Taking over a Lease?

ArmyEngineer25 · 05-09-2010, 10:34 PM

I am looking to take over a lease of a M3 but I have no idea on how to do so...Do I need a lot of money down on the car? Need really good credit? Need a personal bank to buy the current loan out? If someone could explain the process that would be great.

Res Ipsa · 05-10-2010, 12:12 AM

A lease assumption is just that-- assumption. You're stepping into the shoes of the current lessee, and if completed, you will assume all of the responsibilities and liabilities as the new lessee, releasing the prior lessee from those obligations under the lease contract.

You don't have to put anything down. You just have to find someone looking to get out of their lease. If their lease is through BMWFS, you will pay a fee ($400 or so) and BMWFS will run your credit application just as if you were going to get a new lease. If approved, the parties exchange some legal documentation and BMWFS finalizes the transfer. Obviously you'll need good credit.

EJ_92606 · 05-10-2010, 02:19 AM

To add to the previous explanation, some lessees will ask for a payment to cover a significant cap cost reduction they made when they purchased the car or if the car is substantially under on its mileage. Conversely, others may offer a cash payment to assume the lease if their payment is above market or if they've used more than their pro-rata share of miles or the car is less desirable for some reason. Frankly it usually doesn't work out. The typical person that is trying to exit a lease is the same type of person that doesn't research the original purchase and ends up paying way over market. Shop around...you might be able to lease a brand new car for less than many lease assumption offers that are out there.

ArmyEngineer25 · 05-10-2010, 12:38 PM

Awsome...Thanks alot guys.....Im looking to get into between a 03-05 M3 so I will probably just try to buy one instead of a lease assumption. I have money but dont want to buy a car outright plus i want the left over for a new HPF's stage 1.

3XTR3M3 · 05-10-2010, 01:01 PM

Try LeaseTrader.com and SwapaLease.com. Hint: dont rush into anything, be patient and you will find a good fit.

In order for you to be able to contact someone on those sites who wants to give up a lease, the site has to approve you. Then you can contact any lister.

BMW Financial will have to run your credit ($400)

the buyer MIGHT ask for money up front. Some of these guys have put $5-10k down on a lease and they are only a year into it. They might want some of that down payment for you to take a lease.

Ive got some great assumptions in the past. Good Luck!

05-09-2010, 10:34 PM	#1
ArmyEngineer25 Registered 0 Rep 3 Posts Drives: BMW M3 HPF's Stage 1 Turbo Join Date: May 2010 Location: IOWA iTrader: (0)	Taking over a Lease? I am looking to take over a lease of a M3 but I have no idea on how to do so...Do I need a lot of money down on the car? Need really good credit? Need a personal bank to buy the current loan out? If someone could explain the process that would be great.
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05-10-2010, 12:12 AM	#2
Res Ipsa Local LOLyer 5 Rep 303 Posts Drives: 2008 E92 M3 Join Date: May 2007 Location: Dallas, TX iTrader: (1) Garage List 2008 BMW 335i [0.00]	A lease assumption is just that-- assumption. You're stepping into the shoes of the current lessee, and if completed, you will assume all of the responsibilities and liabilities as the new lessee, releasing the prior lessee from those obligations under the lease contract. You don't have to put anything down. You just have to find someone looking to get out of their lease. If their lease is through BMWFS, you will pay a fee ($400 or so) and BMWFS will run your credit application just as if you were going to get a new lease. If approved, the parties exchange some legal documentation and BMWFS finalizes the transfer. Obviously you'll need good credit. __________________ Audi S5 \| '09 X5 xDrive 30i
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05-10-2010, 02:19 AM	#3
EJ_92606 Ultimate Driving Machine 16 Rep 381 Posts Drives: '13 F10 550i; '11 R1200GS Join Date: Apr 2008 Location: So. Cal iTrader: (1)	To add to the previous explanation, some lessees will ask for a payment to cover a significant cap cost reduction they made when they purchased the car or if the car is substantially under on its mileage. Conversely, others may offer a cash payment to assume the lease if their payment is above market or if they've used more than their pro-rata share of miles or the car is less desirable for some reason. Frankly it usually doesn't work out. The typical person that is trying to exit a lease is the same type of person that doesn't research the original purchase and ends up paying way over market. Shop around...you might be able to lease a brand new car for less than many lease assumption offers that are out there.
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05-10-2010, 12:38 PM	#4
ArmyEngineer25 Registered 0 Rep 3 Posts Drives: BMW M3 HPF's Stage 1 Turbo Join Date: May 2010 Location: IOWA iTrader: (0)	Awsome...Thanks alot guys.....Im looking to get into between a 03-05 M3 so I will probably just try to buy one instead of a lease assumption. I have money but dont want to buy a car outright plus i want the left over for a new HPF's stage 1.
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05-10-2010, 01:01 PM	#5
3XTR3M3 Lieutenant Colonel 99 Rep 1,575 Posts Drives: E92 AW M3 6MT Join Date: Aug 2006 Location: LA iTrader: (1)	Try LeaseTrader.com and SwapaLease.com. Hint: dont rush into anything, be patient and you will find a good fit. In order for you to be able to contact someone on those sites who wants to give up a lease, the site has to approve you. Then you can contact any lister. BMW Financial will have to run your credit ($400) the buyer MIGHT ask for money up front. Some of these guys have put $5-10k down on a lease and they are only a year into it. They might want some of that down payment for you to take a lease. Ive got some great assumptions in the past. Good Luck! __________________
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