Is there general interest in lease assumptions?

craigdoc · 11-28-2010, 11:57 AM

I have an i135 convertible which I love with a passion but as a second car it is a luxury that I cannot afford. I have 15 months left on a lease. The terms are 3 years /30K miles and I have used approx 13800 miles only and so that would allow a new lessee approx 1100 miles a month. The car is fully loaded and in pristine condition and my payments are $600/month.

I have been doing some reading and found that leasetrader.com is a very legitimate way to get someone to assume a lease and that BMW is not restrictive of this option. Does anyone have any idea as to how much interest there would be and how complicated of a process it is. Lease trader makes it sound very easy?

Thanks

Craig

jpd · 11-28-2010, 01:40 PM

What happens if the new lessee exceeds mile allowance or returns it in less than perfect condition? Are you on the hook? I would consult an attorney with knowledge of the BMW contract. Remember that BMW financial wrote the contract.

craigdoc · 11-28-2010, 03:35 PM

According to leasetrader.com (and BMW - this is apparently done fairly frequently) the new lessee is responsible for any wear and tear/extra miles and since the car is pristine any wear and tear would truly be his/her doing and not mine on the other hand if they use all the extra miles that I havent and hand the car back in a good state they have done very well on the deal.
Craig

Brandon26pdx · 11-28-2010, 08:59 PM

A buddy of mine assumed a lease on a G37S that only had maybe 18 months left on it about year ago. IMO, it can be a pretty good deal as long as the car isn't trashed and has plenty of miles left. The person that assumes can get a decent car for a short period of time at a low payment if they find a good deal.

jpd · 11-28-2010, 09:17 PM

Lease Trader may be correct, but contact BMW financial at least. If still in doubt, contact an attorney, for final clarification. You don't want a nasty shock in 15 months. You can't be too careful.

AW128i · 11-29-2010, 07:51 AM

Having previously worked for a captive automotive finance company, I can tell you that not all automotive leasing companies will allow a lease transfer like what is promoted through leasetrader.com. I know that the company I worked for did not. So, if a customer wanted something like this to happen, we would only allow an additional party to be added to the original lease. That allowed the new lessee to register and insure the vehicle, but it did not relieve the original lessee from their obligations. Meaning, if the new lessee didn't pay or uphold their lease-end obligations, the original lessee was on the hook. Needless to say, lease transfers weren't very popular with that company. That being said, and I'm not sure exactly how BMW FS handles it if it's allowed, but make sure that you (OP) are fully relieved from any obligations once the lease is transferred before you proceed. If not, you could be on the hook.

jpd · 11-29-2010, 01:27 PM

AW128i speaks with actual knowledge that dovetails what I know about contract law. So, when you call BMW make sure you get it in writing.

dicker · 11-29-2010, 04:51 PM

BMW will do lease assumptions, they proceed to take the lease out of your name and into the new customers, they do charge a reasonable fee for their legwork however.

Brandon26pdx · 11-29-2010, 08:17 PM

Not all mfg. sponsored financial providers allow full lease transfers, but last I checked BMWFS does, and obviously Infiniti does as a buddy of mine did it. This info is readily available online though.

AW128i · 11-30-2010, 07:56 AM

Quote:

Originally Posted by Brandon26pdx

Not all mfg. sponsored financial providers allow full lease transfers, but last I checked BMWFS does, and obviously Infiniti does as a buddy of mine did it. This info is readily available online though.

You very well may be right, that BMWFS does allow full lease transfers. In fact, I recall more than once being told by an irate customer that, "BMW allowed them to transfer their lease so why not ****??"

scott135i · 12-03-2010, 09:08 PM

I have one BMW lease xfers on multiple cars. $500 fee and full transfership to new approved owner. Original lessee has NO responsibility. New lessee is responsible for over mileage, damage, worm tires and possible disposition fee. New lessee would also get back $$ if a security deposit was put down.

If you're over on miles, BMW will waive the overage if you lease/buy a new BMW when you return the old one (I have had 4 diff dealerships do this). Also, in your online BMW financial services account, you can add miles to your lease by paying in one lump sum, or you can split the cost over the remaining monthly payments. There is an easy to use calculator built in.

PM me if you need help.

