Lease takeovers

[Seanith]

What is the typical arrangement thats reasonable when trying to find someone to take over your lease? Is it typical to pay a cash incentive, or do extra items not included in the lease payments (suspension, wheels, HIDS) etc become an incentive built into the deal? I'm trying to sell my vehicle, but it seems like all i'm getting confronted with is ridiculous lowball offers. I've offered to pay the lease transfer fee, and will consider a nominal cash incentive but nothing that will put me in undue financial hardship. Any help or guidance is appreciated.

[Xtrema]

Typical selling tactic, offer more if you don't have time, stand the ground if you do.

Compare your lease to the lease of a new vehicle. Make sure you offer advantages that someone can't get on a new lease.

For example, a bare-bone 2010 Accord Coupe is $440/mth and fully loaded $42K Accord is $670/mth, both including GST.

Unless you have a significantly lower payment or lower buy-out @ end of lease, why won't buyer just lease a new one instead?

[Weapon_R]

Other than the transfer fee, what incentives are you actually giving someone to take over your lease? Far too often I see guys trying to unload their leases by offering to pay a transfer fee, but nothing else and payments that are equal to or higher than buying new. You gotta sweeten the deal to convince someone to take over a lease over buying new since there isn't much difference.

[Aleks]

The lower the monthly payment the better obviously. If your payments are high put forward an incentive and advertise the effective montly payments.

I had someone take over my '10 WRX lease right away because the effective payment was $300/month.

[Mitsu_Ralliart]

^Explain more please. I'm in the same boat right now. I have a 2010 WRX I am trying to get rid of, but my payments are $500/mth and am having a hard time getting anything more than lowballs and tire kickers.

[DRKM]

Well from what I can tell if this is in regards to your Accord. You can go onto honda.ca and build the exact same accord except 2010 for 36.4k

I seriously doubt that ACV on that car would be 30k.

I have seen people offer cash incentives as well on to of the lease transfer payment.

Have you checked out lease busters.ca?

[bigbadboss101]

I am guessing $500/month is with 0 down? Aleks your $300 payment what did you put down? Mine is somewhere in between but I did put in a good down payment.

The incentive is usually when one negotiated a good price off MSRP, or a better than normal lease rate. Also if one put down $3000 down then that translate into savings for new leasee.

[Seanith]

Originally posted by Weapon_R
Other than the transfer fee, what incentives are you actually giving someone to take over your lease? Far too often I see guys trying to unload their leases by offering to pay a transfer fee, but nothing else and payments that are equal to or higher than buying new. You gotta sweeten the deal to convince someone to take over a lease over buying new since there isn't much difference.

In my case I have the HFP Suspension (~$750 non installed) that I got after the car was leased, Tint on 5 windows, and will sell 19" rims for $1000 to buyer of the car. If I sold them here I could get ~$1750 - $2000 for them. Also I have a rear cargo net that i bought after the lease. Not a big deal, but a $150 option.


Originally posted by DRKM
Well from what I can tell if this is in regards to your Accord. You can go onto honda.ca and build the exact same accord except 2010 for 36.4k

I seriously doubt that ACV on that car would be 30k.

I have seen people offer cash incentives as well on to of the lease transfer payment.

Have you checked out lease busters.ca?

I have built my car on honda.ca and the lease payments come to about $1 less a month, but several options I have aren't available on the honda.ca website like the 3M protection package (~$600), & HIDs. I do have the HFP aero kit that adds a significant amount to the price. I must add that since i have a friend at my dealership, i got a great price on the aero kit making my monthly lease amount pretty competitive imo to a new car.

I offered a nominal cash incentive (like $750) but i receive lowballs in my opinion of $1000 + lease takeover + 19"s or $2000 + lease takeover (no rims).

I checked out lease busters, but i'm unsure if its worth it to pay $300 only to have no luck with them in the end :dunno:

[Mibz]

As with any other used car, mods don't mean shit. Especially aftermarket mods that people would have to remove themselves, or pay to have them removed, if they didn't want the car at the end of the lease.

[rc2002]

If you want to get maximum dollar for your car, part out all the aftermarket stuff (even the HFP stuff). Add-ons don't really add much value to the car. I'm not sure if $1750-$2000 is reasonable for used Axis wheels/tires - I'd say $1000 to $1200 is more realistic.

If it were me selling, I would probably jump at the chance to unload the car for $1000 and wheels. Saves the hassle of trying to sell wheels (which aren't easy to sell) and saves you from wasting your time trying to sell the car. Tire kickers are one of my biggest pet peeves.

[Aleks]

Originally posted by Mitsu_Ralliart
^Explain more please. I'm in the same boat right now. I have a 2010 WRX I am trying to get rid of, but my payments are $500/mth and am having a hard time getting anything more than lowballs and tire kickers.


Originally posted by bigbadboss101
I am guessing $500/month is with 0 down? Aleks your $300 payment what did you put down? Mine is somewhere in between but I did put in a good down payment.

The incentive is usually when one negotiated a good price off MSRP, or a better than normal lease rate. Also if one put down $3000 down then that translate into savings for new leasee.

I got $2600 discount off MSRP and 1% lease reduction rate. I put down the Freight/PDi and all the other doc fees up front. My payment was $300/month so when I decided to get rid of the car I asked for 0 down and $300/month. I could have tried to recover the fees but I just wanted the car gone and only losing that amount on a 6 month old car was ok with me.

Effective payment = [(months remaining on lease * monthly payment) - incentive] / months remaining.

[nickyh]

When we sold our mini on leasebusters, we did not offer very much mostly because it's a "niche" car. People who were looking for a mini specifically either wanted ours or they did not.

We paid the lease transfer fee to BMW and Mini, first month payment, and $1000 cash plus we had a full set of winter tires we were including.

We had one lowballer who offered us $200 per month less for his payments that what we were paying, but we were patient and the right buyer came along.
We settled for us paying the lease transfer fee, first month payment, the tires, and we paid for the freight costs to Toronto.

The right buyer is out there, but it's tough when you get insulting offers.