School me on Lease take overs

[3drian]

Good morning Beyond, I am looking for some information on lease take overs.

I am debating the Idea of taking over the last 6 payments of a vehicle and then hopefully keeping it. Anyone know what is the amount I will have to pay to transfer the lease? also, do dealerships offer financing after the lease to own the vehicle? is there anything I should be aware of when getting involved in these kind of deals?

thanks in advance

[VaN_HaMMeRSTeiN]

Go to reddit and post this to r/askcarsales
They will hook you up no problem

[rage2]

You're asking a question that has different answers depending on the manufacturer you're looking at.

[you&me]

The vast (vast) majority of lease take overs are way (way) underwater. If that weren't the case, the existing leasee would simply be able to sell / unload the car by other means.

This isn't necessarily a bad thing, if (IF) the lease is completely closed-ended, meaning the leasee can simply walk at the end of the term, regardless of any negative equity. If that's the case, you'd essentially just be 'renting' the car for the balance of the term.

If it's an open-ended lease, be extremely careful about the residual value to ensure you're not assuming someone else's problem.

Typically, the lease transfer fees are (or should be) paid by the original leasee... Sort of a 'transaction facilitation' fee.

[Aleks]

Originally posted by you&me
The vast (vast) majority of lease take overs are way (way) underwater. If that weren't the case, the existing leasee would simply be able to sell / unload the car by other means.

I'm not so sure on this. Why would the lease companies set residuals higher and risk getting their cars back and not be able to unload them?

In my experience thus far lease buyouts/residuals have always been lower than vehicle values. I've sold one for ~$6,500 over residual and other one for around $5,500 over just this summer.