Buy out someone else's lease early (Good idea / Bad idea)?

[gmikol]

New poster, here...

Been thinking about getting a leaf for a while, but missed out on the really good deals over the summer.

I'm looking for the collective opinion about an unusual purchase opportunity...

An acquaintance with a '13, SV with QC/LED is 8 months into his lease, and has fallen on some difficult economic times. He's looking to get out of the lease. Does it make sense for me to consider buying out his lease? The way I see it, the 7500 has greatly reduced the price, as has the payments he's already made. So the price should be pretty reasonable. But I don't have any experience with car leases of any sort, so I don't know for sure.

Is this a stupid idea? Is it a great way for me to get a lease at a discount price and helping this guy out at the same time?

Folks out there with a lease: Is there an easy way on NMAC's website to find out what the buy-out value of the lease would be so we can start negotiating?

Lastly...what would you consider to be a reasonable sale price for this situation? I'm guessing the car has less than 8000 miles on it.

I appreciate any thoughts on the matter.

BTW--this is in WA state, if it makes any difference.

--Greg

 

[tinaCA]

He should be able to print a "payoff statement" from the financing website. He will need that much cash to buy it out. Usually buying out of a lease early is a big penalty...

 

[evnow]

Why do you want to buy ? Why not take over the lease ?

If he knows you well, this shouldn't be a problem (he will still be on the contract and is responsible if you don't pay). I transferred my lease to a co-worker this way.

Make sure he has plenty of miles left on the lease and the car is in good shape. Post here if you have further questions.

 

[gmikol]

He's an acquaintance, not a friend (if you get my distinction). I'd rather not be tied to someone I don't know all that well for the next 16 months.

Also, anybody know what the early buyout penalty typically is?

I'm not 100% committed to this idea. Just trying to figure out the ins and outs of this situaltion, and looking around at all my options for getting a leaf.

--G

 

[evnow]

He's an acquaintance, not a friend (if you get my distinction). I'd rather not be tied to someone I don't know all that well for the next 16 months.

For you there is no risk - the risk is all for him.

Also, anybody know what the early buyout penalty typically is?

There is no "penalty" as such. He can check the website (or call) and find out what the buy out price is. If you post the buy out price here, we can comment on it.

In general it is not a good idea to purchase EVs now - what with new improved models just one or two years away. Leasing is a better idea - and thus my suggestion to get the lease transferred. Or you get a new lease.

 

[gmikol]

Just wanted to follow up on this one...

Turns out my neighbor's lease had a bunch of negative equity built into it, so his payments and buyout amount are all whacked out, so I'm not going to do anything with that.

I'm off to find my own lease.

Thanks for the info, everyone...

--G