I was planing to sub lease car from leasebuster, any risks?

I would like to know also

Its not "sub leasing" it's lease takeover--you are taking over the lease from someone else. After the transfer, the original lessee has nothing to do with it.

The risks are mainly if the car has damages or issues that will be charged upon lease return--things like dents, scratches, worn out tyres (which you may wear out yourself when you have it), etc.

ES_Revenge wrote: ↑ Its not "sub leasing" it's lease takeover--you are taking over the lease from someone else. After the transfer, the original lessee has nothing to do with it.

The risks are mainly if the car has damages or issues that will be charged upon lease return--things like dents, scratches, worn out tyres (which you may wear out yourself when you have it), etc.

Look at my thread! Look at my thread!

Most of the "deals" are terrible. You are taking a used car and still paying the price as if it was new. Unless they give you an incentive, it makes no sense.

Deals are terrible now...but I've taken over 6 leases now and the process is fairly straightforward. Going up to start of the 2021, you could get huge cash incentives, or take over leases with exceptionally low payments if the original lessee did a trade-in or cash downpayment.

The one non-negotiable for me the lease-end warranty/protection. I would never take over a lease that doesn't come with a transferrable warranty because you don't know what kind of damage the lease assignor has done.

carztoronto wrote: ↑ Most of the "deals" are terrible. You are taking a used car and still paying the price as if it was new. Unless they give you an incentive, it makes no sense.

That's not true. You are not paying the same price. You are taking over payments so depending on how many months remain, you are paying a lesser price overall for your lease.

muscan wrote: ↑ That's not true. You are not paying the same price. You are taking over payments so depending on how many months remain, you are paying a lesser price overall for your lease.

And getting the car for a shorter term, accordingly. You're paying the same per month (depending on what incentives were thrown in, if any) and just having it for a shorter term. This works well for those that just need a car for the short term--takeover 2yrs of someone's 4yr lease, for example.

However, one is subject to a few things with lease takeovers in terms of how good a deal it is:
-You are subject to how good a deal the original lessee was able to get/negotiate on the car. If they were a good negotiator it ends up being a good deal for you, without having to have had to negotiate. Good as well if you're not good at that sort of thing. On the other side of the coin if they did something stupid like pay MSRP and a bunch of extra fees and add-ons, which were all rolled into the lease, it makes of a terrible deal for takeover, unless the "seller" offers enough in incentive to counter that.

-The incentives the "seller" is putting in. If they are paying the transfer fee and putting in a cash incentive and/or signing over their security deposit, then it can make for a nice deal. However if not (or if they have the audacity to ask for money from the "buyer") then it's probably a crap deal. Some people were stupid enough to put in a downpayment on a lease though and understandably they might ask for that or a portion of it from the "buyer" though unless it's a real good deal otherwise, they're probably not going to have that much success.

Other things to keep in mind are with the market the way it is, it's not likely to find many good lease takeovers now. People are actually able to trade-in these cars early now and actually net "equity" from them due to the dealer demand for used cars and the current market prices. I.e. Their buyout + remaining payments is often less than what the car is worth on the used market right now. So there's really very little need for them to try to get someone to takeover their lease when they can just take to a stealer and cash in on the liability they have now. People that know this may also just be offering their lease takeovers asking for that extra cash (which may be in the thousands) from the "buyer", accordingly. So not really what someone looking for a deal is after.

There might be some clueless people still offering lease takeovers but mostly I think it's going to be bad deals, cars that didn't really ride the inflation train for whatever reason (probably not practical/popular vehicles), or vehicles with long enough terms remaining that they don't really net anything trading it in (because the remaining payments/obligation make the total value as high/higher than the market value).

No harm of course, in seeing what is out there, but I wouldn't be surprised if it's nothing too exciting/attractive to take over.

ES_Revenge wrote: ↑
-The incentives the "seller" is putting in. If they are paying the transfer fee and putting in a cash incentive and/or signing over their security deposit, then it can make for a nice deal. However if not (or if they have the audacity to ask for money from the "buyer") then it's probably a crap deal. Some people were stupid enough to put in a downpayment on a lease though and understandably they might ask for that or a portion of it from the "buyer" though unless it's a real good deal otherwise, they're probably not going to have that much success.

Other things to keep in mind are with the market the way it is, it's not likely to find many good lease takeovers now. People are actually able to trade-in these cars early now and actually net "equity" from them due to the dealer demand for used cars and the current market prices. I.e. Their buyout + remaining payments is often less than what the car is worth on the used market right now. So there's really very little need for them to try to get someone to takeover their lease when they can just take to a stealer and cash in on the liability they have now. People that know this may also just be offering their lease takeovers asking for that extra cash (which may be in the thousands) from the "buyer", accordingly. So not really what someone looking for a deal is after.

There might be some clueless people still offering lease takeovers but mostly I think it's going to be bad deals, cars that didn't really ride the inflation train for whatever reason (probably not practical/popular vehicles), or vehicles with long enough terms remaining that they don't really net anything trading it in (because the remaining payments/obligation make the total value as high/higher than the market value).

No harm of course, in seeing what is out there, but I wouldn't be surprised if it's nothing too exciting/attractive to take over.

You explained that we are in a market such that someone who leased a car 3 years ago for example that has 1 year left has every right to ask for money in this market to have someone take their lease. It's simply a matter of how much a car is worth and how much the buyout is today. Someone taking it over may still end up further ahead compared to going to a dealer to try and buy that same car off their used lot, that's if they can even get there in time to see the car. If I was leasing something I wouldn't even bother with the complications of LTO today. Just post on kijiji for an outright sale and do the paperwork at the dealer.

Been on LeaseBusters for weeks now and I have no been able to find a single lease offered on an SUV. Wondering if I'm doing something wrong or there's simply no supply of lease transfers.

The car market sucks right now!