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Qube
03-08-2009, 06:54 PM
What steps do I need to take to do a lease takeover as the 'seller'? The buyer is assuming all fees to shopping around for a cheaper dealership (admin fees) isn't necessary.

europrince
03-09-2009, 12:48 AM
I'd call leasebusters to learn what to do. I gather you'll have to offer the person taking over the lease a cash offer of a few months lease payments.

lvan
03-09-2009, 12:50 AM
How about meeting in a dearlship for inspection so that the person that is taking over doe snot get stuck with damages and scratches later on.

Qube
03-09-2009, 08:53 AM
How about meeting in a dearlship for inspection so that the person that is taking over doe snot get stuck with damages and scratches later on.

That's a must as they paperwork needs to be done there anyhow. I'm looking for some insight from somebody that's gone through the process and the gist of it.

Qube
03-09-2009, 03:59 PM
The "standard" cost is $1200 plus GST.
Preferred cost (negotiate!) between $1000 to $1200 plus GST.

jstalin
03-09-2009, 04:24 PM
Have a 3rd party check it out first, you don't want any surprises at lease-end.

Also, I've heard that the original leasee is still technically on the hook for payments even after they transfer... so if you stop paying, collections will come after the other guy. Can someone confirm?

Qube
03-09-2009, 06:41 PM
I'm the leasee so I'll check with the business manager :)

dtthiaga
03-10-2009, 08:41 AM
Have a 3rd party check it out first, you don't want any surprises at lease-end.

Also, I've heard that the original leasee is still technically on the hook for payments even after they transfer... so if you stop paying, collections will come after the other guy. Can someone confirm?

I think this is only true for BMW's. For other cars, the lease gets transfered into the new person name, provided they qualify. It removes liability from the original person. But, check on this by calling your current leasing company.

If you are still on the hook, I wouldn't transfer the lease. I'd buy the car back and then sell it. I wouldn't risk messing with your credit based on somone else making their payments.

The transfer fee's are about $400 to $500.

Qube
03-10-2009, 09:44 AM
I think this is only true for BMW's. For other cars, the lease gets transfered into the new person name, provided they qualify. It removes liability from the original person. But, check on this by calling your current leasing company.

If you are still on the hook, I wouldn't transfer the lease. I'd buy the car back and then sell it. I wouldn't risk messing with your credit based on somone else making their payments.

The transfer fee's are about $400 to $500.

$400-500? Where'd you get that figure? The lowest I've been quoted is $1000, and that's what the guy is paying to take it over.

dtthiaga
03-10-2009, 11:45 AM
GM Dealer's - Outside of GTA.

You didn't mention what car you are trying to get rid off, but this is what I was quoted.

I ended up keeping the car the extra 6 months and putting as much KM on it as I could.

I was 25K under the KM limit, and offered to return the car ealier 6 months earlier, saftied and etested, and they keep the security deposit. They still wanted to eat their cake and have it to, so I kept car. :)

I gave the car to anyone who wanted to drive and put KM on it.
I took it right to the limit, put used tires on it, used it like a pickup truck, and gave it back. :D

Spoose
03-10-2009, 01:02 PM
Also, I've heard that the original leasee is still technically on the hook for payments even after they transfer... so if you stop paying, collections will come after the other guy. Can someone confirm?

It all depends on the leasing company and the person assuming your lease. At MB Credit, they would NOT release the original lessee unless they put up a big stink and the new applicant had stellar credit, same with BMW Financial. Ford and GM would release the original lessee as long as the guy qualified for credit.

The transfer cost seems a little steep, from what I remember it was around the $5-600 mark, not $1k plus. Call your lease company and ask them. If you are asking the dealership they are going to tack on some admin fees on top of what it would cost to do the transfer, for their time.

The actual transfer is pretty straight forward, assuming the new applicant has excellent credit and they are willing to release you. In a nut shell, just fill out the lease assumption forms, agree that the car is in fair condition and transfer everything over to the new guy.

ScotcH
03-10-2009, 01:22 PM
$380 for my Subaru. I just talked to them last week.

propr'one
03-10-2009, 03:49 PM
GM Dealer's - Outside of GTA.

You didn't mention what car you are trying to get rid off, but this is what I was quoted.

I ended up keeping the car the extra 6 months and putting as much KM on it as I could.

I was 25K under the KM limit, and offered to return the car ealier 6 months earlier, saftied and etested, and they keep the security deposit. They still wanted to eat their cake and have it to, so I kept car. :)

I gave the car to anyone who wanted to drive and put KM on it.
I took it right to the limit, put used tires on it, used it like a pickup truck, and gave it back. :D
By the sounds of it, you were begging for a FLA roadtrip.

Qube
03-10-2009, 06:15 PM
Pretty much all done. Both guys are going through credit checks so both 1s will be gone before end of week :)