Assume lease for $630/mo - Good deal?
01-17-2002, 09:21 AM
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Assume lease for $630/mo - Good deal?
I have been looking around for an allroad for some time now. I have found a guy who is looking to get rid of his lease (dotcom casualty). The car is a 2001 with all options except Navigation and Third Row. It has 5000 miles and is 4 months old. It looks like new.
He is asking for $630/month (including tax), 36 month lease (32 remaining), 15K miles per year.
Is this a good deal?
He is asking for $630/month (including tax), 36 month lease (32 remaining), 15K miles per year.
Is this a good deal?
01-17-2002, 09:37 AM
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Re: Is it really possible to just "assume" someone's lease? How?
I think it is possible because there are several sites devoted to lease trading. I know of www.leasetrader.com and www.swaplease.com. However, I think in most cases the original lessee remains on the hook in case the person who takes over the lease defaults or does not pay end-of lease charges. I personally would not assign my lease to anyone unless I completely trusted that person.
01-17-2002, 10:10 AM
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Re: Is it really possible to just "assume" someone's lease? How?
According to VW credit one can change the lease ownership as long as the "buyer" is credit worthy. There is a $250 termination fee. That's it.
01-17-2002, 10:12 AM
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Can't get the same deal
Sounds like you got a really good deal. I can't seem to get that out here in CA unless I am willing to make $2500 down payment. Where are you located?
01-17-2002, 10:55 AM
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Re: Can't get the same deal
I am in the NYC area. I think I definitely got a good deal off the bat because the dealer wanted to sell me what he had in stock instead of having me custom order, and what he had was a car loaded with some stuff I did not need nor want. The only variable is the price of the car, which I am getting $1K over invoice. I think even at $2K over invoice if you drop the optional wheels (which was one of the things I did not want) the price would be around the same. From what I have read on this forum $1,300-$1,500 over invoice is not uncommon. I think the interest rate was 4.56% and 52% residual (these I believe are vW credit numbers).
As for assignment of the lease check out the link below. Perhaps it is wrong, but I do not see why the leasing company would have any incentive to let the original lessee off the hook unless he were doing it to enter into a new lease with the same company.<ul><li><a href="http://www.swapalease.com/help_files/showleaseco.asp?coid=38">http://www.swapalease.com/help_files/showleaseco.asp?coid=38</a</li></ul>
As for assignment of the lease check out the link below. Perhaps it is wrong, but I do not see why the leasing company would have any incentive to let the original lessee off the hook unless he were doing it to enter into a new lease with the same company.<ul><li><a href="http://www.swapalease.com/help_files/showleaseco.asp?coid=38">http://www.swapalease.com/help_files/showleaseco.asp?coid=38</a</li></ul>
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