 AM, said:

In my opinion ,  582 miles per month may be the big drawback.
Yeah I'm a bit over on my mileage.  It was an ultra low mileage lease.  I got a promotion and my commute went from 3.5 miles to 17 miles one way.

#16 MattPie

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Posted 02 August 2014 - 12:07 PM

View Posttom webster, on 02 August 2014 - 06:21 AM, said:

In my opinion ,  582 miles per month may be the big drawback.

I didn't catch that the first read. I put that many miles (7000) on my motorcycle per year, seems low unless you have a close job or second vehicle.

#17 inkman

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Posted 16 August 2014 - 06:05 PM

So no takers...

Went to the dealer, getting out of old lease and signing up for new.  Not ideal as I was looking to lower payments but I now have a four door and its fuel efficient. (Relatively speaking)

My new whip as of next week:

Posted Image

Edited by inkman, 16 August 2014 - 06:05 PM.


#18 Sabres Fan In NS

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Posted 17 August 2014 - 08:55 AM

Hey Ink,

To bad you are not up here in Canada.

We have this outfit called Lease Busters.  I'm not exactly sure how it works, but they exist to get people out of their lease and other people into it.

#19 inkman

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Posted 17 August 2014 - 11:34 AM

View PostSabres Fan In NS, on 17 August 2014 - 08:55 AM, said:

Hey Ink,

To bad you are not up here in Canada.

We have this outfit called Lease Busters.  I'm not exactly sure how it works, but they exist to get people out of their lease and other people into it.
Yeah I checked a few places online and they all wanted a fee (understandable) but I didn't want to have to pay that without knowing if my lease would be picke up.  Everything worked out well.  I like my new ride a lot.