11-28-2010, 11:57 AM	#1
craigdoc Registered 0 Rep 3 Posts Drives: I135 Convertible Join Date: Nov 2010 Location: NJ iTrader: (0)	Is there general interest in lease assumptions? I have an i135 convertible which I love with a passion but as a second car it is a luxury that I cannot afford. I have 15 months left on a lease. The terms are 3 years /30K miles and I have used approx 13800 miles only and so that would allow a new lessee approx 1100 miles a month. The car is fully loaded and in pristine condition and my payments are $600/month. I have been doing some reading and found that leasetrader.com is a very legitimate way to get someone to assume a lease and that BMW is not restrictive of this option. Does anyone have any idea as to how much interest there would be and how complicated of a process it is. Lease trader makes it sound very easy? Thanks Craig
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11-28-2010, 01:40 PM	#2
jpd Lieutenant 5 Rep 572 Posts Drives: Alpine White 135 Join Date: Mar 2010 Location: USA iTrader: (0)	What happens if the new lessee exceeds mile allowance or returns it in less than perfect condition? Are you on the hook? I would consult an attorney with knowledge of the BMW contract. Remember that BMW financial wrote the contract.
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11-28-2010, 03:35 PM	#3
craigdoc Registered 0 Rep 3 Posts Drives: I135 Convertible Join Date: Nov 2010 Location: NJ iTrader: (0)	According to leasetrader.com (and BMW - this is apparently done fairly frequently) the new lessee is responsible for any wear and tear/extra miles and since the car is pristine any wear and tear would truly be his/her doing and not mine on the other hand if they use all the extra miles that I havent and hand the car back in a good state they have done very well on the deal. Craig
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11-28-2010, 08:59 PM	#4
Brandon26pdx Lieutenant Colonel 28 Rep 1,938 Posts Drives: 2011 135i Join Date: Oct 2007 Location: Portland, OR iTrader: (1)	A buddy of mine assumed a lease on a G37S that only had maybe 18 months left on it about year ago. IMO, it can be a pretty good deal as long as the car isn't trashed and has plenty of miles left. The person that assumes can get a decent car for a short period of time at a low payment if they find a good deal.
	Appreciate 0 Quote

11-28-2010, 09:17 PM	#5
jpd Lieutenant 5 Rep 572 Posts Drives: Alpine White 135 Join Date: Mar 2010 Location: USA iTrader: (0)	Lease Trader may be correct, but contact BMW financial at least. If still in doubt, contact an attorney, for final clarification. You don't want a nasty shock in 15 months. You can't be too careful.
	Appreciate 0 Quote

11-29-2010, 07:51 AM	#6
AW128i Major 44 Rep 1,003 Posts Drives: E82 N51 Join Date: Nov 2010 Location: Southeastern, PA iTrader: (1)	Having previously worked for a captive automotive finance company, I can tell you that not all automotive leasing companies will allow a lease transfer like what is promoted through leasetrader.com. I know that the company I worked for did not. So, if a customer wanted something like this to happen, we would only allow an additional party to be added to the original lease. That allowed the new lessee to register and insure the vehicle, but it did not relieve the original lessee from their obligations. Meaning, if the new lessee didn't pay or uphold their lease-end obligations, the original lessee was on the hook. Needless to say, lease transfers weren't very popular with that company. That being said, and I'm not sure exactly how BMW FS handles it if it's allowed, but make sure that you (OP) are fully relieved from any obligations once the lease is transferred before you proceed. If not, you could be on the hook.
	Appreciate 0 Quote

11-29-2010, 01:27 PM	#7
jpd Lieutenant 5 Rep 572 Posts Drives: Alpine White 135 Join Date: Mar 2010 Location: USA iTrader: (0)	AW128i speaks with actual knowledge that dovetails what I know about contract law. So, when you call BMW make sure you get it in writing.
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11-29-2010, 04:51 PM	#8
dicker Captain 69 Rep 847 Posts Drives: F80 6MT Join Date: Apr 2008 Location: SoCal iTrader: (8)	BMW will do lease assumptions, they proceed to take the lease out of your name and into the new customers, they do charge a reasonable fee for their legwork however.
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11-29-2010, 08:17 PM	#9
Brandon26pdx Lieutenant Colonel 28 Rep 1,938 Posts Drives: 2011 135i Join Date: Oct 2007 Location: Portland, OR iTrader: (1)	Not all mfg. sponsored financial providers allow full lease transfers, but last I checked BMWFS does, and obviously Infiniti does as a buddy of mine did it. This info is readily available online though.
	Appreciate 0 Quote

12-03-2010, 09:08 PM	#11
scott135i Colonel 358 Rep 2,080 Posts Drives: 2020 X5 M50i Join Date: Feb 2009 Location: NYC Metro iTrader: (12)	I have one BMW lease xfers on multiple cars. $500 fee and full transfership to new approved owner. Original lessee has NO responsibility. New lessee is responsible for over mileage, damage, worm tires and possible disposition fee. New lessee would also get back $$ if a security deposit was put down. If you're over on miles, BMW will waive the overage if you lease/buy a new BMW when you return the old one (I have had 4 diff dealerships do this). Also, in your online BMW financial services account, you can add miles to your lease by paying in one lump sum, or you can split the cost over the remaining monthly payments. There is an easy to use calculator built in. PM me if you need help.
	Appreciate 0 Quote