Anyone ever participated in this? Either buying or sellin the lease? hows it done?

 

At the end of a lease you whats called a residue (I think thats what they call it) anyways, the residue is the agreed/guarranteed value at the end of the lease for the vehicle. At the end of the if you want you pay off the balance and the vehicle is yours, or if you trade it in thats the value you need to get out of a vehicle so that your not upside down (owe more then what its worth) in the vehicle. Too buy out of a lease also can mean you pay whatever the balance of the lease agreement is and turn the vehicle back in early and walk away. I hope this helps.

 

well, hum. I was aware of all that thanks though. Friend of mine lost his job and cant afford his truck and is researching the selling of the lease to another customer type thing. Just wondering if anyone knew anything about that. Can you sell a truck for the rest of the lease and the end of lease buy out and not be in trouble credit wise?

 

i was just on a website which did this yesterday, i dont know what it was, but if you punch it in google i am sure you can find something

 

You can sell it and get out of the lease. But, leases usually have a high negative equity and you will need to pay the remainder off as well. Another thing is you can transfer the lease as long as the owner (whoever leased the vehicle) determines that the new leasee is credit worthy. In general, leases are a pain to terminate early unless you have a car that is in demand and holds its value well. Good luck.

 

I tried that a few years back but was told that in the end I would still be responsible for paying the lease off if the other person defaulted. I would NEVER even consider almost thinking about getting another lease!!!!!!!

 

what makes leases so bad?

 

Nothing if you intend to lease. But a lot of people lease because the payment is lower as a result of the residual.

Leasing is a lousy way to "buy" a vehicle.

Some people who lease for all the right reasons get in trouble with mileage restrictions.

 

Nevada is correct.........

 

Ended up doing a lease on a 96 gasser once. Found milage limits pretty much forced me to buy it out as the penalty at the end was going to kill me. Got a new loan from the bank and bought it out. In the end, I guess I paid about twice what the truck was worth. No matter, I will NEVER lease again.

May work for some, but, I'm on the road too much and would rather keep the $$ in my pocket.

Ed

Edit; Nevada was correct above in relation to what I was told by the lease company.

 

Leasing is for suckers. Its a way for the dealers to tie you up as a customer. NEVER lease.

 

these sound like the problems he was having. I feel pretty sorry for him.

 

leasing is good for some and not others, personally i cant stand them and for the average comsumer who doesnt know, they are rip offs. they are very good for the business owner however, allowing them a 100% write off. U can get what is often called a trac lease with a 1.00 buy out. Its a lease with high payments and a 1.00 residual.