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[OP]
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Jul 22, 2004
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Richmond, BC

Lease takeovers.

When you take over someone's lease, is there any renegotiation available? Say the original lease is for 36 months and the original owner has already driven it for 18 months, leaving 18 months left. When I take over the lease can I turn the agreement into 36 months again, to lower the original monthly payments OR take the cash incentive (if any) and throw it at the principal to lower monthly payments?

Thanks. New to lease takeovers and such.

Edit: math
18 replies
Deal Guru
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Mar 23, 2008
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Edmonton
I don't know about re-negotiating the term of the lease, but I suspect you're stuck with the original term. As far as the cash incentive, there's nothing stopping you from putting that into a bank account and having your payments taken out of that account. That allows you to put in a reduced payment each month, until the incentive is used up.

C
Member
May 14, 2012
375 posts
69 upvotes
PICKERING
If you take over a lease you have two choices...1) maintain the original terms or 2) buy out the lease after it is transferred to you. That is it. Not sure what you mean by cash incentive...if you mean the cash incentive that the person is offering you to take over their lease, there is nothing that can be done with this directly to reduce interest charges or term.
Sr. Member
Feb 25, 2015
513 posts
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ON
I don't think you can renegotiate the agreement. I have extended a lease under the same lease terms for 6 more months with Honda.
[OP]
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Jul 22, 2004
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All good information. Thanks guys.

Follow up question, the only way you can get out of a lease early is to transfer it to someone else right? My friend wanted to return his leased 2015 A3 for a new 2017 model with different trim and he said his salesperson said it was possible?
Deal Guru
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Mar 23, 2008
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syn3rgetic wrote: All good information. Thanks guys.

Follow up question, the only way you can get out of a lease early is to transfer it to someone else right? My friend wanted to return his leased 2015 A3 for a new 2017 model with different trim and he said his salesperson said it was possible?
As far as I know, you can buy your way out of the lease. Whether it's fiscally logical is another question altogether.

C
[OP]
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Jul 22, 2004
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CNeufeld wrote: As far as I know, you can buy your way out of the lease. Whether it's fiscally logical is another question altogether.

C
My dilemma is that I need a new car soon. I just moved to Vancouver and picked up a junker for free pretty much just to get to and from work. (2000 Corolla VE) For some reason it guzzles gas like crazy. I can only squeak out 375KM per tank which is waaaay worse than my 2008 Civic. Also I dunno...I just want modern luxuries like POWER LOCKS, WINDOWS and ABS. It also burns engine oil at a rate of few litres a month. It is not the "econo 4 banger" I remember it used to be.

I'm really picky with cars. I really wanna get the GTI/Golf R but the new MK7.5 facelift that was just unveiled in Europe has all the extra little things that I actually want. LED headlights, Audi style virtual cockpit, increased power across the board, etc. My current options that I have thought out myself was to:

Get a modern car from lease busters with short term 10-16 months, drive it until it's over and then get a GTI when the refreshed model gets here
OR
Suck it up, forgo the new features of the MK7.5 and get the GTI now.

Anyone else have other options or alternatives to leasebusters as it is quite slim pickings right now.
Deal Guru
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Mar 23, 2008
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syn3rgetic wrote: My dilemma is that I need a new car soon. I just moved to Vancouver and picked up a junker for free pretty much just to get to and from work. (2000 Corolla VE) For some reason it guzzles gas like crazy. I can only squeak out 375KM per tank which is waaaay worse than my 2008 Civic. Also I dunno...I just want modern luxuries like POWER LOCKS, WINDOWS and ABS. It also burns engine oil at a rate of few litres a month. It is not the "econo 4 banger" I remember it used to be.

I'm really picky with cars. I really wanna get the GTI/Golf R but the new MK7.5 facelift that was just unveiled in Europe has all the extra little things that I actually want. LED headlights, Audi style virtual cockpit, increased power across the board, etc. My current options that I have thought out myself was to:

Get a modern car from lease busters with short term 10-16 months, drive it until it's over and then get a GTI when the refreshed model gets here
OR
Suck it up, forgo the new features of the MK7.5 and get the GTI now.

Anyone else have other options or alternatives to leasebusters as it is quite slim pickings right now.
In your situation, I'd look at leasing a car for 18 months. Well, my first choice would probably be to pick up a "more decent" junker and suck it up for 18 months, and then buy the other one when it's out. But compromising with the GTI now would probably not be an option.

C
[OP]
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Jul 22, 2004
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CNeufeld wrote: In your situation, I'd look at leasing a car for 18 months. Well, my first choice would probably be to pick up a "more decent" junker and suck it up for 18 months, and then buy the other one when it's out. But compromising with the GTI now would probably not be an option.

C
This is probably my best bet. But I didn't know cars could be leased for so short a time?
Deal Guru
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Mar 23, 2008
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syn3rgetic wrote: This is probably my best bet. But I didn't know cars could be leased for so short a time?
Sorry, I was referring to taking over a lease.

C
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Mar 23, 2008
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And you can do short term leases. 2 years isn't uncommon. But you're paying down a big chunk of depreciation in a short period of time, so it's pricey.

C
Member
Sep 28, 2011
342 posts
84 upvotes
Lethbridge
syn3rgetic wrote: My dilemma is that I need a new car soon. I just moved to Vancouver and picked up a junker for free pretty much just to get to and from work. (2000 Corolla VE) For some reason it guzzles gas like crazy. I can only squeak out 375KM per tank which is waaaay worse than my 2008 Civic. Also I dunno...I just want modern luxuries like POWER LOCKS, WINDOWS and ABS. It also burns engine oil at a rate of few litres a month. It is not the "econo 4 banger" I remember it used to be.

