Not sure about your jurisdiction but here (BC) if the driver of the car had a serious accident and crashed the car and was found to have been drinking there probably would be no insurance coverage whatsoever and the registered owner would be on the hook for all damages including physical to driver and anyone else injured and of course for fixing the car itself. Risk could be in the millions if someone killed or seriously hurt and you'd have to pay personally. I wanted to do exactly that on a car and my lawyer and insurance agent both said it was not worth the risk.


If their credit is poor and leasing company won't take/accept changing the lessee and taking you completely off the hook it's not safe.

 

I agree with Snowczar, bad idea.

 

One word: crazy!

Why on earth would you want to sublet a car to a stranger??? As another poster has stated, if the person is unable to lease directly with Porsche finance or other reputable finance company due to poor credit why would you feel that you should take the risk a finance company won't? Also, I can't imagine that your primary finance company would ever allow you to sublet when they are the primary paper holder? On a depreciating asset? Again, all I can say is that is a CRAZY and very bad idea.

 

+1. Agree strongly w/ all of the above.

 

^ thanks everyone, idea scrapped!

 

sounds fishy to me, too many things to go wrong...she doesn't live in Nigeria does she?

 

Updating thread as I've learned more and have some more questions:


1. Porsche dealer said I cannot take the car at the residual price since it's a contract with the original lessee. The original lessee can buy it (and pay taxes) and sell to me (and pay taxes again), which wouldn't make sense since that's the law in WA state, and I'd be out 19 grand @ 10%.


2. Another dealer friend of my who works at Audi said that the only thing PFS is contractually obligated to do is sell the car to the lessee for the residual. They don't have to honor the price for anyone else, including a dealer.


3. That other dealer friend suggested I try and take over the lease so I have a right to the residual, but don't think I can take the lease over in the last 5 weeks of a lease. Can anyone confirm if this is possible?


So net-net, unless I can take over the lease, I might be out of luck.


Kevin

 

I bought an Infinity from a third party 1 week before the lease ended.

Go to the dealer with the owner of the car. The owner will exercise the buyout option for the residual plus balance of the lease payment. New owner writes the check to the finance company. Dealer issues title in the name of the new owner and taxes are only paid once. You CAN avoid being double-taxed provided the buy/sell transaction takes place within a 10 day window (here in California). I paid sales tax on the transaction, transfer fee of around $300 to the dealer, and registration fee to the DMV. You CAN buy the car off lease from a third party, but it requires some due diligence and cooperation of buyer, seller, and dealer to handle paperwork.

 

All this is accurate....the original owner is the only party dealing with Porsche finance, but if the owner exercises the buyout option, Porsche finance doesn't care who's name is on the check, and the original owner can dictate in what name vehicle should be titled once the owner of record changes from "Porsche finance" to the "original owner" or "new owner". As I said below, I went to the dealership with the original owner, we all sat down at a table and sorted through the paperwork, checks were written, DMV paperwork completed....and after a couple hours, I drove home with a 3 year old coming off leave with 5,500 miles on it which I purchased for the residual value stipulated on the lease. I did have to call several dealers to find one that would facilitate the paperwork for a "reasonable" fee. Some wanted to charge $700 to $1,000 to shuffle paperwork which I felt was nutty.

 

another reason to pay CA$H.....if u don't have cash then settle for something a little more affordable..

 

Called PFS and they said it's not possible to transfer a lease only add a name to it or have a dealer buyout the car and re-lease it. That's ridiculous!

 

Porsche finance can decide if they want to allow a lease transfer, but we're not talking about a lease transfer, we're talking about a lease buyout prior to the end of the lease term.

 

I'm talking about a lease transfer, which is what I want to do. A simple transaction with other cars

 

Talked to a few dealers. Looks like jumpshowhigh is right, it's dealer dependent. One of the local dealers is willing to broker the deal for a fee. Don't have specifics yet, but will get them and share. Even if it's a 1k fee, still a good deal if i'm still 8-9k under market. We'll see.

 

Lease transfer may very well be a different animal. My understanding was as long as you qualify for the lease, and your willing to pay the fee imposed by the leasing company to transfer the lease, then it works for everybody. I would guess that with 2 months left on a lease contract, not worth the hassle for Porsche finance to deal with it.