First time poster, long-time lurker...

So, this post deals with the the other side of most of the transactions you guys are discussing, but I presume it belongs here.

I have a pristine Black on Black 2013 G37S 6MT w/12k and it's out of lease next Dec. I'm trying to sell it/dispose of it early and have looked at Swap-A-Lease as an option.

They indicate that any IFS-held lease is assignable, but I've no experience with this type of site or transaction.

Has anyone here dealt with this site and/or type of arrangement and can offer any experience - from either side of the table?


Thanks,

-N

 

I havent ever performed sucha transaction but I know someone personally who has. Two things.

1) The party that is assuming the lease, MUST be pre-approved by IFS.

2) The original lessee is 100% responsible if the new party defaults on the payments. You are never off the hook until the maturity date of the lease.

 

Yow. That's horrible. (#2) What if they destroy the car...?

-N

 

He is correct, I've seen this discussed here before. Unfortunately, when you signed the contract, this was all in there. Very risky. Your best bet is to wait out the lease unless you have someone you know and is very reliable/trustworthy with your credit/finances on the line.

 

Then you are responsible.

Unless its a very trusted family member, its an extremely high risk transaction.

Lease's are designed so they are virtually impossible to break.

 

I figured as much - I just assumed that since this very large website was dedicated to such transactions, they had hammered out some of these details, etc.

While these posts were going up, I was calling IFS to confirm this, and while they will facilitate adding someone else to the transaction, they never let the lessee go.

I presume I'd do better to find someone who wants to buy it and just do the in-and-out at my dealer on the new car...

Anyone want a garage-kept low-mileage 6MT sedan? It has illuminated door siiiiilllsss...

-N

 

More on this - I called Swap-A-Lease, just to see if they had anything to say about this, and the guy on the phone was very eager to diminish my concerns, stating that in 17 years of doing what they do, they have never had a lessee held responsible for someone else defaulting... in the same breath he said if the "new" lessee backs out of the deal, they let you re-list the lease again for free...

ALSO, once I told him I had registered on the site before (meaning he wouldn't get credit for the "sale" of the membership, presumably) he quickly got off the phone.

Seems shady. I had hoped for better, but I guess that just isn't the case.

-N