Automotive

Lease busters

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  • Feb 21st, 2019 8:15 pm
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Member
Feb 6, 2015
240 posts
19 upvotes
Markham, ON

Lease busters

Hey RFD,

So i sold my summer car and Im looking on leasebusters currently for a car as I specifically want both the type R or the STI and dont really want to officially lease one for brand new, either one i dont really mind. I was wondering however, is leasebusters legit and how do you go about doing the whole transfer? you just go ahead and meet the guy at his dealership? Or do it through the leasebusters company in Mississauga? Any tips would be appreciated!

Regards.
17 replies
Jr. Member
Jul 12, 2008
107 posts
224 upvotes
Calgary
The trick is to super low ball who ever is trying to pass on their lease. Look for cash incentives to take over.
Deal Addict
User avatar
Feb 26, 2006
4627 posts
3267 upvotes
Ottawa
Is there a better site than this? Has got to be the most ghetto 1990s site.. It hasn't changed since inception..
Deal Addict
Jan 17, 2009
4533 posts
5072 upvotes
Toronto, Ontario
There’s deals to be had but you have to sift through a lot of crap.

If you want a deal on a car buy a few years old but something like an STI with good resale value new is very tempting so you don’t get one that’s been beat on (assuming you want to keep it long term).
Member
Dec 13, 2005
447 posts
395 upvotes
Both my cars are from lease Busters. In one case I took over a Mazda 3 with manual transmission with very low km. The other was a Honda Odyssey from a diplomat that was leaving the country. In both cases they were either difficult cars to move (manual transmission) or the diplomat wanted to have a quick way out of lease so offered fairly large cash incentive and nearly new winter tires on rims etc.

Basically if they are motivated or the car is harder to move then you will likely come out ahead, but you need to do the math to make sure that the deal makes sense.

One of them was interprovincial Quebec to Ontario in Ottawa Gatineau... It is possible, but huge hassle. Definitely try to do a local deal within your province as there can be lots of driving to get your car plated the day of the deal (unless the dealer sends someone to the licence bureau for you), and you won't be able to use the new car before the plates are on.
Deal Addict
Jun 20, 2006
2466 posts
788 upvotes
be careful, ive seen some who have already used up all their allowed mileage (or are very close to the max) and trying to unload the car so you'll get dinged with paying their over mileage fee
make sure u find one giving a cash incentive (or paying a few months off) or has put a larger downpayment
many cars shown are cold deals with large monthly payments (and u can get cheaper yourself by just walking into a dealer ...)
also make sure there's no damage or accidents as if you plan on returning it, you'll pick up the tab
For sale threads:
GCs / Coins
Cloth / Phones/
Deal Addict
Jan 25, 2008
2945 posts
3014 upvotes
Montréal
You also need to look at the price of a similar used car as a comparable. If you are leasing a car in its 3rd year, it's lost 40% of its value, you might be better with a 3rd party leasing company or financing the used car. That being said, there are deals to be had but I would drag a wide net. Maybe a BMW or an infiniti on LB could be a better deal (for example).
Deal Addict
Jan 8, 2007
3446 posts
2198 upvotes
shylok wrote: Is there a better site than this? Has got to be the most ghetto 1990s site.. It hasn't changed since inception..
kijiji and type in lease takeover in the search.
Deal Expert
User avatar
Apr 21, 2004
58648 posts
24637 upvotes
redkid wrote: be careful, ive seen some who have already used up all their allowed mileage (or are very close to the max) and trying to unload the car so you'll get dinged with paying their over mileage fee
make sure u find one giving a cash incentive (or paying a few months off) or has put a larger downpayment
many cars shown are cold deals with large monthly payments (and u can get cheaper yourself by just walking into a dealer ...)
also make sure there's no damage or accidents as if you plan on returning it, you'll pick up the tab
Is it best to have the car checked out at the dealership for wear and tear and other repairs that were fixed?

I wouldn't even bother leasing unless I plan to buy the car outright so I would look at shorter term leases only.
Deal Guru
Aug 14, 2007
12807 posts
3837 upvotes
--
sophal wrote: The trick is to super low ball who ever is trying to pass on their lease. Look for cash incentives to take over.
Most likely people that have their car on LB is probably because they can't afford it. So I agree with the lowball tactic.
Deal Expert
Aug 2, 2004
38395 posts
12019 upvotes
East Gwillimbury
XtremeModder wrote: Most likely people that have their car on LB is probably because they can't afford it. So I agree with the lowball tactic.
They can’t afford it, so you make them bleed a little more to help them out?
Deal Guru
Aug 14, 2007
12807 posts
3837 upvotes
--
Gee wrote: They can’t afford it, so you make them bleed a little more to help them out?
Not that I would feel good about it, but if they're desparate to get out of it then you're likely to get a much better deal. They made a bad decision and just want it to go away, I'm sure they're happier when they see the problem is gone.

