e92 M3 lease transfer or early termination
Discussion
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.
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.
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.
Finance MethodsBusiness Car LeasingBusiness Contract HireContract HireDaily RentalFinance LeaseHire PurchaseLease PurchaseNon Status Car LeasingPersonal Contract HirePersonal Contract PurchaseSale and LeasebackShort Term Contract HireRelated InformationAutomatic Car LeasingBest Car Leasing DealsBuy Versus Lease – the benefits of car leasingCar DepreciationCar hire glossary of termsCar insurance groups explainedCar Insurance UKCar Lease CalculatorCar Leasing For Driving InstructorsCar Leasing FranchisesCheap Car LeasingCompany Car Finance OptionsCompany Car Tax Rates–Benefit In Kind (BIK)Company Car vs Car AllowanceCompany cars - advisory fuel ratesCompany Vehicle LeasingContract hire tax benefits for businessesEx Lease CarsFAQsGlossary Of TermsLease TransferLong Term Car RentalLuxury Car LeasingMaintenanceMobile Phones and the LAWMotability Contract HirePersonal Car LeasingPrestige Car HirePrivate Car LeasingPrivate Number PlatesSocial MediaUsed Car LeasingWear & Tear GuideWhat happens if a leased car windscreen cracks?Winter TyresRecallsAlfa Romeo recallsAudi recallsBMW recallsCar recallsChevrolet recallsChrysler recallsCitroen recallsFord recallsHonda recallsHyundai recallsMercedes Benz recallsMitsubishi recallsNissan recallsPeugeot recallsPorsche recallsRenault recallsSkoda recallsSubaru recallsSuzuki recallsToyota recallsVolvo recallsVW recalls
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.
Finance MethodsBusiness Car LeasingBusiness Contract HireContract HireDaily RentalFinance LeaseHire PurchaseLease PurchaseNon Status Car LeasingPersonal Contract HirePersonal Contract PurchaseSale and LeasebackShort Term Contract HireRelated InformationAutomatic Car LeasingBest Car Leasing DealsBuy Versus Lease – the benefits of car leasingCar DepreciationCar hire glossary of termsCar insurance groups explainedCar Insurance UKCar Lease CalculatorCar Leasing For Driving InstructorsCar Leasing FranchisesCheap Car LeasingCompany Car Finance OptionsCompany Car Tax Rates–Benefit In Kind (BIK)Company Car vs Car AllowanceCompany cars - advisory fuel ratesCompany Vehicle LeasingContract hire tax benefits for businessesEx Lease CarsFAQsGlossary Of TermsLease TransferLong Term Car RentalLuxury Car LeasingMaintenanceMobile Phones and the LAWMotability Contract HirePersonal Car LeasingPrestige Car HirePrivate Car LeasingPrivate Number PlatesSocial MediaUsed Car LeasingWear & Tear GuideWhat happens if a leased car windscreen cracks?Winter TyresRecallsAlfa Romeo recallsAudi recallsBMW recallsCar recallsChevrolet recallsChrysler recallsCitroen recallsFord recallsHonda recallsHyundai recallsMercedes Benz recallsMitsubishi recallsNissan recallsPeugeot recallsPorsche recallsRenault recallsSkoda recallsSubaru recallsSuzuki recallsToyota recallsVolvo recallsVW recalls
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.
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.
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? Gassing Station | M Power | Top of Page | What's New | My Stuff