Lease takeovers
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From: Mandeville, LA
Lease takeovers
I see this often on this website, where someone is in a lease and asks someone else to take over payments. How does this work and would this apply to all vehicles?
TIA
Weaver
TIA
Weaver
The way it worked for me:
I took over a lease of a that G was leased through IFS. I had to be approved for credit just as if I was the original lessee. Once approved through IFS to take over the lease, ownership was transferred and I was now listed on the lease as the lessee. I am now financially responsible for the contract under the original terms (mileage, damages, etc.), but the original lessee is also listed as a cosigner and would be responsible if I defaulted. It was an acceptable risk for him because it was for a very short term (5 or 6 months or so) At completion of the lease I could have turned the car in and terminated it or I had the option to purchase for the predetermined residual value. At this point original lessee is off the hook and out of the picture. Since the first lessee had made a down payment and paid a lot of the depreciation, I also had the option to sell the car for a profit if could and pay off the residual value to IFS and pocket the difference. I chose to keep the car (my original intent) and refinance the residual value as a purchase. I chose to use m own financing source rather than IFS because of a better interest rate. I chose a shorter term to get a better rate and pay it off sooner even though it made the purchase payment higher than the lease payment had been.
Hope that helps.
I took over a lease of a that G was leased through IFS. I had to be approved for credit just as if I was the original lessee. Once approved through IFS to take over the lease, ownership was transferred and I was now listed on the lease as the lessee. I am now financially responsible for the contract under the original terms (mileage, damages, etc.), but the original lessee is also listed as a cosigner and would be responsible if I defaulted. It was an acceptable risk for him because it was for a very short term (5 or 6 months or so) At completion of the lease I could have turned the car in and terminated it or I had the option to purchase for the predetermined residual value. At this point original lessee is off the hook and out of the picture. Since the first lessee had made a down payment and paid a lot of the depreciation, I also had the option to sell the car for a profit if could and pay off the residual value to IFS and pocket the difference. I chose to keep the car (my original intent) and refinance the residual value as a purchase. I chose to use m own financing source rather than IFS because of a better interest rate. I chose a shorter term to get a better rate and pay it off sooner even though it made the purchase payment higher than the lease payment had been.
Hope that helps.
Thread Starter
Registered User
iTrader: (4)
Joined: Jul 2005
Posts: 390
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From: Mandeville, LA
The way it worked for me:
I took over a lease of a that G was leased through IFS. I had to be approved for credit just as if I was the original lessee. Once approved through IFS to take over the lease, ownership was transferred and I was now listed on the lease as the lessee. I am now financially responsible for the contract under the original terms (mileage, damages, etc.), but the original lessee is also listed as a cosigner and would be responsible if I defaulted. It was an acceptable risk for him because it was for a very short term (5 or 6 months or so) At completion of the lease I could have turned the car in and terminated it or I had the option to purchase for the predetermined residual value. At this point original lessee is off the hook and out of the picture. Since the first lessee had made a down payment and paid a lot of the depreciation, I also had the option to sell the car for a profit if could and pay off the residual value to IFS and pocket the difference. I chose to keep the car (my original intent) and refinance the residual value as a purchase. I chose to use m own financing source rather than IFS because of a better interest rate. I chose a shorter term to get a better rate and pay it off sooner even though it made the purchase payment higher than the lease payment had been.
Hope that helps.
I took over a lease of a that G was leased through IFS. I had to be approved for credit just as if I was the original lessee. Once approved through IFS to take over the lease, ownership was transferred and I was now listed on the lease as the lessee. I am now financially responsible for the contract under the original terms (mileage, damages, etc.), but the original lessee is also listed as a cosigner and would be responsible if I defaulted. It was an acceptable risk for him because it was for a very short term (5 or 6 months or so) At completion of the lease I could have turned the car in and terminated it or I had the option to purchase for the predetermined residual value. At this point original lessee is off the hook and out of the picture. Since the first lessee had made a down payment and paid a lot of the depreciation, I also had the option to sell the car for a profit if could and pay off the residual value to IFS and pocket the difference. I chose to keep the car (my original intent) and refinance the residual value as a purchase. I chose to use m own financing source rather than IFS because of a better interest rate. I chose a shorter term to get a better rate and pay it off sooner even though it made the purchase payment higher than the lease payment had been.
Hope that helps.
Thanks. I got your text yesterday. Wanted to see if anyone else had something else to offer. Appreciate the info though.
Weaver
A quarter past stripped
Joined: Nov 2013
Posts: 1,695
Likes: 375
From: Pembroke Pines, Florida
The way it worked for me:
I took over a lease of a that G was leased through IFS. I had to be approved for credit just as if I was the original lessee. Once approved through IFS to take over the lease, ownership was transferred and I was now listed on the lease as the lessee. I am now financially responsible for the contract under the original terms (mileage, damages, etc.), but the original lessee is also listed as a cosigner and would be responsible if I defaulted. It was an acceptable risk for him because it was for a very short term (5 or 6 months or so) At completion of the lease I could have turned the car in and terminated it or I had the option to purchase for the predetermined residual value. At this point original lessee is off the hook and out of the picture. Since the first lessee had made a down payment and paid a lot of the depreciation, I also had the option to sell the car for a profit if could and pay off the residual value to IFS and pocket the difference. I chose to keep the car (my original intent) and refinance the residual value as a purchase. I chose to use m own financing source rather than IFS because of a better interest rate. I chose a shorter term to get a better rate and pay it off sooner even though it made the purchase payment higher than the lease payment had been.
