I need some help because I have some inexperience here. I found the PERFECT car for my wife. It's exactly what she wants. BUT, it's a guy who is wanting to get out of his lease. Keep in mind I do not lease cars. There are 18 months left, and then a buyout price. When you add all of it together, the price is a bit higher than what I'd like.

So my question is, if I contact the people who provided the lease, can I work out a deal with them? Or since the guy is trying to get out of the lease, do I have to take over his payments and then just buy the car out right away?

I'm not sure how this works, and any insight would help. THANKS!

 

It really depends on the leasing company. Some won't let you takeover a lease, others will. Sometimes they will negociate a buyout, you should call them and find out the details before you commit.

 

Moved from Off Topic to Off Topic :: Autos for more response.

 

I was thinking about that this morning. My bad.

So one would need to talk to the leasing company before the guy who is trying to get rid of his car? It seems weird to me to negotiate a price with the leasing company, while the guy who is currently making payments on the car has no idea what's going on.

Guess Ineed to give them a call!

 

No problem! Just thought you'd get more comments in the OTA forum.

 

I assumed that you had been in contact with the lessee and had his leasing co. contact info. His lease may or may not be transferable, and if it is the terms might not be acceptable to you or him. I see that you are more interested in a buyout, they probably won't want to deal with you without the lessee's knowledge.

 

Basically a lease is a like a loan. You should be able to buy out the
car directly from the bank leasing the car; i would just get in touch
with that bank to arrange the payment and title.

about the price... i doubt the bank would work out a deal as the
deal is already closed... they will tell you to pay the buyout price and
have the guy who's currently leasing the car to give you some funds
to make it worth your while.

Even if the person was trading in the leased car it would be the same
way. The amount remaining on the lease after the dealer takes the
trade-in will be added to the next car.

 

Kenchan is correct. At any point during a lease, there is a payoff balance for the car just like there would be with a finance deal. I am looking at that spectre right now, as my Audi A3 I leased last year is no longer needed. The payoff is likely going to be higher than what I can get for the car so I will probably have to add some cash in. The upside of that was that I put only my first payment down and had no sales tax due to my trade-in car being worth more than the A3 so the amount I have to pay now will be the only "negative." If I had put down CAP cost money (a big no-no on leases) I would be out that money and still probably upside down.