Lease Assumption Question

JDIRECTORJ · 04-30-2009, 07:20 PM

So I decided to go ahead with a lease assumption...

The guy who current has the lease is offering me a incentive to bring the payments down. It works out that he will give me a certain amount of money x the remainder months left of the lease.

What should I do to make sure he doesn't pull a fast one and doesn't pay up when then car is in my name?

Should I write up a memorandum of agreement?

If so, since I've never written on, how should I go about writing it up?

Khurram · 04-30-2009, 08:15 PM

Yes have it written up in a contract or have the money put in escrow.

Khurram · 04-30-2009, 08:15 PM

Btw- what are the details of the lease?

JDIRECTORJ · 04-30-2009, 08:30 PM

the actual payments are 1000/m

the current holder is willing to pay the difference to bring the payment down to 700/m and is willing to pay the transferring fees.

The catch is there is a scratch on the top part of the back bumper that I may have to pay for when I bring it back at the end of the lease

JDIRECTORJ · 04-30-2009, 08:39 PM

What do you think of the deal?

Khurram · 04-30-2009, 09:09 PM

I need more details to tell you if it's a good deal or not.
Is this the sedan,coupe or vert?

What is the negotiated purchase price?
Money factor?
Residual?
Mileage per year?

JDIRECTORJ · 05-01-2009, 04:57 PM

700/m

16000 miles left for 10 months
zero down

Khurram · 05-01-2009, 06:19 PM

Pretty good but only 10 months left. If that's what you were looking for then i'm sure you will be really happy with it!
My lease assumption was 3k down and 560 per month (599 including tax) (34 months remaining)

JDIRECTORJ · 05-01-2009, 08:23 PM

Well...

I was declined for the lease takeover since I don't have much of a credit history. Bummer...

I have a cosigner but they have no car load/lease history. They do have a very good credit history, mostly with condo leases, credit cards, cell phones ect.

The get offers for credit card/loans all the time.

What are my chances?

Khurram · 05-01-2009, 09:39 PM

As we discussed...you need a co-signer with installment payment history such as on a car loan or mortgage. W/o that it's going to be tough. This is directly from a bmwfs rep who is a friend of mine.

islandguy19 · 05-02-2009, 12:38 AM

Quote:

Originally Posted by Khurram

As we discussed...you need a co-signer with installment payment history such as on a car loan or mortgage. W/o that it's going to be tough. This is directly from a bmwfs rep who is a friend of mine.

+1

My credit score is just below 700 and I needed a co-signer with a purchase installment history of a home or car. After this, lease, it should be easier to get approved without the need of a co-signer.

JDIRECTORJ · 05-02-2009, 01:14 AM

Well... Not sure if I'll have someone qualifies enough. Too bad..

Its unfortunate that I'm finally making a salary that can afford one but this barrier it holding me back...

JDIRECTORJ · 05-04-2009, 09:46 PM

Does anyone know of any other options I may have?

JDIRECTORJ · 05-04-2009, 09:50 PM

Is there a third party financial institution that I can get a loan from for assumption?

JDIRECTORJ · 05-05-2009, 07:09 PM

OK, here's the deal.

I have almost convinced a qualified cosigner to cosign for me under the following conditions.

I must get a personal loan from a bank and deposit the full about owed on the car into a account for him. Since there is only 10 months left that will equal approx $7000.

Does anyone know of a bank that I can go to for a personal loan?

Khurram · 05-05-2009, 09:32 PM

Are you with a bank right now in the US? Why not go to them?

Not to be rude but it seems like you haven't done your research regarding the overall transaction at all.

You should be able to get a loan from any major bank for 7k. But is this really the situation you want to get into?

Your taking out a loan for 7k to deposit to someone else' account so that they will co-sign for you. It just seems like a big stretch to take over a lease. If that is the situation then perhaps you shouldn't be looking to get into an m3 lease.

Again, I'm not trying to be rude at all...just taking a look at the whole situation.
Good luck with whatever route you go

Quote:

Originally Posted by JDIRECTORJ

OK, here's the deal.

I have almost convinced a qualified cosigner to cosign for me under the following conditions.

I must get a personal loan from a bank and deposit the full about owed on the car into a account for him. Since there is only 10 months left that will equal approx $7000.

