lochdaz-of-blantyre

Hi All,
Been a while since I posted. Happy to say we're settling in to life after a rocky start.

I've been trying to execute a lease assumption via swapalease without much success. So I wanted to get feedback from others on their experiences.

The story so far. On arriving in CT we leased a mini cooper with BMW finance using their international programme. They asked for evidence of visa, passport, income, address etc. All of which was pretty easy and we pre-payed the lease up front for 12 months and no problem...we had a mini in 5 days.

I'm trying to swap a lease with a guy who has a BMW X3, so I call BMW Finance and go over my own account and the other guys lease, told them I was existing client, I wanted to pay the balance of the other guys lease up front and that I would provide the same document pack as I did for the Mini. Guess what?...They said no?

Am I stupid, missing something? Does BMW not get that I mitigated all their risk by prepaying?

Of those of you who have done it successfully which manufacturers did you go for? (I also had ford reject an application a while back).

Thanks for the usual input,
Darren

Bob

If you've got that kind of cash, why not buy instead of a lease which is generally a bit poo?

lochdaz-of-blantyre

There is only 12 months remaining on the lease which I can afford. The idea being its paid for a full year. So I have $5000-$7000 which I was planning on using to lease for 12-18 months. What would the buy process be?

Darren

Bob

Find car, stick that wedge in as down payment on the loan for the rest of the car...bolster a credit history, much better in the long run as leasing won't do anything really for you there.

But then again, if your only planning on being here for 12 months a lease then might make sense.

As for what else you'd need to do to get a car on the road would depend on your state, at a guess, proof of purchase/title, insurance and then you'll be able to register the car and pay the taxes, get plates and register them and also inspection on the car.

chartreuse

Yes. You're missing an understanding of how customer service works. The mantra is:
If I haven't been trained to do it, it's not possible. Ever.
If I haven't heard of it, it never existed. Ever.
If we don't offer it, nobody else does, or will do. Ever.

Oh, and nobody, absolutely nobody in the world, takes AmEx.

Joking apart, have you tried calling back and running the same set of facts past a different moron?

crg

What is the benefit to the company to take you up on the deal? Someone is already going to pay them for the lease. They'd have to do a bunch of paperwork they wouldn't have had to do otherwise.

I know you're going to say they get their money early, but I doubt they care too much about that.

Havnfun

We have taken over two leases with swapalease since we arrived in California 8 months ago. Both are Meredes-Benz. The first one was just as we were moving over and did not have our SSN yet. We prepaid the balance of the lease which had 10 months left and Mercedes used our Canadian credit history to approve the lease transfer. The second was just two months ago and since we had a deal with Mercedes already they did not require us to prepay this lease. It was a great deal - guy paid us $2,500. to take over his lease

lochdaz-of-blantyre

Eh?? Have you been under a rock for the last 18months? Because the people who want out of their lease do so because the can't afford the payments as they've all been layed off, are about to default on payments, get evicted from their homes as the can't pay their mortgages and hope that people like us come along and take over their lease. Ultimately if they don't find someone to swap the lease to they will hand BMW a car that is worth less that the book value and BMW will join the long list of creditors looking for money and get a fraction of what they are owed. So ultimately I'd be helping them and BMW out.

fatbrit

Yes -- don't lease!