Lease take overs | GTAMotorcycle.com

Lease take overs

Riceburner

Riceburner

Well-known member
Who's done a lease takeover? Seems many of them are $0 down and they want you to take over their lease at the terms they had. Occasionally some will include a set of tires and maybe one lease payment. Doesn't seem worth it to take over someone else's used car when you can do your own new one for almost the same thing. Once in a while someone makes a cash incentive of more than a single lease payment or had originally put a few $ as down payment...those might be worth it a bit more. Thoughts?

What's actually involved in taking one over anyways? Go into the dealership the original lease is from and do the same paperwork, etc as a new lease? Original leaser pays the transfer fee and done?
 
Some that I saw are horrendous (i.e.. they have used up 55K out of 60K km and are only halfway through the lease). I haven't seen any where the incentive makes the transaction worthwhile, all seem like stupid people trying to find stupider people to fix their mistakes.
 
You might find the odd person that put a sizable down payment to bring the payment down and have a need to get out of the lease because they are relocating or something. If you are looking for a vehicle for a short term but, longer than renting, it might be worth it.

I don't know anyone that has actually gone through the process. They end up buying a cheap beater or purchase or lease new since the incentives are better up front from the dealer.

Once you get to the end of a lease, there are the wear items that may need replacement and depending on the term of the lease, the warranty may have expired etc.
 
The upsides are few and far between. Sometimes you can find a car you'd like and the current leaser is getting transferred or unemployed and you can have it for a yr or two and enjoy and hand it back. Sometimes the buyout at the end is stupidly cheap and you can buy it out and see some savings.
Like any other deal, do your homework, do your homework, then do your homework.
 
I did a lease takeover once.

I needed a fun car for just the summer, so the winter before, I kept an eye out for leases that ended around Sept. The things I was looking for were a high-mileage vehicle (I wasn't going to put on a lot of kms so I didn't care if there was only 10K kms left on the lease) so the owner was incented to throw in extra lease payments, as well as a damage and tire replacement insurance option from the dealer, which meant that you could return the lease with no penalties.

I had leased cars before and they always get you with the extra charges on lease return, so knowing what your total cost is upfront is important.

In this case, the car I got was much cheaper than renting a similar model for a few months.

Everything is negotiable on a lease takeover. Keep an eye out for ads that are older, the owners are more desperate to make a deal: like paying for all lease takeover fees, signing over the security deposit, throwing in extra months payments, etc.

There were a lot of bad deals out there. Look out for cars that are over the mileage limit (you pay for each km over), open-ended leases (you have no idea what you'll owe the lease company on return), ridiculously high lease payments (bad negotiation skills with the dealer), but once in a while, you'll find the true distress sale on a well-maintained vehicle.
 
I think there are certain times it works for sure...a fun car for a short term. Maybe if you have a company or family car coming your way in a few months or under a year. GREAT IDEA IMO...
 
The old axiom is to rent what depreciates and buy what appreciates. Leasing can make sense if you are under the mileage limit and you want a newer car every 3-5 years. But if you are taking care of the car and don't mind owning it for 10+ years, a 0% financing could be a better deal. My current cage is almost 15 years old. Yep, homework...
 
GreyGhost said:
Some that I saw are horrendous (i.e.. they have used up 55K out of 60K km and are only halfway through the lease). I haven't seen any where the incentive makes the transaction worthwhile, all seem like stupid people trying to find stupider people to fix their mistakes.
Click to expand...

Sounds like one my brother was offered. Extra Kms were $0.60. That's not a typo. He declined.
 
It's worth it, if you want a certain car for a shorter period of time than the dealer is willing to lease it for. As long as the math makes sense to you go for it.
 
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