I'm guessing that I'll get little to nothing for my 25K in upgrades... Sad but most likely true. I also did a pretty extensive survey of cars for sale online in various places and it looks to me like trade in value on a 2002 Turbo is about 78-80K.

I could probably sell the car to an individual for around 87-90K.

I could also strip the mods off first and sell them for maybe 10K. In total, that's more than the payoff on the lease. But that's also a hassle.

So, not trading the car in makes sense. And stripping the mods makes sense.

Another option I am considering is finding someone to assume my lease. There's another 36 months on the lease, and the montly payment is 1300 including taxes. So, if someone were to assume the lease, it would likely be a pretty damned good deal for them. Taxes are high in AZ, so, the lease price would probably be a bit under 1300.

Does my thinking make sense?

The only thing I don't really know is how to go about getting a lease assumed and how willing the lenders are to do this...

Details on the car are:
2002 996TT, 10,xxx miles
Showroom condition
Never been on a track
Never drag raced
Adult owned and driven, not abused at all, ever
Artic sliver/black
Full leather
Bose
Silver painted panel around radio
Aluminum shifter
Power seats w/memory
Aerokit rear spoiler (regular front right now)
Standard rear spoiler comes with the deal
EVO Stage 4GT installed at EVO, turbos, headers, software
Dyno at 540 at the wheels
Chipset equipped with up to 5 settings
Stage 1 clutch upgrade
Europipe Stage 2 Loud exhaust
Stock exhaust goes with deal
GT2 intercoolers
Stock intercooler go with deal
HRE 540R wheels in stock sizes
Stock wheels come with the deal
PSS9 coil overs
Stock suspension comes with the deal
EVO shift link
B&M short shifter
Stock shift mechanism goes with the deal
Maintained by EVO

Any thoughts? Other ideas?

Thanks in advance.

 

Just remember... if someone assumes your lease and for some reason, decides to flee the country or stop making payments...you will ultimately be liable. That's the biggest catch when assuming leases...you never really are 100% out of it. So, if it's someone you can trust no problem, otherwise, I dont think I would do it...especially with that payment/car.

Check out www.swapalease.com for people that might be looking to get into your car.

Why not just keep it? After all those mods, $ spent...it's a beauty!

Getting into something else?

 

Thanks for the info on the lease assumption. So, the bank won't accept the new leasee as the liable party? If they have their chance to do due dilligence, credit check, etc?

That would suck... In that case, you are right. It would make no sense to do it unless I knew the person.

I have thought about keeping it. The fear is that if I have 3 911s, my wife will be so irritated she'll force me to sleep in it!

 

I went to 3 dealerships and inquired about a lease assumption for my wife's BMW and was told the same thing. The banks, etc. will do their due diligence/background checks, etc. on the person who assumes the lease, however, if the bank can not collect from that person for whatever reason, they will come after you the original lesse.

Regardless of who assumes your lease, your name will always be associated with the lease for the reason above.

Good luck and if you hear/learn of anything different, let me know.

 

I did this once with chase and they will transfer all the liability to the person assuming your lease once there credit checks have been fullfilled

 

That's strange...Chase informed one of the dealerships that even though liability is transfered, the original lesse is ultimately responsible if the assumming party defaults.

Oh well...enter at your own risk....

 

If i did not just get my TT I would def take this lease over

 

If I had been a bit more patient, I would be up for assuming your lease. Instead I bought a new C4S. Good car but....

You could have trusted me to assume your lease with no challenges on the back end. I think there are others like me (honorable) who would be willing to buy your car. Keep looking for someone who wants a good deal on a great car. There are plenty of us out there.

Good luck

 

Donn,

If you decide to part out your mods please let me know. I love the exhaust.

Jim

 

Buy the car...

 

Humm, how much is the buy out price at the end of the lease??

 

Bad News: Its wors 10 dollars

Good News: I will take it off your hand for 11 dollars

 

That's a lot of car for the money. Well worth it. I'll pass the word around. When are you moving to calif? Think you'll find more buyers here than in AZ.

 

Do you have the Nav system on the car?

What tires and how many miles on them?

 

Thanks for all of the responses!

The car does not have NAV. Tires are new S02s, about 2K miles on them.

I think the residual is about 58K as I recall.

If you guys have any leads for me, please let me know! Thanks for the help!