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  • Feb 21st, 2019 8:15 pm
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Deal Addict
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Sep 9, 2012
3502 posts
2728 upvotes
Oakville, ON
infinityZ wrote:
Feb 19th, 2019 8:55 pm
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
2467 posts
1133 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
3216 posts
1198 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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