"Ross Garrett" > wrote in message
...
>
> "Somebody" > wrote in message
> ...
> >
> > "driz" > wrote in message
> > oups.com...
> >> Hi,
> >> If any of you have experience doing lease transfers can you share it
> >> with me please? I have a 11 month old 325i, leased from BMW financial
> >> services. I've got 2 yrs and 32K miles left. But there are some changes
> >> in my lifestyle that require me to end the lease.
> >>
> >> I checked the websites www.leasetrader.com and www.swapalease.com . Has
> >> anyone done any business with them and can share your experiences?
> >>
> >> Also, i hear (from an old 1999 posting) that according to the BMW
> >> financial's terms, the original lessee is responsible for any payment
> >> and damages to the car even after the lease transfer. Is this really
> >> true?
> >>
> >> thank you.
> >> -Driz
> >
> > My lease trasnfer experience is GM but same rules should apply. Get the
> > buyout price for your lease. Advertise the car privately. If you can
get
> > more than the buyout price for it, the dealer sells it to your party at
> > the
> > price you negotiated and cuts you a cheque for the difference. If you
get
> > less, you must top it up to the difference to complete the sale. Title
> > passes from the dealer (finance company) that holds it, to the new
buyer.
> > It's never in your name.
>
>
> That's not a lease transfer though. That is a sale that pays off the
lease.
> I think this man is wanting to transfer the lease for the remainder of
> payments and miles agreed upon in the original lease.
>
> To the OP, yes....if an actual lease transfer takes place BMWFS does hold
> you responsible for the damage and payment responsibilities. All car
makers
> *offer* the same terms. Bottom line, these are very much like the old
> non-qualifying assumable FHA/VA mortgage used to be. You hold legacy
> exposure unless you pay off the original lease.
>
> I don't know what your situation is, but you might want to consider the
> buyout Russ is talking about. There are times when the lease exposure can
be
> covered by a private party purchase. I just depends on the values the car
> you have is carrying in your community.

Right -- buyout seems a much better option. The creditworthiness of
somebody that can only handle a transferred lease rather than the debt of
the whole residual should be carefully considered.

-Russ.