Does anyone know of a bank that I can go to for a personal loan?

JDIRECTORJ · 05-05-2009, 10:39 PM

No offense taken. Thank you for your honest opinion.

Well, the person that will hold the money and cosign for me would be the CEO of the company I work for. He isn't running away with it.

Also, about the bank. In the financial situation the US economy is in right now, most major banks have cut down their loan opportunities and heavily cut back on personal loans. Personal unsecured loans aren't as available as the use to be...

Well, looks like all the odds are against me on this one. I'll probably wait some time and figure out a way to establish my credit to the point of BMWFS approval.

Thanks for all your help.

JDIRECTORJ · 05-06-2009, 07:13 PM

Well.. Just found out there is some hope!

After being informed by BMWFS that a qualified cosigner is someone who has either a mortgage or car lease history I was in a situation where I thought I didn't have anyone to cosign for me.

What BMWFS didn't inform me was that a apartment lease is considered to be in the same credit history category as a mortgage/car lease. This is good news because my cosigner has 2 apartment leases in good standing.

Good news!!

I will be adding my cosigner to my lease in less than a week!

Wish me luck!

Khurram · 05-07-2009, 12:40 AM

That's news to me as I have been renting for 4 years in NYC and bmwfs told me I would not quality on just an apartment lease.
Let us know how it turns out

Quote:

Originally Posted by JDIRECTORJ

Well.. Just found out there is some hope!

After being informed by BMWFS that a qualified cosigner is someone who has either a mortgage or car lease history I was in a situation where I thought I didn't have anyone to cosign for me.

What BMWFS didn't inform me was that a apartment lease is considered to be in the same credit history category as a mortgage/car lease. This is good news because my cosigner has 2 apartment leases in good standing.

Good news!!

I will be adding my cosigner to my lease in less than a week!

Wish me luck!

04-30-2009, 07:20 PM	#23
JDIRECTORJ Enlisted Member 4 Rep 31 Posts Drives: M3 Join Date: Jan 2009 Location: New York iTrader: (0)	So I decided to go ahead with a lease assumption... The guy who current has the lease is offering me a incentive to bring the payments down. It works out that he will give me a certain amount of money x the remainder months left of the lease. What should I do to make sure he doesn't pull a fast one and doesn't pay up when then car is in my name? Should I write up a memorandum of agreement? If so, since I've never written on, how should I go about writing it up?
	Appreciate 0 Quote

04-30-2009, 08:15 PM	#24
Khurram Lieutenant 49 Rep 409 Posts Drives: 2012 Panamera 4 Join Date: Jan 2009 Location: Stamford, Connecticut iTrader: (0)	Yes have it written up in a contract or have the money put in escrow.
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04-30-2009, 08:15 PM	#25
Khurram Lieutenant 49 Rep 409 Posts Drives: 2012 Panamera 4 Join Date: Jan 2009 Location: Stamford, Connecticut iTrader: (0)	Btw- what are the details of the lease?
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04-30-2009, 08:30 PM	#26
JDIRECTORJ Enlisted Member 4 Rep 31 Posts Drives: M3 Join Date: Jan 2009 Location: New York iTrader: (0)	the actual payments are 1000/m the current holder is willing to pay the difference to bring the payment down to 700/m and is willing to pay the transferring fees. The catch is there is a scratch on the top part of the back bumper that I may have to pay for when I bring it back at the end of the lease
	Appreciate 0 Quote

04-30-2009, 08:39 PM	#27
JDIRECTORJ Enlisted Member 4 Rep 31 Posts Drives: M3 Join Date: Jan 2009 Location: New York iTrader: (0)	What do you think of the deal?
	Appreciate 0 Quote

04-30-2009, 09:09 PM	#28
Khurram Lieutenant 49 Rep 409 Posts Drives: 2012 Panamera 4 Join Date: Jan 2009 Location: Stamford, Connecticut iTrader: (0)	I need more details to tell you if it's a good deal or not. Is this the sedan,coupe or vert? What is the negotiated purchase price? Money factor? Residual? Mileage per year?
	Appreciate 0 Quote

05-01-2009, 04:57 PM	#29
JDIRECTORJ Enlisted Member 4 Rep 31 Posts Drives: M3 Join Date: Jan 2009 Location: New York iTrader: (0)	700/m 16000 miles left for 10 months zero down
	Appreciate 0 Quote

