Hey guys - trying to work a deal with a friend who has a 991 C4S lease expiring at the end of March. Here are the options we've mapped out, but curious if anyone can comment on them:


1. Take over lease, but not sure if that's possible with only 2 months left.
2. Buy out lease, but unsure if he has to buy it out first and then sell to me. I suspect this would mean paying taxes twice in WA.
3. Wait until the end of the lease and buy out residual, but same scenario as #2.


Friend wants me to take advantage of the residual price and avoid the dealer marking up the crap out of the car. So, while I'm appreciative, not sure if it'll be possible.


Thanks in advance for any advice!

 

Good questions, I'm also wondering how much it costs to transfer a lease..

 

In California there is a 10 day grace period on transferring a purchased lease vehicle to another buyer without paying double taxes.

Can't speak to whether this is the same for WA.

 

My $0.02 on this... If this is truly a friend, and there really is only 2 payments remaining on the existing lease, just let the lease reach term, then go to the dealer with your friend and negotiate to purchase at the residual amount. If there is balking at selling the car at the agreed residual value, then have your friend buy it for you so to speak. I think the language in the lease from PFS is that the residual amount is a purchase amount at lease-end, not a wholesale price from where the dealer marks-up. In fact, until the dealer buys the car from PFS, they can't really do anything other than process the lease return. Quite simply it is NOT their car. I've had a couple of lease-ends where I've bought the car at residual and really the deal was with the finance company, NOT the dealer.

But really, with 2 months left? What's the point of transferring before lease-end? Is your friend going to default or something that he needs to get out prematurely? If so maybe just loan him the two remaining payments or something.... cheaper that way than paying fees and stuff.

I would also imagine that the residual amount and all the details would be recalculated, so you may not see the car available for the same exact residual amount as in the original lease anyways. My opinion is you are making this more complex than you really want to.....

Anyways, good luck and let us know how you make out!

 

Good advice. The dealer doesn't automatically get the car. They have the option of buying it from PFS or just passing on it and then it ends up going back to PFS to get auctioned or sold to another dealer.

I strongly assume they buy it for less than the residual from PFS should they decide to buy it for their inventory.

 

I sold a leased car to a friend (Chrysler lease) near the end and had to pay a $500 fee to the dealer to get the deal done.

 

Going through a dealer would also allow you to CPO the car for an approx. $3k fee. Not a bad deal if the extended warranty is important to you (it would be for me).

 

Thinking about this, why not just go to the dealer now to do the deal? The lease can be dealt with via PFS at any time.

 

Care to share the details?

I assume it was a two year lease on a 2013 C4S and it was before PFS jacked up the residuals (and offered discounts) like they did on my 2013 C2 Cab (24 months -76% 5K miles) to unload the cars in October 2013. My $118K C2 Cab has a $90K residual coming up this October - needless to say I will not be buying it.

 

Thanks guys. I've been operating under the assumption that I could not buy the car if I wasn't the original lessee. But I guess you guys are right, why would PFS care?


2 year lease, residual is about $91k. So looks like it's before the residuals were raised. In my research, $91k is a good deal on a 13 C4S with 7MT, PDCC, sport exhaust, sport chrono, and adaptives (and more).

 

Mileage and original sticker price?

 

Yes, looks like a great deal depending on mileage and MSRP.

 

12.5k miles. MSRP 127k

 

If you like the car and it's in great shape I'd go for it. It would be good to negotiate a CPO warranty too.

 

A little off topic but I have 8 months left on my lease and when I posted a takeover most people are asking to sublease it. One lady is asking to draw up a contract, where she would pay me up front and install a GPS tracker with remote disable and let me keep one key as well as pay for insurance in my name and hers. Is this safe to do? I'm just wondering what could possible happen while the car is still in my name. Most people offering to do this is because of poor credit