grizbo

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??

Nickerz

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.

dragonAMG

WOW!!! Looks like assuming a lease is definitely the way to go.

Nickerz

Exactly! I'm currently in the hunt for an F430 as I type this!

JAY55

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.

clkcadet

actually i just finished a lease transfer, and mb finance has told me many times that my name will be wiped off, and they have full responsibility

Nickerz

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.

Truble911

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.

Beltfed

That used to be the case, but I do know that MB and BMW don't hold you responsible anymore if someone assumes your lease and goes through the proper approval cycle.

jangy

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.

mclarenm8d

What Beltfed and Jangy have noted is my understanding as well, swapalease actually sent me a notice informing me that MB had "changed" how they do things with the lease transfers.

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.