LeaseBusters

[CalgaryAE92]

Hey all,

Has anyone living in Alberta (Calgary/Edmonton) ever tried LeaseBusters or any of the lease transfer services? Especially in trying to get out of their lease?

[rusich]

I used them, when getting out of new lease on an 07 Mazda3. Just offer a bigger incentive than everybody else.

[CalgaryAE92]

Thanks rusich for the input! How long did it take for someone to take over your lease?

Their $300 fee seems a little steep, hey but if it works, I'll give it a try.

If anyone has tried LeaseBusters or something similar, I'd appreciate your opinion. Thanks again!

[rusich]

I had about 5 people call me and sold within 3 months.

[khtm]

I used them back in 2005. Took me about 1 month to get rid of my car. It's really dependent on a couple things though:
(1) The rarity of your car
(2) The incentive you offer (in relation to your monthly lease payment) compared to other people on the site with the same car

I offered $4000. I had about 3 years left on my lease and my payments and insurance were about $1200, so after 3-4 months I had basically broken even. Turned out to be one of the smartest things I ever did.

[Aleks]

What you could also do is sell the car outright to someone and have them write a cheque to the leasing company with you covering the rest (I am assuming you'll be upside down on the value).

[CalgaryAE92]

So it sounds like the lease transfer services work. Thanks for sharing your experience.

I thought of the option that Aleks proposed too, which is to sell. In the end, I could end up losing the same amount of money either on a loss on a sale or with offering an incentive.

[rusich]

Well, nothing prevents you from doing two at the same time.

[CalgaryAE92]

True, true...

[canuckcarguy]

One other thing to keep in mind is that if the vehicle doesn't work for you and you are planning on replacing it, you can likely trade it in at a dealership, they'll buy out the lease on your current vehicle and transfer any remaining balance onto your new lease or finance contract. It likely won't be cheap, especially if you don't have any equity, but it's a quick way to get out of your current car if it simply isnt working for you (ie, you leased a Civic but now your need a truck for work...)