Post for friend...Best way to get out of a leased car?
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04-22-2002, 03:47 PM
#13
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Ahem. A serious answer...
A lot depends on the lease. If the leasing company allows the lease to be transferred, this is your best option. Indeed, it's about the only option that won't hurt a great deal.
Whatever you do, don't sublease the car (i.e. without the lessor's permission), unless you know the person well. And even then there are tricky issues regarding insurance...
- Marc
Whatever you do, don't sublease the car (i.e. without the lessor's permission), unless you know the person well. And even then there are tricky issues regarding insurance...
- Marc
04-22-2002, 03:48 PM
#14
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There are various websites like Swapalease. Otherwise, get the payoff amount,
find a buyer and ask the dealer they bought it from and will buy their next car from for a "courtesy delivery". This is where the dealer buys the car from the leasing company and passes it on to the buyer you brought. The dealer does not pay tax on buying the car from the leasing company since they are resellers, while you (the friend) would if you bought the car from VW Credit to resell.
04-22-2002, 04:03 PM
#15
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ah ok, so you are basically saying what ObsessTT was talking about...
but as ObsessTT mentioned, just make sure to work it throught the dealer? My friend with the Beetle wants to get a new car from the same dealer, so maybe this will work nicely.
She would just have to proceed and sell her Beetle as one would sell any used car? Just advertise what the payout, monthly payments, etc?
TIA for the seirous folks...and comedy is good too
She would just have to proceed and sell her Beetle as one would sell any used car? Just advertise what the payout, monthly payments, etc?
TIA for the seirous folks...and comedy is good too
04-22-2002, 04:31 PM
#18
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NO, lease transfer is different than what I was talking about. Let me elaborate...
but first let me say that lease transfer is an option but it is my understanding that with a VW Credit lease your friend would be co-signing with the transferee. NOt a good place to be. I am not certain of this however and it can easily be verified or debunked with a phone call.
Ok...my thoughts
Call VW Credit. Ask for the payoff. Take that number and go look for a buyer. Advertise, post bills, whatever.
In the meantime have him talk to the dealer and ask him if he will do a "courtesy delivery" to the new buyer if he buys another new (I assume cheaper) car. Agree with the dealer on the price you are asking. He may request that you mark it up a little so he can make a little. I doubt it but he might. The dealer will probably do the courtesy delivery for various reasons. 1. they get a sale and probably the financing for it 2. they have the new car sale from your friend and possibly the financing from that 3. they have much goodwill from your friend and rejoicing.
When your friend gets a buyer, have them sign a contract with your friend and make sure they understand that this is the price but you are paying Joe's Good VW dealer not me. Sign it on a napkin or whatever as long as it's a serious deal your friend can take to your dealer.
After the Beetle changes hands, then your friend's new car can be bought.
I was wondering, though, what is cheaper than a Beetle at VW? Base Golf?
This is a little complex but it's all on the up-and-up. Or your friend could declare bankruptcy, or whatever.
Ok...my thoughts
Call VW Credit. Ask for the payoff. Take that number and go look for a buyer. Advertise, post bills, whatever.
In the meantime have him talk to the dealer and ask him if he will do a "courtesy delivery" to the new buyer if he buys another new (I assume cheaper) car. Agree with the dealer on the price you are asking. He may request that you mark it up a little so he can make a little. I doubt it but he might. The dealer will probably do the courtesy delivery for various reasons. 1. they get a sale and probably the financing for it 2. they have the new car sale from your friend and possibly the financing from that 3. they have much goodwill from your friend and rejoicing.
When your friend gets a buyer, have them sign a contract with your friend and make sure they understand that this is the price but you are paying Joe's Good VW dealer not me. Sign it on a napkin or whatever as long as it's a serious deal your friend can take to your dealer.
After the Beetle changes hands, then your friend's new car can be bought.
I was wondering, though, what is cheaper than a Beetle at VW? Base Golf?
This is a little complex but it's all on the up-and-up. Or your friend could declare bankruptcy, or whatever.
04-22-2002, 05:04 PM
#19
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What Audi/VW told me...
I have a 48 month smart-buy and I called Audi Financial Services to see if I could transfer my account to another individual. They said, "Yes" provided my name stayed on the account as the primary owner of the vehicle. The only reason I could see doing this if I wanted to let me daughter drive and pay for the car but I kept my name...kind of like a co-signer arrangement. But since she is 10 years old, I don't think it is quite the right time yet.
I don't have a lease. I would like to hear what leaseholders have been told.
I don't have a lease. I would like to hear what leaseholders have been told.
04-22-2002, 05:13 PM
#20
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Re: A dealer will trade it and buy out the lease......>>>
That's what I meant when I said the other options weren't great. If the lease is relatively new, it's possible to be many thousands upside-down. I know this from (painful) experience.
- m
- m