taking over a lease
Thread Starter
Junior Member
Joined: Jul 2005
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taking over a lease
Hi, I was thinking of taking over my uncle's lease on his 2005 CL500 and I had a few questions and was looking for advice. His lease is $600 a month and will end in Sept 2007 and I was thinking of taking over the lease until it ends. The mileage is very good and not even close to the maximum. I have never leased a car before and I don't know anything about leasing. I have just enough to pay the $600 a month but I am concerned about maintenance, or is maintenance free on this car? And if not, is it very steep? I probably wouldnt have to maintain it a lot since I'm only going to have it for 9 months. And by leasing, is there any way I can sell the car after the lease is done in order to make up some of the money I spent leasing it? Thanks in advanced and any insight would be appreciated.
Newbie
Joined: Nov 2006
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CL600
I have just enough to pay the $600 a month but I am concerned about maintenance, or is maintenance free on this car?
2./ Maintenance is not free. A lease does not normally cover service.
Remember at the end of the lease term... you hand the car back to the "owner". If the car is not in very good condition... or if you went over the milage allowance, you will need to PAY the "owner" additional costs when you hand the car back.
? Why is your uncle trying to dump the car?
On you?For $600 per month, you could probably BUY a used CL on a good finance deal. And then you would own the car too! In fact, why not call up the lease company and see what price they are selling "just off lease" cars? You might find that their sale price is actually LOWER than the notional residual value of your uncles car.
Thread Starter
Junior Member
Joined: Jul 2005
Posts: 15
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My uncle just bought the new Lexus L460h so he has no use for this CL500. Yeah I have enough for insurance and the monthly payments for the lease. I'm not really looking into owning a cl500 on the long term that's why this deal of having it for 9 months got me thinking. Thanks for the insight. Any more would help.
MBWorld Fanatic!
Joined: Aug 2003
Posts: 1,141
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From: Texas
M6 Gran Coupe
You should be OK. Normally, if you "just had enough" for $600/mo payment, I would say you really don't belong in this car for the plain fact that a $3k part could go tomorrow and you would be screwed.....but you should still be under warranty.
