Lease questions

[Electro]

Anyone know if its possible to sign over a lease to someone?

I just leased a 2003 Lexus IS300 and can't really see myself driving it for another several years ....

Plus I'm looking to get another NSX soon so I dont want 2 car payments...

anyone have any info?

thanks guys

-E

 

[Jonathan]

I am certainly no lease expert, but typically your lease will state if you are allowed to sub-lease your vehicle (most of the time this is not allowed in my experience).

Often times, if you aren't underwater on the car, selling it is a good option. You are typically within the guidelines of a lease to sell it outright and pay off the vehicle if you do not wish to keep it through the terms of your lease.

YMMV.

JS

 

[WeakestLink]

Check out swapalease.com. They have details on assuming leases.

Here is what they say about a lease through Toyota Motor Credit (assuming you leased it directly from Lexus):

http://www.swapalease.com/help_files/showleaseco.asp?coid=40

Good luck.

 

[Electro]

Thanks guys for the reply...

a few more questions...


So if I transfer my lease to a friend, would they have to buy it out-right? (by getting a car loan for the remaining amount on the lease)

Or would they just take over my lease?

Would I be able to take my name off the lease? I probably would not get approved for a loan for an NSX if I still had a lease w/ my name on it....

what do you guys think?

Thanks,

-E

 

[NSXDreamer2]

I'm not trying to be a smart a** here, but isn't that the person who knows the best about your Lease terms ( can/ can't do ) would be the financial dept. of the lease agency or the bank??

I would say in a business perspective, your buddy (assume he has the comparable income/ financial responsibilities...etc) and you are no difference to the bank and the Car dealership...
and when they do something like that they are going to charge your buddy for registration and other fees... I don't think there is any reason they don't "help" you out.

 

[Shumdit]

A lease can be very difficult to exit early. Some will let you transfer the lease for a small fee, but the new owner has to have very high credit ratings. If you want to terminate the lease early you have a few options (this is what most companies do, but check your lease to be sure):

1. You can buy the car out, and trade it in to a dealer or sell it outright. The problem with this is that the payoff will probably me considerably more than the value of the car and, in may cases on leases that have just been started, may be more than the MSRP of the vehicle.

2. You can turn the car in: You will have to pay all the remaining payments (so if you are 6 months into a 36 month/$500 month lease you will need to write a check for $15000.00 when you turn it in. You can also turn the car in and they will sell it at auction and you can pay the difference between what the payoff would have been using option 1 and what they get for the car ( I highly suggest you avoid this option!)

In some cases they will consider this a voluntary repossesion (bad for your credit) so check with them first to be sure!!