I have an 06 G35 coupe leased for 39 months. Im 13 months in and would like to get rid of it. From what i understand if you transfer the lease to another lessee, your are still responsible. What exactly does this mean? If the guy were to stop paying, stop insuring it, get into an accident, etc..would I be liable?

 

Yep! He is basically using your credit if he wants the car that bad tell him to get his own financing. Terminating the lease will cost around 5k depending on who the lender is. Why don't you ask your leasing company and get a straight answer from them. They will tell you exactly what you want to know.

 

Please post back and let us know how this works out for you. I've seen some really wild claims about how easy and cheap it is to break a lease and I'd love to have something posted here that reflects the reality.

For you, I hope I'm wrong and it is easy and cheap.

 

Ending a lease early you will take a hit.

Be it financial - if you want to take another car the leasing company will hit you with a lot of $$$

Be it emotinal - by choosing to give it to someone on leasetrader, someone you dont know at all... as you will be liable... it will keep playing on your mind!

so either way ending a lease early is taking a hit of some sort.

you have three options:
1. Pass on the lease to someone you know... so that way you are a little bit assured (less stressed) that if something does go wrong you are somewhat safe.

2. Ride the lease term a little more, maybe a year or so more.... around the 25th to 30th month mark... go to the dealer and ask to get into a new lease... see what he can do.... you might have to take a hit but it wont be as bad as it is now.

3. What is your payoff amount? - list that price or something close to it and sell the vehicle on autotrader ... that way you get out of the lease and end up paying only a little out of pocket for early termination

in any scenario you need specifics to work with ... and therefore get all the numbers from the lessor ... so you know which option can work well for you.

 

I agree with Grok42 - if you have stellar luck... you might be lucky to get off easy... but highly unlikey.... you never know weirder things have happened!

 

I havn't nailed down all the details quite yet, but I did receive the termination fee from IFS: $2600. Not as bad as I thought, but i'd rather not eat that if possible. I will keep you guys updated.

Byt the way anyone interested in assuming the lease:

06' DG Coupe
6-speed manual
19" rims, 6 disc in-dash CD, Sirius equipped
20k miles
$460 monthly payments

 

$2600 isnt a bad hit... seems pretty low... I would have expected it to be much more...
if you dont want to take a hit of that much .... then you can give an incentive to someone taking over the lease... e.g. if you have 13 months left and a $460 payment (which i think is a good monthly payment)... you can offer one payment off ... or however you want to work it.

 

Remember if you put any money down and you still have a substantial amount of lease payments left then you are giving someone else your down payment if you sell the lease. Think about it! You paid upfront so that your payment is less throughout the lease. However, you didn’t make all of the payments so you actually pre-paid someone else’s lease. Not a good idea for you but a great deal for someone else.

By the way I pay $460 a month on my 05 and I didn’t put any money at all down on it. I think I got a pretty good deal. If only I could get out of my lease to get a new 07.

 

I was just making a suggestion as an added advantage for someone to take over release... I agree with you in the regard that starting of a new lease you should never put anything down ... I am paying $457/month on my 2005 G35 coupe... and that amount includes the taxes .... i only put dealer fees upfront....

 

You do realize you are driving a brand new car by putting down lease initial payment, whereas, some one drives your used car.