dr zoom

We are looking to take over a corvette lease. Any Ideas?

duckvett

If you are looking for advise, we need a LOT more info. Year, monthly payments, balance of lease?

Scott2.0

Why do you want to take over someone else's lease instead of leasing/buying your own?

choprfgr

Run the numbers before you jump

Rky Mtn C6

No such animal. The lease will be in your name under new terms. Best thing would be to lease a new one on your own. Beware because leasing can be more expensive than buying, especially if you intend to drive it.

Top_Fuel

Try here...

http://www.swapalease.com/

WHealy

Yes, and leasetrader.com.

swapalease also has a service that will allow the seller to remove their liability from the lease if the leasing agent doesn't not allow the original owner from removing themselves from the lease. The site has a list of major leasing companies and how this part of the transfer works. I believe some companies do not even allow transfers, while most do it for a minimal fee.

As to why someone would want to do this it's typically about down payment. If the current owner put down a large amount of cash, the lease payment will be lower than if you were to initiate one yourself. But you have to weigh that against the miles already on the car and what's remaining in the lease. Not to mention the residual value. Typically the owner will try and recoup their down payment by making you pay one to them. This is of course negotiable.

Good luck. I was on the selling end of one of these on a VW Phaeton back in 05. Worked like a charm. never had any issues with it.

doc_cj

For what it's worth, I've done this 3 times. First time I took over a friends lease on what was pretty much a new truck. He took really good care of the truck, then in '07 his reserve unit was activated and sent to a hotspot. So I took the truck, made payments, and drove like it was my lease. When lease ended, he was still overseas, so all I had to do was turn it into dealer for him, if there were any other $ involved I didn't know, and he took care of it.

The 2nd time I was on a long term assignment for work in a city 2200 miles from home. I used one of the companies online to find a 'vette, and I finished out the lease instead of renting a car. The company gave me a daily stipend for transportation and they didn't car if I rented or took the bus, so long as I had a receipt. I stayed in Atlanta for 18 months, finished out a 16 month lease at $683/month and then rented a mid-size for the remainder.

I'm now retiring next month 4(early) and I'll look into one of these again for a variety of cars. In fact, we sold my wife's car she's owned for 11 years and may finish out a lease on a smart car (for lots of fun for her, I hope) with 10 months left and payments of $ 163/month + insurance. That way she can evaluate the ugly little car before we decide what to do long term.

As for me, I can't afford a new C7 on a long term purchase, so I'll wait to see when one comes up on a lease take-over, and get a C7 for somewhere between 6 and 18 months. Then I might try another car, like a Porsche 911, which I've never owned. At least the first bit of my retirement will be spent driving some cars I couldn't normally commit that kind of payment to for 84+ months on a loan, or 39+ on a lease. Hopefully it goes well, and in y years I can maybe drive 7 or 8 different cars/trucks.

dvilin

As mentioned need more details from you to provide a reasonable response.
A lease obviously allows you in most cases to drive a car you normally can not afford, or do not have or wish to spend a lot of money upfront on.
In theory you are paying for the depreciation during the length of the lease.

Landru

Your strategy sounds good to me.
However with leasing yearly mileage is everything so if say ~12K p/yr were within your needs, go for it. Lease mileage penalties can add up fast, though.

Hey BIG congrats on the impending retirement! You made it.