[Missfitness226]

Has anyone ever done a lease assumption where you stayed as the actual leasee on the account and had someone else pay a couple months before taking it over through another financial institution? What's your experience been like there?

 

[rsingh111]

never do that.... Perhaps a really close friend... But if they have an accident or other violations... You could be on the hook as you are the registered owner with the leasing company.... Also if they back out you are stuck while they have the car. If you were from different states then all the more difficult to get the car back. BMW financial services does not allow it explicitly

Sent from my SAMSUNG-SM-N900A using BimmerApp mobile app

 

[Orient330iNYC]

why this is a very bad idea:
1) you are financially responsible for the lease. if the new driver of the car takes off, trashes it, etc, you will be 100% responsible to bmwfs.

2) the insurance will be under your name, and anything that may happen will go against your policy. your insurance company can refuse to cover any loss if they find out you were subleasing your car. you can end up 100% personally liable for any incidents, not just for your car but for any other damages.

3) since the car will remain registered to you, any parking tickets, etc, will be on you.

basically, just do a full and complete transfer. you will be legally and financially off the hook.

 

[rsingh111]

Btw if your lease is with BMW they extremely painless of doing a transfer usually 7-10 days

Sent from my SAMSUNG-SM-N900A using BimmerApp mobile app

 

[Missfitness226]

Hey, thanks for the info. Just having a real hard time getting someone to take mine over as I've learned it's def not the best deal. 633.79/mo for a 2013 328i xdrive luxury. It's absolutely loaded, but still not something I'm finding much true interest in.
I did have someone contact me about that lease assumption/transfer with my name remaining on it for a short time, but with further investigation I found wayyy too much dirt on it and definitely ruled that out easily! GLAD to have waited that out! Makes me want to puke thinking about what might have happened.

 

[Orient330iNYC]

yes, that is very high for a 328xi lease.
if you are willing to put down an incentive equivalent to 100-125 per month, you might be more interest, but thats going to cost you about 2-3k depending on how much more time is left on the lease.

 

[tturedraider]

yes, that is very high for a 328xi lease.
if you are willing to put down an incentive equivalent to 100-125 per month, you might be more interest, but thats going to cost you about 2-3k depending on how much more time is left on the lease.

+1 - this is probably the only way you will be able to find a taker.

 

[Missfitness226]

when you do that do you offer the money up front or just month to month? I'll take any advice possible! =)

 

[rsingh111]

I have done multiple transfers both buying and selling.... I what whatever the incentive is.. Send it to bmwfs. When the lease is turned over the credit will be on the account... If it falls through for any reason it is still a cred on your account so you won't lose any money.. They won't send the money back but you won't have any payments for a while
Pm me and I can give you the details... Bmwfs has been fabulous. I have a total of 6 transfers

Sent from my SAMSUNG-SM-N900A using BimmerApp mobile app

 

[tturedraider]

when you do that do you offer the money up front or just month to month? I'll take any advice possible! =)

As a lump sum upon the lease assumption, e.g. you want to offer $100 reduction on the monthly payment and there are 20 months left on the lease equals a $2,000 cash payment.

 

[quackbury]

Even that may not be enough. Remember the person assuming your car is responsible for (a.) the $500 transfer fee; (b.) the $350 disposition fee; (c.) any missed maintenance, (d.) excess mile charges, and (e.) wear and tear INCLUDING TIRES. With a set of RFT's costing $1,500 to $2,000 and most advertised lease assumptions having 20,000 to 30,000 miles, it's a pretty safe bet that the person assuming your lease is going to pay for replacing the tires. If you have a killer lease deal - ED, MSD's, trunk money, subvented MF, etc. - that may be enough of an attraction. But if you did a terrible job negotiating your lease (like the OP) you will pay dearly to get someone to take it off your hands.

 

[Missfitness226]

Honestly, if that's what it takes to get rid of it, I will figure out a way. I'm cosigned on my husband's car and basically all the debt is in my name... but He's self employed so they can't count his income for another year for our mortgage so our debt/income ratio is horrendous! I just really need the car to go! Hind site is 20/20 LOL