Come on it's just how it works.
Deal Addict
Jun 20, 2010
2278 posts
1888 upvotes
redkid wrote: be careful, ive seen some who have already used up all their allowed mileage (or are very close to the max) and trying to unload the car so you'll get dinged with paying their over mileage fee
make sure u find one giving a cash incentive (or paying a few months off) or has put a larger downpayment
many cars shown are cold deals with large monthly payments (and u can get cheaper yourself by just walking into a dealer ...)
also make sure there's no damage or accidents as if you plan on returning it, you'll pick up the tab
Also look at tire and brake wear. these can be costly replacement items especially on a performance car.
Deal Addict
Aug 16, 2009
1820 posts
815 upvotes
Toronto
Never took over a lease or leased before. I have some questions. What are some incentives to ask for if I'm interested in taking over the lease? If they put a down payment or deposit, I'm assuming it's not far fetched to ask to keep it? How much the buyout is after the lease is over should be good information to have? How do I find out how much it will cost for them to break the lease?
Deal Expert
User avatar
Apr 21, 2004
58648 posts
24637 upvotes
XtremeModder wrote: Most likely people that have their car on LB is probably because they can't afford it. So I agree with the lowball tactic.
Or there is a potential huge bill they are trying to avoid lol.
Deal Fanatic
User avatar
Sep 9, 2012
6963 posts
6079 upvotes
Oakville, ON
infinityZ wrote: Hey RFD,

So i sold my summer car and Im looking on leasebusters currently for a car as I specifically want both the type R or the STI and dont really want to officially lease one for brand new, either one i dont really mind. I was wondering however, is leasebusters legit and how do you go about doing the whole transfer? you just go ahead and meet the guy at his dealership? Or do it through the leasebusters company in Mississauga? Any tips would be appreciated!

Regards.

How does it work?

Go to "Lease Take-Overs" to find your ideal vehicle and lease term.
Click on the photo of any of the vehicles to see all of the details. Click here to see a sample
Take note of expiry dates. How much time is left on the lease?
Take note of kilometre limits. How many km's will you put on the vehicle?
Take note of the down payment or cash incentive. Will our client pay you to take-over their lease or is there a down payment?
Who will pay the lease transfer costs? See the comments area.
Is there a requirement for a security deposit? See the comments area.

Once you've narrowed down your choices, please feel free to contact our client directly to answer any questions, arrange to see the vehicle and to negotiate the terms of the lease take-over.

Great, now what?
Confirm that the information here is the same as the actual lease contract
Confirm that all service required is up to date
Confirm who pays for vehicle inspections, lease transfer fees, license transfers etc.
Do you have to pay a security deposit or is the existing one being transferred to you?
You will need to fill out a credit application and submit it to the original selling dealer and or leasing company for credit approval.
They will process all necessary paperwork and make arrangements to finalize the lease transfer.

That's it!
Sounds simple enough, right?
Let's get started, Go to "Lease Take-Overs" to find your ideal vehicle and lease term.

NEW: For your convenience and to ensure that your Lease-Take-Over transaction experience is easy and seamless; simply download the all new Leasebusters Process Checklist and Offer-To-Lease prior to meeting with one of our lease-take-over customers.

Thank you for choosing Lease Busters and Good luck with your new car.
For more information, please call our office at 1-888-357-2678
Deal Addict
User avatar
Aug 17, 2009
2701 posts
1378 upvotes
If anyone's thinking of using lease busters, you must give serious thought to due diligence, to avoid your exposure to high costs. Here's a few tips, to keep in mind:

- ideally, don't take over someone's lease for more than 12 months (the best would be 6 months, or less);

- ALWAYS do a carfax search, to ensure the car was not involved in any accidents;

- question the seller the reasons why they are getting out of the lease, especially if there's 12 or less months on the lease;

- make sure your math is right on mileage - how much do you need and how much is left on the lease. If you don't do this properly, either the vehicle will not be driven or you will be charged $0.15 or more for every km, over the limit - this can add up very quickly;

- contact the dealership where the vehicle was leased and ask them about the process to change the lease;

- most car companies/dealerships will charge a fee to change the lessee - ensure that the person who is trying to get rid of the lease pays for it, upfront;

- find out if there is an option to buy, at the end of lease, or not; and,

- have the vehicle inspected at the dealership it was leased out for any mechanical, esthetic or electrical issues.

Some people who want to get out of leases are not reasonable. They will ask that you pay them for the $$ they had to put down to lease the car, as well as the lease transfer fees. Stay away from those, as they're essentially trying to recoup some of the $$$ spent.

Personally, I have not taken over anyone's lease. However, I looked into it and decided against it, once I did my research. The amount of work and peril, IMHO, does not make it, worthwhile. If you want to get a used car, just finance it. If you want to lease it, just get it new.

This works best if you know personally the person who wants you to take over their lease, and you trust them OR the deal is too good to pass up. Buyer beware!
Corvus oculum corvi non eruit.
Deal Addict
User avatar
Aug 7, 2007
4795 posts
3847 upvotes
GTA
I looked into the Type R’s on leasebusters but immediately stopped.

While it’s tempting because they’ve already made payments, there are too many variables, especially with a Type R or STI. The rate and payments on the Type R are absurd at 5.99% so you’ll be paying a fairly high payment, especially because these leases were never negotiated (Honda and Suburu rarely negotiate on these).

As well, you have no idea how these cars were driven. These are sports cars and extremely tempting for an owner to go absolutely wild on banging gears.

The Type R tires probably have high wear on them already, also very prone to bent wheels. So you have to be careful on what the dealer will charge if you are going to see this lease til the end.

You have to be careful with sport cars since you have no idea how their owner was. These variables were too much for me.

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