05-01-2009, 06:19 PM	#30
Khurram Lieutenant 49 Rep 409 Posts Drives: 2012 Panamera 4 Join Date: Jan 2009 Location: Stamford, Connecticut iTrader: (0)	Pretty good but only 10 months left. If that's what you were looking for then i'm sure you will be really happy with it! My lease assumption was 3k down and 560 per month (599 including tax) (34 months remaining)
	Appreciate 0 Quote

05-01-2009, 08:23 PM	#31
JDIRECTORJ Enlisted Member 4 Rep 31 Posts Drives: M3 Join Date: Jan 2009 Location: New York iTrader: (0)	Well... I was declined for the lease takeover since I don't have much of a credit history. Bummer... I have a cosigner but they have no car load/lease history. They do have a very good credit history, mostly with condo leases, credit cards, cell phones ect. The get offers for credit card/loans all the time. What are my chances?
	Appreciate 0 Quote

05-01-2009, 09:39 PM	#32
Khurram Lieutenant 49 Rep 409 Posts Drives: 2012 Panamera 4 Join Date: Jan 2009 Location: Stamford, Connecticut iTrader: (0)	As we discussed...you need a co-signer with installment payment history such as on a car loan or mortgage. W/o that it's going to be tough. This is directly from a bmwfs rep who is a friend of mine.
	Appreciate 0 Quote

05-02-2009, 01:14 AM	#34
JDIRECTORJ Enlisted Member 4 Rep 31 Posts Drives: M3 Join Date: Jan 2009 Location: New York iTrader: (0)	Well... Not sure if I'll have someone qualifies enough. Too bad.. Its unfortunate that I'm finally making a salary that can afford one but this barrier it holding me back...
	Appreciate 0 Quote

05-04-2009, 09:46 PM	#35
JDIRECTORJ Enlisted Member 4 Rep 31 Posts Drives: M3 Join Date: Jan 2009 Location: New York iTrader: (0)	Does anyone know of any other options I may have?
	Appreciate 0 Quote

05-04-2009, 09:50 PM	#36
JDIRECTORJ Enlisted Member 4 Rep 31 Posts Drives: M3 Join Date: Jan 2009 Location: New York iTrader: (0)	Is there a third party financial institution that I can get a loan from for assumption?
	Appreciate 0 Quote

05-05-2009, 07:09 PM	#37
JDIRECTORJ Enlisted Member 4 Rep 31 Posts Drives: M3 Join Date: Jan 2009 Location: New York iTrader: (0)	OK, here's the deal. I have almost convinced a qualified cosigner to cosign for me under the following conditions. I must get a personal loan from a bank and deposit the full about owed on the car into a account for him. Since there is only 10 months left that will equal approx $7000. Does anyone know of a bank that I can go to for a personal loan?
	Appreciate 0 Quote

05-05-2009, 10:39 PM	#39
JDIRECTORJ Enlisted Member 4 Rep 31 Posts Drives: M3 Join Date: Jan 2009 Location: New York iTrader: (0)	No offense taken. Thank you for your honest opinion. Well, the person that will hold the money and cosign for me would be the CEO of the company I work for. He isn't running away with it. Also, about the bank. In the financial situation the US economy is in right now, most major banks have cut down their loan opportunities and heavily cut back on personal loans. Personal unsecured loans aren't as available as the use to be... Well, looks like all the odds are against me on this one. I'll probably wait some time and figure out a way to establish my credit to the point of BMWFS approval. Thanks for all your help.
	Appreciate 0 Quote

05-06-2009, 07:13 PM	#40
JDIRECTORJ Enlisted Member 4 Rep 31 Posts Drives: M3 Join Date: Jan 2009 Location: New York iTrader: (0)	Well.. Just found out there is some hope! After being informed by BMWFS that a qualified cosigner is someone who has either a mortgage or car lease history I was in a situation where I thought I didn't have anyone to cosign for me. What BMWFS didn't inform me was that a apartment lease is considered to be in the same credit history category as a mortgage/car lease. This is good news because my cosigner has 2 apartment leases in good standing. Good news!! I will be adding my cosigner to my lease in less than a week! Wish me luck!
	Appreciate 0 Quote