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Rich Sandor · 03-06-2009, 07:32 PM

What you have to understand, is that a lease is a contract. When you assume someone else's lease, you are resuming that contract. There is no negotiation, because the original person is still on the hook for the full amount until someone else takes over. Why on earth would Honda take a bath because the original leaser wants to get rid of it???

If it's a factory lease, it should be a closed ended lease, and the "lease end value/buyout/residual" is NOT negotiable. It will have been set by Honda at the time of the lease. Same with the interest rate. Non negotiable. All you can do is pay the fees and assume the lease. You WILL have to pay whatever doc fees and taxes are applicable. The same applies for the buyout; you HAVE to pay taxes on it, because it is another purchase seperate from the original lease. You would be paying tax on the buyout even if you were the original person leasing the vehicle.

The only thing you could negotiate, is having the original person who leased the vehicle, actually PAY YOU to take over the lease. That's it. Some people will actually do that in order to be off the hook whatever term they have left on the lease.

But you cannot negotiate with the manufacturer. They don't care about you, they will simply rather hold the initial leaser responsible for the original amount.

If you are assuming a 3rd party lease, like JP or WS or Tricor, the same principles apply, except they are all open end leases which will leave you on the hook for the lease end value if the car is worth less. (or you can buy it out and sell it if it's worth more)

Your best deal for a lease takeover is to find a lease where someone has put down a stupid amount of money, like $5000 or $10000 and you only have to take over the small monthly payments, or if someone is willing to pay you $5000 to take over their lease. Otherwise, you may as well just lease a brand new one yourself.

You can't include a trade in for a lease take-over. Like I said, you are simply assuming a pre-exisiting contract. You cannot change the terms part-way through. There is no provision to enter a trade-in valuation X months into the lease and recalculate the whole thing. You might be able to have the sales manager give you wholesale value for the trade and cut you a cheque, but you may as well just sell it on craigslist.

03-06-2009, 07:32 PM	#2
Rich Sandor racing & tech mod. Join Date: May 2004 Location: Vancouver Posts: 4,034 Thanked 507 Times in 188 Posts Failed 22 Times in 12 Posts	What you have to understand, is that a lease is a contract. When you assume someone else's lease, you are resuming that contract. There is no negotiation, because the original person is still on the hook for the full amount until someone else takes over. Why on earth would Honda take a bath because the original leaser wants to get rid of it??? If it's a factory lease, it should be a closed ended lease, and the "lease end value/buyout/residual" is NOT negotiable. It will have been set by Honda at the time of the lease. Same with the interest rate. Non negotiable. All you can do is pay the fees and assume the lease. You WILL have to pay whatever doc fees and taxes are applicable. The same applies for the buyout; you HAVE to pay taxes on it, because it is another purchase seperate from the original lease. You would be paying tax on the buyout even if you were the original person leasing the vehicle. The only thing you could negotiate, is having the original person who leased the vehicle, actually PAY YOU to take over the lease. That's it. Some people will actually do that in order to be off the hook whatever term they have left on the lease. But you cannot negotiate with the manufacturer. They don't care about you, they will simply rather hold the initial leaser responsible for the original amount. If you are assuming a 3rd party lease, like JP or WS or Tricor, the same principles apply, except they are all open end leases which will leave you on the hook for the lease end value if the car is worth less. (or you can buy it out and sell it if it's worth more) Your best deal for a lease takeover is to find a lease where someone has put down a stupid amount of money, like $5000 or $10000 and you only have to take over the small monthly payments, or if someone is willing to pay you $5000 to take over their lease. Otherwise, you may as well just lease a brand new one yourself. You can't include a trade in for a lease take-over. Like I said, you are simply assuming a pre-exisiting contract. You cannot change the terms part-way through. There is no provision to enter a trade-in valuation X months into the lease and recalculate the whole thing. You might be able to have the sales manager give you wholesale value for the trade and cut you a cheque, but you may as well just sell it on craigslist. Last edited by Rich Sandor; 03-06-2009 at 07:39 PM.