lease take over companies?
 

I have been trying to get rid of my 745li....since it's leased it poses a more difficult issue. I got a call from a company that finds someone to take over the lease and gurantees the lease payments although the lease stays in your name but the new buyer has his own insurance..I have seen companies advertised in the dupont registry..they all say they are fully on the hook


anyone have any experience with this?

Re: lease take over companies?
 

My concern with the scenario you just described....... what if the person leasing the car from you totals it after drinking, no insurance due to the DWI, now who is on the hook for the payments ?

Re: lease take over companies?
 

I would want out entirely. As long as your name is on something , someone is liable to come back to you if all else fails:(

Re: lease take over companies?
 

Post a pic of the car..... I would think it would be better to let a friend or somebody you know take over the payments then some company. You could take enough in a security deposit to cover 3 payments and make sure that the insurance company names you as loss payee....

Re: lease take over companies?
 

Bad Move

Re: lease take over companies?
 

When I investigated http://www.swapalease.com/ some time ago, I was told that BMW's Finance Company allows the original Lessor's name to be REMOVED from the agreement of the new Lessor.

Re: lease take over companies?
 

Buy it out, sell it and eat the difference. Otherwise you need to find a way to get your name completely off the lease.
Don't turn it in and let them sell it at auction, otherwise you'll be eating a lot more.

Re: lease take over companies?
 

What he said ^

Re: lease take over companies?
 

Slingshot:

If the original leasing will allow a full assignment of the lease which means you will be fully "released in entirety with no recourse" than you can do this.

But the leasing company will not often do this, because the credit risk of the new lessor is usually lower than yours.

Wannabe

Re: lease take over companies?
 

I looked at allowing one of the companies in the Dupont registry take over my lease. It is an attractive scenario, they profess to maintain a few hundred thousand in escrow accounts to cover the situation you describe. Their documents cover the corner cases such as unisured motorists, DWI's, etc...

I finally decided that I was uncomfortable with the scenario because it would not take that long for the guaranteeing company to eat up all their escrow accounts in the event of multiple simultaneous defaults. In that case, despite their guarantees, I would probably have to go and repossess my Porsche in the event of default. It appeared to me to be a $30K risk. More than I was willing to put up with.

However, on the other side of the transaction, I could pick up a new lease every few years and it doesn't show up on my credit report because the lease is in someone else's name.

Tom