Has anyone transferred their lease with PFS before? From what I understand the original lessee is still responsible to keep the account in good standing as well as any wear and tear costs upon returning the car. How did you handle this? Did you go through a third party company that covers your *** if the new Lessee screws up? Did you make the new lessee sign any legal documents holding them liable for any missed payments and or damages?

This seems pretty risky to me.

 

You know what "they" say happens when you "assume"! They were not wrong. You never want an "assumption". You want a NOVATION. That let's you out and the other party in. Otherwise, you are always on the hook. Happens in real estate and other loans also.


Assumptions are the worst. You give over control to someone else and if they are insolvent, and trash the car, or sell it an pocket and spend the cash, and you have assets, why will Porsche waste time trying to deal with them - just knock on your door and make getting the money from the other guy your problem!


And you will never get a novation - why have only one guy on the hook when you can have two? What is in it for them?

 

I understand it’s crazy but it’s the only option other than to sell the car if someone wanted to get out of a lease. I did a "lease assumption" (BMWs term not mine) with my last BMW which completely transferred the liability to the new lessee. So some companies will do a full transfer. What is in it for them? I guess it’s more appealing as you generally have a way out if you wanted to get rid of the car. Also it can’t hurt them since they check the credit of the new lessee and make them go through the credit approval process as if they were to buy a new car.

I am basically looking to see if anyone has done this and what thier experience was.

 

I am shocked that BMW would do that. I would love to see the papers. I can't imagine what would induce them to let you out - especially if you were not buying another more expensive model from the same brand. You are already ahead of the game if you got out once.


I wish I could be more helpful on the process. I will be as interested as you to hear from others that have been able to accomplish this.

 

Do a search and you will find a ton of posts for BMW "lease assumptions" on this forum and other boards. BMW is well known for this.

Example
http://www.bimmerfest.com/forums/sho...d.php?t=701434

See also swap a lease site http://www.swapalease.com/help/lease...spx?leaseco=55

BMW's are the most popular for lease transfers since they remove all liability from the original lessee and their process is easy and very fast. I have heard of people who have completed the process within 3-4 business days with sending the paperwork overnight via fedex.

Thanks for your help

 

BMW, Mercedes and a few other companies allow for full assumptions - they basically write a new lease to the new owner, etc.

Porsche does not. I would not recommend a PFS lease transfer as they have the potential to get really ugly - the only way to get a 3rd party involved is to get a 3rd party leasing company to buy out the lease and release it to someone else, something that wouldn't make any sense from a payment perspective.

 

I've attached some sample docs for everyone's review.

For BMW, it's a fairly streamlined process.

 

I was able to transfer a Lincoln (Ford lease) completely without any recourse to me a few years ago. Wasn't buying a new Ford product either but rather a Chrysler 300 SRT8. Buyer's credit had to stand up though.