e92 M3 lease transfer or early termination

e92 M3 lease transfer or early termination

Author
Discussion

A2MVS

Original Poster:

40 posts

186 months

Tuesday 29th April 2014
quotequote all
Does anyone know if it's possible to transfer the lease to another person or what's involved in terminating the lease early?

The situation is that I'm 12months away from the end of my 30month lease and need to hand the car back asap due to unforeseen circumstances.

Thanks

Rapido1

51 posts

138 months

Tuesday 29th April 2014
quotequote all
I'd be interested in picking up the last 12 payments if you are able to transfer the lease.
Sorry I cant help with the technicalities as I have never had to do the above.

PM me if you find out what the procedure is.

Thanks

cs1874

146 posts

169 months

Thursday 1st May 2014
quotequote all
You HAVE to look at someone taking it on...when it says 30 months...it is exactly that...no more, no less...if you leave early, you still owe them the payments till the end.
Sometimes, if you were buying another car from them, they'd come and go over a couple of months, but not for 12 months just because your circumstances have changed.

Might be worthwhile letting people know the spec and cost of the car, and see if you get some takers. But I'd certainly look into transfer of the contract first!!
Best of luck.

anonymous-user

53 months

Thursday 1st May 2014
quotequote all
A quick google found this on a leasing site, so at least it's possible with some:

Sometimes things crop up in life which scupper long-term plans, no matter how well thought out. Because vehicle lease terms are typically two to four years, there are several circumstances that could arise (such as becoming pregnant, relocating, being made redundant etc) that could result in you wanting to break that lease but are worried about facing the costly penalties from leasing companies. However, consumers can sometimes escape their lease and effectively pass it on to someone else, a trend which is particularly popular in the US and on the rise here.
What is a lease transfer?
A lease transfer is when you wish to exit the terms of your lease and rather than terminate your contract and pay the fees, you transfer it over to someone else who carries on paying the monthly payments. You’re then freed from the contract.
The benefit for the person receiving the car with the transferred lease is that they can get an almost new vehicle at a lower cost with no downpayment as all the upfront costs have been covered.
Things to consider
You’ll need to check with your lease provider whether a transfer is permitted and whether you’d still hold any responsibility for the payments after the transfer has been agreed. If that’s the case, then terminating the lease is a safer option.
You’ll also need to find out what the early termination payoff and prepayment penalty amounts are. The amount owed will be the difference between the early termination payoff stated on the lease agreement and the amount credited for the vehicle so far. This amount is usually substantial and equivalent to making all the lease payments at once. There may also be a prepayment penalty fee so make sure you do all the maths first to see what is most financially viable.
It’s also worth checking with the lease provider if there are any transfer costs that could be incurred.
How do I transfer my lease?
There are firms out there who can organise a lease swap for you so compare as many as you can and check their fees (such as advertising the lease for instance) and services.
They may ask you various questions such as whether you can negotiate a cash incentive in order to bring down the cost of the lease. How much you decide on will depend on how quickly you’re keen to break the lease and what you think is a sensible offer based on the condition of your car, mileage, service records etc.
The buyer may also ask you to split any lease transfer fees so be prepared to negotiate.
The buyer will have to go through various credit checks before the transfer is confirmed and then documents will be sent out to both buyer and seller. Once they’re all signed and any transfer fees paid, the deal is done.
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Rapido1

51 posts

138 months

Friday 2nd May 2014
quotequote all
Good info - Still interested btw. Spec not that important but please tell me its DCT.

stuart-b

3,643 posts

225 months

Friday 2nd May 2014
quotequote all
He hasn't got back to you so he can't be that desperate wink

A2MVS

Original Poster:

40 posts

186 months

Tuesday 6th May 2014
quotequote all
BMW have confirmed no tranfers allowed. If I want to terminate the lease contract early I'll have to pay them the remaining payments.

Thanks for the offers to take over the lease.

AB

16,969 posts

194 months

Tuesday 6th May 2014
quotequote all
Could you not 'unofficially' transfer it?

If you're that desperate?

WEHGuy

1,347 posts

172 months

Tuesday 6th May 2014
quotequote all
Where about in Scotland are you based? What's the total amount left to pay?

burwoodman

18,709 posts

245 months

Tuesday 6th May 2014
quotequote all
AB said:
Could you not 'unofficially' transfer it?

If you're that desperate?
yes-and you will get all tickets along with committing fraud

xcentric

722 posts

218 months

Wednesday 28th May 2014
quotequote all
so you can't officially transfer the lease - but can you sub-lease it, for the same cost as the lease?

maxjeff

26 posts

105 months

Friday 3rd July 2015
quotequote all
There are some companies out there that will allow you too effectively sell you lease to someone else.

One that I have had suggested to me is

http://bit.ly/1CPFmnj

They help you to sell your lease more than the others. Rather than just allowing you to advertise.

Schermerhorn

4,342 posts

188 months

Friday 3rd July 2015
quotequote all
Why not advertise it as finance outstanding?

Get the new customer to pay via BACS and clear it in his presence.

ZX10R NIN

27,494 posts

124 months

Friday 3rd July 2015
quotequote all
If it's a lease car then he can't sell it as the car was never his, rather than a PCP deal where he'd have the option to buy therefore he could sell it with finance outstanding.

A2MVS

Original Poster:

40 posts

186 months

Friday 3rd July 2015
quotequote all
The went back to BMW today, at the normal end of lease. The reason for no flexibility is due to the extremely cheap lease deal I took advantage of a few years ago (£400 +VAT)

A2MVS

Original Poster:

40 posts

186 months

Friday 3rd July 2015
quotequote all
The went back to BMW today, at the normal end of lease. The reason for no flexibility is due to the extremely cheap lease deal I took advantage of a few years ago (£400 +VAT)

gizlaroc

17,251 posts

223 months

Saturday 4th July 2015
quotequote all
A2MVS said:
The went back to BMW today, at the normal end of lease. The reason for no flexibility is due to the extremely cheap lease deal I took advantage of a few years ago (£400 +VAT)
If you have to pay the remaining payments anyway, being a contract hire deal, why not just keep it?