leasetrader.com vs. handling on your own

yahtzee · 04-05-2008, 05:36 PM

I have someone that is interested in assuming my 535i lease. I am trying to determine which route is quicker to get this done and if leasetrader.com is really needed in this situation. The person is giving me 2K out of pocket so naturally I would want that in hand to assume she isnt going to back out of the deal. After about 3 weeks (that is how long BMW financial said it would take if we did it on our own but also how long it is supposed to take through leasetrader.com).

Any suggestions?

yahtzee · 04-06-2008, 06:10 PM

anyone? does a contract need to be put into place for that three week waiting period or is 1/2 of the 2k good enough?

seb · 04-06-2008, 07:49 PM

Im in a similar situation. I placed an order for the M3 after being in the waiting list for about 6 months, but I have a lease that I would like to get rid of. Anybody have any experience with the lease trader process in addition to yahtzee's question? (or any other ideas of how to best get rid of a lease for that matter?)

yahtzee · 04-06-2008, 08:18 PM

My intentions tomorrow are to get BMWFS on the phone with the interested buyer (or lease assumer) and hash out the details. I will then go to my dealer and ask him to give me a firm 3 week number on my trade just in case the lease assumption doesnt go through.

WCH · 04-06-2008, 09:04 PM

I've used lease trader. The only advantage is having your car out there for people to look at. After you initiate a deal, they tell you to contact your leasing company to consummate the deal. If you have a buyer and are using BMWFS, it should go smoothly and you don't need leasetrader.

BMWFS will ask you to pay a fee for transferring and they will need to qualify. Who pays this fee is up to you and the other person to negotiate - I ended up paying it to make the deal go through.

ideliver · 04-06-2008, 09:10 PM

If you already have some to assume the lease, then you have no need or use for leasetrader/swapalease.

Those sites only find people to assume your lease (or let you assume someone else's lease).

After that, all of the paperwork and lease transfer is handing by the bank or financial entity that owns the lease.

04-05-2008, 05:36 PM	#1
yahtzee El Capitan 138 Rep 699 Posts Drives: fast Join Date: Sep 2007 Location: Virginia iTrader: (1)	leasetrader.com vs. handling on your own I have someone that is interested in assuming my 535i lease. I am trying to determine which route is quicker to get this done and if leasetrader.com is really needed in this situation. The person is giving me 2K out of pocket so naturally I would want that in hand to assume she isnt going to back out of the deal. After about 3 weeks (that is how long BMW financial said it would take if we did it on our own but also how long it is supposed to take through leasetrader.com). Any suggestions?
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04-06-2008, 06:10 PM	#2
yahtzee El Capitan 138 Rep 699 Posts Drives: fast Join Date: Sep 2007 Location: Virginia iTrader: (1)	anyone? does a contract need to be put into place for that three week waiting period or is 1/2 of the 2k good enough?
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04-06-2008, 07:49 PM	#3
seb Private 0 Rep 52 Posts Drives: E92 M3 M-DCT - Lotus Esprit Join Date: Jan 2008 Location: Miami, FL iTrader: (0)	Im in a similar situation. I placed an order for the M3 after being in the waiting list for about 6 months, but I have a lease that I would like to get rid of. Anybody have any experience with the lease trader process in addition to yahtzee's question? (or any other ideas of how to best get rid of a lease for that matter?)
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04-06-2008, 08:18 PM	#4
yahtzee El Capitan 138 Rep 699 Posts Drives: fast Join Date: Sep 2007 Location: Virginia iTrader: (1)	My intentions tomorrow are to get BMWFS on the phone with the interested buyer (or lease assumer) and hash out the details. I will then go to my dealer and ask him to give me a firm 3 week number on my trade just in case the lease assumption doesnt go through.
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04-06-2008, 09:04 PM	#5
WCH Lieutenant Colonel 347 Rep 1,844 Posts Drives: '20 M8C convertible Join Date: Nov 2006 Location: Boston iTrader: (8) Garage List 2022 Porsche Cayenn ... [0.00] 2020 BMW M8C [0.00] 2017 Porsche Macan GTS [0.00]	I've used lease trader. The only advantage is having your car out there for people to look at. After you initiate a deal, they tell you to contact your leasing company to consummate the deal. If you have a buyer and are using BMWFS, it should go smoothly and you don't need leasetrader. BMWFS will ask you to pay a fee for transferring and they will need to qualify. Who pays this fee is up to you and the other person to negotiate - I ended up paying it to make the deal go through.
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04-06-2008, 09:10 PM	#6
ideliver Major 240 Rep 1,247 Posts Drives: E60 M5, E71 X6M, E46 M3 Join Date: Feb 2008 Location: At the gas station iTrader: (0) Garage List 2006 BMW E46 M3 'vert [0.00] 2008 BMW M5 [0.00] 2011 BMW E92 [0.00] 2012 BMW X6M [0.00] 2003 E46 M3 [0.00]	If you already have some to assume the lease, then you have no need or use for leasetrader/swapalease. Those sites only find people to assume your lease (or let you assume someone else's lease). After that, all of the paperwork and lease transfer is handing by the bank or financial entity that owns the lease. __________________ Current: 2006 E46 M3 'vert 6-sp 2008 E60 M5, 2011 E92 328 6-sp, 2011 E70 N55, 2012 E71 X6M
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