I'm really picky with cars. I really wanna get the GTI/Golf R but the new MK7.5 facelift that was just unveiled in Europe has all the extra little things that I actually want. LED headlights, Audi style virtual cockpit, increased power across the board, etc. My current options that I have thought out myself was to:

Get a modern car from lease busters with short term 10-16 months, drive it until it's over and then get a GTI when the refreshed model gets here
OR
Suck it up, forgo the new features of the MK7.5 and get the GTI now.

Anyone else have other options or alternatives to leasebusters as it is quite slim pickings right now.
375km per tank sounds about right. Before getting rid of my 99 Civic, it was getting 400-450km a tank in mixed driving, down from close to 600km.
Deal Fanatic
Oct 26, 2008
6031 posts
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BC
This has been stressed before by Pete_C, but I'll say it again - referencing fuel consumption by kms. per tank is meaningless.

There is no reason for a Corolla to have the same size tank as a Civic, and even within the Civic range a sedan doesn't necessarily have the same size tank as the coupe, etc.

Plus, with the same model, some tanks shut off sooner than others when filling, and some show E much sooner than others.
These differences can be compounded as a car ages, and mechanisms in the tank get deposits on them, engine efficiency drops in car X but stays the same in car Y as they pile on the kms. and years, and so on.

Use L/100kms. as Transport Canada wants you to, or m.p.g. if you want to.

No question that, in general, cars are more fuel efficient than they were, so going for the newest you can afford probably makes sense from that point of view - but there always exceptions, and other factors involved.

It used to be that a car needed about 20K kms. under its belt before max. fuel efficiency was achieved - I don't know if that still holds true.

But back to the topic - lease takeovers are not generally flexible.
You don't assume a lease because there are great deals to be had and you are at the same time helping some poor soul crawl out of a hole.
You assume a lease because it suits your present situation AND you are able to negotiate a deal that makes economic sense to you.
[OP]
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Jul 22, 2004
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macnut wrote: This has been stressed before by Pete_C, but I'll say it again - referencing fuel consumption by kms. per tank is meaningless.

There is no reason for a Corolla to have the same size tank as a Civic, and even within the Civic range a sedan doesn't necessarily have the same size tank as the coupe, etc.

Plus, with the same model, some tanks shut off sooner than others when filling, and some show E much sooner than others.
These differences can be compounded as a car ages, and mechanisms in the tank get deposits on them, engine efficiency drops in car X but stays the same in car Y as they pile on the kms. and years, and so on.

Use L/100kms. as Transport Canada wants you to, or m.p.g. if you want to.

No question that, in general, cars are more fuel efficient than they were, so going for the newest you can afford probably makes sense from that point of view - but there always exceptions, and other factors involved.

It used to be that a car needed about 20K kms. under its belt before max. fuel efficiency was achieved - I don't know if that still holds true.

But back to the topic - lease takeovers are not generally flexible.
You don't assume a lease because there are great deals to be had and you are at the same time helping some poor soul crawl out of a hole.
You assume a lease because it suits your present situation AND you are able to negotiate a deal that makes economic sense to you.
Yeah I get it that cars age, but the fact remains, I'm paying over $200 in gas and another $30 in engine oil every month on an economic 4 banger that doesn't even have any amenities. I'm a super car freak that demands the best outta my vehicles but I want to not throw up a little bit every time I go to work or pick up my girlfriend.

And you said negotiate a deal that makes economic sense to me. That was the my original question, where do I negotiate? On leasebusters I can "make an offer" on the monthly payments. Doesn't that mean that the monthly payments can indeed be lowered? Thanks in advance, I'm leasing/financing noobie. Always bought my cars with cash albeit used or from a family member.
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May 24, 2008
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Toronto
syn3rgetic wrote: Yeah I get it that cars age, but the fact remains, I'm paying over $200 in gas and another $30 in engine oil every month on an economic 4 banger that doesn't even have any amenities. I'm a super car freak that demands the best outta my vehicles but I want to not throw up a little bit every time I go to work or pick up my girlfriend.

And you said negotiate a deal that makes economic sense to me. That was the my original question, where do I negotiate? On leasebusters I can "make an offer" on the monthly payments. Doesn't that mean that the monthly payments can indeed be lowered? Thanks in advance, I'm leasing/financing noobie. Always bought my cars with cash albeit used or from a family member.
Just contact the leasee and negotiate. This is just like any other transaction in life - it's always negotiable. The listing should have an e-mail address and/or phone number - get in touch and go from there. However, take your time first to get familiar with what is a good deal or not. A large incentive isn't always a good deal, because there was probably no cash down to begin with, they may not have negotiated a good monthly payment, and there may not be a lot of kms left.

I would also only look at cars that have some kind of excess wear and tear protection. It just means you don't have to be so thorough when inspecting the car and peace of mind when returning. It's paid for anyway.

When you know exactly what to look for, you should either be on there several times a day and be ready to pounce as soon as a good deal is posted (they usually go fast), or go after old listings with lowball (but realistic) offers.

Leasebusters has lots of good info on their site about all the steps involved and what to look out for. One thing to be clear on is the lease transfer costs which can easily run over $1k. Make sure it's made clear who's supposed to pay transfer costs or whether the cost should be split.
4 years of pain for Ontario...

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