Hey group...my buddy may be getting laid off soon and he just picked up a new BMW lease not even 6 months ago. He's bracing for the worst. If he had to get rid of thear...how would he do it? How do you get out of a lease? Im tellin ghim to hold onto it regardless, but he wants to have a backup plan in case of the worst. ANy ideas?
Get out of lease?
- Thread starter xi guy
- Start date
Hello xi guy, do a search of my recent posts, I asked the saem question this wek with some good replys. I have placed adds on both "swaplease.com" and "leasetrader.com" also spreading the word. Best way is to sell the car if he can cover his pay-off in the sale" other wise depending on who the leae company is, if it is BMW financing, all he has to do is find a credit worthy person who is willing to pick up his lease, all this costs is like a $450 fee to BMW to re-draw the papers inthe new persons name.
Hope this helps.
Hope this helps.
Hey,
I have some experience in this situation so I hope my advice will help here:
I used to have that 03 VW Jetta and I had that piece of shit for a year, and it was in a 3 year lease. You CAN do the leasetrader thing, and I was gonna do that as well, but be aware that it's not as simple as finding a credit-worthy person and transferring the lease. The personal who originally leased the vehicle, his/her name is still on the lease contract, even after the lease is transferred. So if this new guy fails to make any lease payments, BMW will go after the original guy for those payments!
Another option is to just privately sell it or trade it in and pay the difference of the buy-back value. For example:
On my VW Jetta (I used to have a 03 Jetta, for those of you who don't know), I put nothing down, aside from inception fees. My lease was for 3 years, 36,000 miles, $0 down, taxes included, etc. I got rid of that bastard 11 months into the lease because I hated it so much. The way I did it was, I called up VW and found out the buy-back value at the current time, which was $17,366. The Infiniti dealership was offering $14,000 for the trade-in value. So, I handed my Jetta over to my Infiniti dealership + $3,666 difference ($17,366 - $14,000)...dealership took care of all the bullshit paperwork for me (otherwise the process takes about a month!) and I was in my new car, literally as soon as I handed over the keys to the Jetta.
Thanks,
MrElussive
I have some experience in this situation so I hope my advice will help here:
I used to have that 03 VW Jetta and I had that piece of shit for a year, and it was in a 3 year lease. You CAN do the leasetrader thing, and I was gonna do that as well, but be aware that it's not as simple as finding a credit-worthy person and transferring the lease. The personal who originally leased the vehicle, his/her name is still on the lease contract, even after the lease is transferred. So if this new guy fails to make any lease payments, BMW will go after the original guy for those payments!
Another option is to just privately sell it or trade it in and pay the difference of the buy-back value. For example:
On my VW Jetta (I used to have a 03 Jetta, for those of you who don't know), I put nothing down, aside from inception fees. My lease was for 3 years, 36,000 miles, $0 down, taxes included, etc. I got rid of that bastard 11 months into the lease because I hated it so much. The way I did it was, I called up VW and found out the buy-back value at the current time, which was $17,366. The Infiniti dealership was offering $14,000 for the trade-in value. So, I handed my Jetta over to my Infiniti dealership + $3,666 difference ($17,366 - $14,000)...dealership took care of all the bullshit paperwork for me (otherwise the process takes about a month!) and I was in my new car, literally as soon as I handed over the keys to the Jetta.
Thanks,
MrElussive
Your right about the month long process, which is BS, but confirmed by BMW to me today, some3 step proccess crap. I willcall back and ask about the still being liable part, I can not believe that (not saying your wrong, just think it is BS) if they do a whole credit check and we have to pay a $450 transfer fee, then the whole thing should be between BMW and the new leasor. I will call and let you know, I think I have a guy who wants to take the car over, good thing is that it is a freind of a cousin so i do not have to deal with the web sites I posted on. I'll let you know what i find out from BMW.
Confirmed by BMW Leasing
Once transfered you are no longer responsible at all.
See my questions to them and their reply back. I deleted emails addresses.
