Transferring a lease
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5th Gear
Joined: Aug 2005
Posts: 685
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From: Trumbull, CT
Transferring a lease
I'm trying to find a mini owner that wants to transfer lease of their car, because I can't afford to finance a new mini yet. Has anyone ever done this, and are there any negative sides to buying a car this way?
No this the way I did it and it went very well since the original lease holder was being relocated to China! I assumed his lease and he gave me $2000+. I intend to buy the car from BMW Financial when the lease expires in a year. I used and recommend http://www.swapalease.com/
Well you don't negotiate with the leasing company, you negotiate with the current lease holder. They have something you want and they want to get rid of, ie the Mini.
In my case the owner was being relocated by his company to China, so he wasn't taking the car, and it was in the winter so there wasn't a big demand for covertibles, so it wasn't moving...
His mileage allowance was about 47% used and he had 17 months left on his lease. ie 47% was used but since I planned to buy this car outright when the lease ends, no worries there. Of course I did't tell him that... I negotiated a $2000 check to me to take over his lease, PLUS and this is key, I had BMW Financial inspect the car and tell us what damage they would require to be paid at the end of the lease. In this case a $150 damage fee for some scratches on the bumper, so he paid me $2150 minus a $500 deposit that BMW Financial holds until I terminate the lease via a surrender or purchase. I paid BMW $450 in processing fees (you pay this whether you take over a lease or acquire a new Mini via lease). Leasing is not for everyone, myself included (I drive too many miles), but since I'm going to purchase this car when the lease terminates in 13 months for $19000 minus my $500 deposit, I'll own an 05 MCSC with all options + leather except LSD for about $25200 verses buying new outright at that time for about $32200. I my case the numbers made sense. Let me know if I can offer any other advise. Michael
In my case the owner was being relocated by his company to China, so he wasn't taking the car, and it was in the winter so there wasn't a big demand for covertibles, so it wasn't moving...
His mileage allowance was about 47% used and he had 17 months left on his lease. ie 47% was used but since I planned to buy this car outright when the lease ends, no worries there. Of course I did't tell him that... I negotiated a $2000 check to me to take over his lease, PLUS and this is key, I had BMW Financial inspect the car and tell us what damage they would require to be paid at the end of the lease. In this case a $150 damage fee for some scratches on the bumper, so he paid me $2150 minus a $500 deposit that BMW Financial holds until I terminate the lease via a surrender or purchase. I paid BMW $450 in processing fees (you pay this whether you take over a lease or acquire a new Mini via lease). Leasing is not for everyone, myself included (I drive too many miles), but since I'm going to purchase this car when the lease terminates in 13 months for $19000 minus my $500 deposit, I'll own an 05 MCSC with all options + leather except LSD for about $25200 verses buying new outright at that time for about $32200. I my case the numbers made sense. Let me know if I can offer any other advise. Michael
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