| vendsit |
I have an 03 touring edition MDX with 27000 miles on that I am considering transfering the lease. Has anyone done this, and is it a good idea? Would this release me from future liability? I have 23 payments left at $540 a month. I think it would be easier to do this rather than trying to trade it in or sell it outright.
If anyone is interested, please contact me at mcecchini1@netscape.net. |
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| vendsit |
| BTW, the X is white with tan interior. I'll try to attach pictures. If I can't email me and I'll send them to you. |
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| JeffK |
I have taken over several leases, including one for a 2004 Audi A8L.
The best place to list your lease is with
http://swapalease.com/
and
http://www.leasetrader.com/
FYI, if you are really serious about getting out of your lease, unless you put a ton of money down, be prepared to offer a substantial incentive to get out of your lease.
On the Audi 8 I just took over, the seller gave me a $6,000 incentive to bring the remaining monthly payments down below $800 per month.
Finally, remember that you will still be on the lease!. However, Swapalease offers insurance to protect you in the event of a default by the person who takes over your lease.
JeffK |
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| vendsit |
I've checked into both of those websites and I was under the impression that the person taking over the lease had to qualify with the leasing company, in this case AHFC.
In response to having to offer a substancial incentive, I though that being able to get into a short term lease with zero money out of pocket would be incentive enough. It's not like my payment is significantly more than everyone elses. |
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| vlam |
In response to having to offer a substancial incentive, I though that being able to get into a short term lease with zero money out of pocket would be incentive enough. It's not like my payment is significantly more than everyone elses.
The short term lease would have to outweight the fact the it's a used car. In your case, a new 05 is much different than an 03. Doesn't most people lease because they like to have new car? |
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| JeffK |
Remember as you are still on the lease, the financial qualifications for the person assuming the lease may not be as stringent and thorough as you would think.
In the event the person assuming the lease defaults, AHFC still has you on the lease.
In answer to your question about the value of a short term lease:
Which would you rather have at the same price:
A Brand New 2005 with all the improvements, zero mileage for 39 months or a used 2003 for 18 months?
I hope you see my point.
When you go to either of the websites, Swapalease or Leasetrader you will note that nearly 99% of the leases are not assumed. The reason is simple: In 99% of the cases you can lease a new one for about the same or less than the leases there.
Only when there is a substantial savings, does a lease get assumed.
JeffK |
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