Trading was not an option fo rme as their is a $7,500 diffference between my buy out and the cars value as it is only 9 months into the lease.
Me to them:
Dear XXX,
Thanks, one more questions.
After paying the $450 and doing all the paper work, you do your credit checks, etc... Everything is done and signed, the car is handed over etc...
I am no longer responsible for the car, the lease, the contract, etc... it is all between BMW and the new leaser. Correct?
Basically, after the whole process is approved, transferred, and paid the car and the lease is the new guys with no ties to me what so ever.
Please confirm.
Thanks,
Their reply to me.....
Dear Mr. XXX:
Yes, you are correct! Once your account is completely transferred into the new assignee's name, you are released from any financial obligation on this account. The contract becomes theirs and you will no longer be tied to it.
Hope this helps.
Once transfered you are no longer responsible at all.
See my questions to them and their reply back. I deleted emails addresses.
Trading was not an option fo rme as their is a $7,500 diffference between my buy out and the cars value as it is only 9 months into the lease.
Me to them:
Dear XXX,
Thanks, one more questions.
After paying the $450 and doing all the paper work, you do your credit checks, etc... Everything is done and signed, the car is handed over etc...
I am no longer responsible for the car, the lease, the contract, etc... it is all between BMW and the new leaser. Correct?
Basically, after the whole process is approved, transferred, and paid the car and the lease is the new guys with no ties to me what so ever.
Please confirm.
Thanks,
Their reply to me.....
Dear Mr. XXX:
Yes, you are correct! Once your account is completely transferred into the new assignee's name, you are released from any financial obligation on this account. The contract becomes theirs and you will no longer be tied to it.
Hope this helps.
olcrazy, that is good info.
One thing I should have mentioned is that it does depend on the car company. Some companies treat lease transfers different. In the case of VW/Audi, the original leaser's name is still on the contract and VW/Audi will go after the original leaser if the new leaser fails to make a payment. I believe Mercedes works like this too, and I just assumed this was BMW's policy as well. Leasetrading.com has a whole list of each company's lease transfer policy, and I'm trying to find it right now.![[;)]](/images/smilies/wink.png "Wink [;)]")
One thing I should have mentioned is that it does depend on the car company. Some companies treat lease transfers different. In the case of VW/Audi, the original leaser's name is still on the contract and VW/Audi will go after the original leaser if the new leaser fails to make a payment. I believe Mercedes works like this too, and I just assumed this was BMW's policy as well. Leasetrading.com has a whole list of each company's lease transfer policy, and I'm trying to find it right now.
sorry about the text sizes, was on mistake.
I don't mind the $450 transfer fee, it is understandable for the hassle, paper work, crddit checks, etc...
What pisses me off is 30 day to get it done, that it total BS.
If all the papers are in line, signed, agreed, etc... I don't see why it would take more then a day or 2. Dealers do this in minutes. Even a week, wouldn;t be so bad, but a moonth is rediculous.
BMW Leasing has been very fast and positive in answering questions.
Not sure if I really want to get rid of it yet, but if a deal comes around I will do it. I'm not dying either way. I love the car!
I don't mind the $450 transfer fee, it is understandable for the hassle, paper work, crddit checks, etc...
What pisses me off is 30 day to get it done, that it total BS.
If all the papers are in line, signed, agreed, etc... I don't see why it would take more then a day or 2. Dealers do this in minutes. Even a week, wouldn;t be so bad, but a moonth is rediculous.
BMW Leasing has been very fast and positive in answering questions.
Not sure if I really want to get rid of it yet, but if a deal comes around I will do it. I'm not dying either way. I love the car!
Well, I called up LeaseTrader about this issue because I thought a month is such a long time, also. The woman over the phone said it takes so long because the whole process consists of faxing papers and documents and contracts back and forth, the whole time. It still does seem like a long time, but if you can completely get out of the lease pretty much for free (aside from the $450), it's worth it overall.
