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Lease takeovers..... Posted by Mike Lynch [Email] (#81) [Profile/Gallery] (more from Mike Lynch) on Sat, 2 Jul 2005 17:15:24 In Reply to: Lease, Snoozzn, Sat, 2 Jul 2005 13:08:02 Members do not see ads below this line. - Help Keep This Site Online - Signup |
When I first looked a the lease takeover websites, Swap a Lease, and others found with Google, I poo-poo'd them. They wanted $75 ish or more for a listing and who would want to assume a lease.
But then everyone I knew who tried it succeeded! I've had many friends and customers have someone assume their lease. It's amazing the number for folks who are only gonna' be somewhere a year or two and that's their best means to acquire a decent car temporarily.
When someone assumes your lease, you or they pay $595 to Saab and then the original lessee is totally off the hook and the new person leasing assumes the entire remaining lease obligation. It works well 'cause many folks went for the $2,999 due at signing" and have low lease payments that are quite attractive, but on the other hand they are quite happy to have someone assume the remaining payments. If you don't have low lease payments, 'cause of zero down, negative equity or whatever, than you might offer someone a cash incentive, pay the $595 yourself or whatever makes the deal fair.
It beats taking the hit on the difference between the trade in value and the payoff, or paying all the remaining payments, which are the only other ways to early terminate.
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