Hope that helps.
I took over a lease of a that G was leased through IFS. I had to be approved for credit just as if I was the original lessee. Once approved through IFS to take over the lease, ownership was transferred and I was now listed on the lease as the lessee. I am now financially responsible for the contract under the original terms (mileage, damages, etc.), but the original lessee is also listed as a cosigner and would be responsible if I defaulted. It was an acceptable risk for him because it was for a very short term (5 or 6 months or so) At completion of the lease I could have turned the car in and terminated it or I had the option to purchase for the predetermined residual value. At this point original lessee is off the hook and out of the picture. Since the first lessee had made a down payment and paid a lot of the depreciation, I also had the option to sell the car for a profit if could and pay off the residual value to IFS and pocket the difference. I chose to keep the car (my original intent) and refinance the residual value as a purchase. I chose to use m own financing source rather than IFS because of a better interest rate. I chose a shorter term to get a better rate and pay it off sooner even though it made the purchase payment higher than the lease payment had been.
Hope that helps.
It's excellent for that if you are fortunate enough to find one you really want to try out with only a short time left on the term. Make sure that the car is in great shape because you'll be responsible for it at lease termination.
A quarter past stripped
Joined: Nov 2013
Posts: 1,695
Likes: 375
From: Pembroke Pines, Florida
I will keep this in mind when it's time to start searching for the next vehicle. (few years) Again, thanks for the great tip, I wouldn't have thought of this.
Registered User
Joined: Apr 2014
Posts: 4
Likes: 1
and for you all G dudes this is how it works... (as how I did it)
I.F.S. (Infiniti Financial Service) 1-800-778-4211
Press Option #1, Enter your Acct #. Then press 0 twice to be connected to a rep.
They can fax or mail a credit application to you.
The fee is $250 plus state tax. (@ 8.125%) $270.31 (for me in NY)
The processing fee of $270.31 is nonrefundable.
Even if new leasee’s credit is unapproved.
Send a Cashier’s Check / Money Order or Bank Check for full amount $xxx.xx (what ever tax rate yours is) to the instructions on the credit app.
All documentation will have to be mailed because they require actual signatures and no copies.
I.F.S. requires a minimum of 6 payments left on lease. You cannot transfer your lease with less.
It’s safe to have 7-8 months left as a buffer to begin the transfer process.
Once the new leasee is approved the process moves forward. You can call IFS to check the status of transfer. DO NOT TRANSFER OWNERSHIP until it is stated that the NEW leasee is the owner. - ALSO REMEMBER to remover your registration sticker from the window. SAFETY CHECK ---> (that will cause a **** load of problems. Also never have plates on a car with no insurance.) Now back to the good stuff.
It takes 4-6 weeks for the ownership of the lease to be transferred.
Note that the original leasee (YOU) are a cosigner and are still on the hook if the new leasee defaults or turns the vehicles in with damage and refuses to pay for it. Now their credit would take a nice shot but the point is you’d have to pay for it or your credit will take a bath if you declined. Make sure you know who the other person is. Don’t just transfer to anyone. You want their complete contact info, house address and fist born, well maybe not that. Now most likely if the new leasee's credit is great and they didn't vote for Obama and you can move forward.. lol that was a joke so relax Obama fanboys. - That's about it. Enjoy your early exit and buy an M235i awd and the rest is paddle shifting joy. - Cheers! (damn I miss my sexy G37) was a great cruise.
I.F.S. (Infiniti Financial Service) 1-800-778-4211
Press Option #1, Enter your Acct #. Then press 0 twice to be connected to a rep.
They can fax or mail a credit application to you.
The fee is $250 plus state tax. (@ 8.125%) $270.31 (for me in NY)
The processing fee of $270.31 is nonrefundable.
Even if new leasee’s credit is unapproved.
Send a Cashier’s Check / Money Order or Bank Check for full amount $xxx.xx (what ever tax rate yours is) to the instructions on the credit app.
All documentation will have to be mailed because they require actual signatures and no copies.
I.F.S. requires a minimum of 6 payments left on lease. You cannot transfer your lease with less.
It’s safe to have 7-8 months left as a buffer to begin the transfer process.
Once the new leasee is approved the process moves forward. You can call IFS to check the status of transfer. DO NOT TRANSFER OWNERSHIP until it is stated that the NEW leasee is the owner. - ALSO REMEMBER to remover your registration sticker from the window. SAFETY CHECK ---> (that will cause a **** load of problems. Also never have plates on a car with no insurance.) Now back to the good stuff.
It takes 4-6 weeks for the ownership of the lease to be transferred.
Note that the original leasee (YOU) are a cosigner and are still on the hook if the new leasee defaults or turns the vehicles in with damage and refuses to pay for it. Now their credit would take a nice shot but the point is you’d have to pay for it or your credit will take a bath if you declined. Make sure you know who the other person is. Don’t just transfer to anyone. You want their complete contact info, house address and fist born, well maybe not that. Now most likely if the new leasee's credit is great and they didn't vote for Obama and you can move forward.. lol that was a joke so relax Obama fanboys. - That's about it. Enjoy your early exit and buy an M235i awd and the rest is paddle shifting joy. - Cheers! (damn I miss my sexy G37) was a great cruise.
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