|
|
#1
12-14-2006, 10:21 AM
|
|||
|
|||
Assume an existing lease?
I drive between 20,000 and 25,000 miles per year and am considering assuming an exiting lease on a car. One car I am considering is a 2004 Audi A6 4.2 Quattro. The net monthly cost (the current leasee is offering $4,500 cash to assume the lease) of the 14 remaining months is $550. The miles remaining on the lease are 45,000 and the price to purchase at the end of the lease is $23,000. Seems to me to be a no brainer.
My questions are: 1) How do you analyze an assumption of an existing lease? 2) Pros and cons of lease assumption. 
|
|
#2
12-14-2006, 07:46 PM
|
|||
|
|||
|
Re: Assume an existing lease?
1)how much you have to pay X # of paymets - cash back = your cost.
Is there any damage to the car? Is there really 45k miles left on the lease? (doubtfull) Is the lease going to be transfered to your name? (If no, there are no drawbacks as you are not liable for the car) 2)most of the time its stupid because the cars are usually close to the miles, or you could just go lease the same thing new for the same price. Getting the lease in your name and old owners name off is usually very difficult, especially with marginal credit. If your #'s are right your paying ~$230/mo for 14mos, and you have more than enough miles. Seems like a good deal, but I would be very wary of lease transfers. How is is going to be transfered? You can't just call up the lease company and say take X off and put me on. It doesn't work like that. And why in gods name if he is way under the miles is he transfering the lease and giving you money back? Something doesnt sound right.
|
|
#3
12-15-2006, 08:55 AM
|
|||
|
|||
|
Re: Assume an existing lease?
The leasee is a corporation that leased the vehicle for an employee who no longer is at the company. The company has been sitting on the car and just paying the lease with no idea of what to do. In my experience most companies are not to smart when it comes to these things. The low miles are due to the company being located in a large city and the executive spent most of his time out of town. They got the lease on the car as part of a hiring package but then canned the guy.
|
 |
|
|
Linear Mode
