leasetrader.com
Thread Starter
Junior Member
Joined: Dec 2003
Posts: 40
Likes: 0
From: MO
06 E55,03 M3 (gone),05 Yukon, 03 Diesel PU,05 RK Custom, 03 SERK
leasetrader.com
I'm wondering if anyone has ever assumed a lease via this site? It seems like a good way to drive cool cars for 1-2 years without the huge payments of a short term lease on a new car. Guess my main worry would be in turning the car in at lease end, I'd be responsible for any "defects" caused by the original owner. Seems like a dealer evaluation before assuming the lease would be smart. Any opinions??
Super Member
Joined: Jan 2004
Posts: 801
Likes: 0
From: California
ML350 '06
I was told that even if you "assumed" the lease from the original guy who leased the car, that the original lessee is STILL responsible for the car. Even if you qualify to take over the lease payments, that guy is responsible for payment if you miss a payment. So the leassor will come after the original guy - not you. My dealer called MB Finanacial asking them how they would treat this and that's what they told him. I really don't think a lot of those people on leasetrader.com are aware of this.
MBWorld Fanatic!
Joined: Apr 2005
Posts: 2,731
Likes: 3
From: Sin City
12' C63 P31, 06' Supercharged Range, 08' BMW 550i
I was told that even if you "assumed" the lease from the original guy who leased the car, that the original lessee is STILL responsible for the car. Even if you qualify to take over the lease payments, that guy is responsible for payment if you miss a payment. So the leassor will come after the original guy - not you. My dealer called MB Finanacial asking them how they would treat this and that's what they told him. I really don't think a lot of those people on leasetrader.com are aware of this.
Super Member
Joined: Nov 2004
Posts: 913
Likes: 0
From: Soulcal
///E63V10 ///F80CS ///Can-Am X3 XRS
I went to that site to try and take over the lease of a Range Rover HSE Sport. If you want to ask the seller questions about the car, leasetrader require $50 plus they need to run your credit report. Too many run arounds so I said F it.
MBWorld Fanatic!
Joined: Oct 2004
Posts: 2,139
Likes: 0
From: NYC
S550
I was told that even if you "assumed" the lease from the original guy who leased the car, that the original lessee is STILL responsible for the car. Even if you qualify to take over the lease payments, that guy is responsible for payment if you miss a payment. So the leassor will come after the original guy - not you. My dealer called MB Finanacial asking them how they would treat this and that's what they told him. I really don't think a lot of those people on leasetrader.com are aware of this.
Super Member
Joined: Jan 2004
Posts: 801
Likes: 0
From: California
ML350 '06
Really!? B/c the sales guy had MB Financial on speakerphone when we both talked to them and that's what they told the both of us. This was the sales guys way of trying to talk me out of using leasetrader.com to get the SUV I was interested about. I thought it was strange that all these people would be trying to sub-lease their car when they would still have full responsibility of it.
Trending Topics
Junior Member
Joined: Jul 2005
Posts: 40
Likes: 4
I assumed my 7 series and the lease was transfered into my name via BMW Financial and the original owner was no longer the person of record. My name was on the lease, the title, the registrationa and insurance. There is no way the original leasor was responsible for anything. That would not be a transfer. If I mearly took over the payments without transferring the above mentioned the original owner would be responsible. But who would be dumb enought to do that. I worked with swapalease.com and found it to be a very easy process. Lease trader seems to be much more difficult and I have heard bad stories about dealing with them. They have some pretty steep charges for putting you in contact witha person and the vehicle may not even still be available.
MB World Stories
The Best of Mercedes & AMG
Manual Mercedes? 6 Times Sindelfingen Let Drivers Have All The Fun
Verdad Gallardo
Mercedes SLR McLaren 722 S Is Extremely Rare Example Modified by McLaren
Verdad Gallardo
8 Classic Boxy Mercedes Designs That Have Aged Like Fine Wine
Verdad Gallardo
Flawlessly Restored Mercedes 190E Evo II Heads to Auction
Verdad Gallardo
Electric Mercedes C-Class Unveiled: 11 Things You Need to Know
Verdad Gallardo
Mercedes EQS Gets A Major Update: Everything You Need to Know
Verdad Gallardo
5 Underrated Mercedes-Benz Models That Don't Get the Love They Deserve
Verdad Gallardo
Mercedes 300D Has Pushed Well Past 1 Million Miles and It Ain't Stopping
Verdad Gallardo
10 Most Reliable Mercedes-Benz Models You Can Buy Used
Verdad Gallardo
Super Member
Joined: Dec 2001
Posts: 633
Likes: 0
From: NY
14 'E550
Really!? B/c the sales guy had MB Financial on speakerphone when we both talked to them and that's what they told the both of us. This was the sales guys way of trying to talk me out of using leasetrader.com to get the SUV I was interested about. I thought it was strange that all these people would be trying to sub-lease their car when they would still have full responsibility of it.
Out Of Control!!
Joined: Sep 2004
Posts: 13,394
Likes: 6
From: San Diego
2015 S212
I can also verify that. There is an aquisition fee, as there is a lease kill fee but that is it. It is a great way for those that got in on the special lease rates of a few months back to get out of their cars AND yet allow a new driver to get some nice payments on a used one.
Anyone want an '06 with 4000 miles on it for $1150 a month? HAHA just messing.
Member
Joined: Sep 2005
Posts: 224
Likes: 0
From: Cary, IL
2003 CL55 Kompressor Horizon Blue Metallic
I can also verify that. There is an aquisition fee, as there is a lease kill fee but that is it. It is a great way for those that got in on the special lease rates of a few months back to get out of their cars AND yet allow a new driver to get some nice payments on a used one.
Anyone want an '06 with 4000 miles on it for $1150 a month? HAHA just messing.
Anyone want an '06 with 4000 miles on it for $1150 a month? HAHA just messing.
Unfortunately for those that leased when these models first came out (E55, CL55/CL65, S55/S65, CLS55), their payments are still worse, total cash flow wise, than a guy that just leases a CPO car. Unless, of course, they give a huge incentive. I leased my CL55 used through a dealer because of this effect.
Guys that are trying to get out of 3000 - 4000 payments on S65's are ... well, screwed when used the cars are selling now for ~100K.
Although the E55's look like better deals on lease transfers than the CL and S.
Last edited by mclarenm8d; Sep 23, 2006 at 10:13 AM.
