Best way to transfer car lease?

[slowfive0]

Hey guys,

Wife hates her 2012 Lincoln MKT as the seats don't fit her (she's short) and put her legs to sleep. She also can't touch the pedals well if she has the seat adjusted to where she can see over the dash. I guess we should have test drove the car longer before leasing it. On a side note, I love the car! LOL

We've had it 13 months. Lease has 23 months / 1,450 miles per month remaining. It's Silver with the 3.5 EcoBoost engine, dark charcoal leather interior (heated/cooled seats), rocking stereo, frig in back, etc. Loaded and in excellent shape. She averages 18 around the city and I've seen 24 out on the hwy. It has the standard Lincoln 4 yr/50,000 mile warranty and it also has the maintenance covered from the factory.

I'm looking to get out of it and will work with a qualified individual interested in assuming the lease. What are my options? I've been looking at "swapalease.com" and "leasetrader.com". Also, considering Craigslist. I hear horror stories about all of these.......I don't want to get screwed over, if someone assumes the lease and doesn't pay, or screws up the car down the road, etc because of something I overlook in the paperwork, etc.

I've been wanting to get a car and could always keep it and drive it, but I'd much rather put that money towards a mustang "purchase".....Thanks.

 

[91trunk]

You'd be best finding a friend/relative to take it over. You will then need to do an assumption of liability. The person MUST be approved through FMCC in order to transfer the lease. FMCC is VERY strict on credit, even more so than when you get a new vehicle. It's not a impossible, but it's also not the easiest thing in the world to do. I've seen it take 2 weeks to get the paperwork done and I've seen it take over a month.

Good Luck!

 

[slowfive0]

thanks Matt. Sounds like I'll be pimpin an MKT for a couple of years ;-) Shit! I knew better then lease again---what a PIA.

So Swapalease and all of those sites are kind of a joke then? Meaning, hard to find, a) someone interested, b) someone who meets the credit guidelines, c) ? And of course Craigslist.....well, that's a whole nother story...........

You'd be best finding a friend/relative to take it over. You will then need to do an assumption of liability. The person MUST be approved through FMCC in order to transfer the lease. FMCC is VERY strict on credit, even more so than when you get a new vehicle. It's not a impossible, but it's also not the easiest thing in the world to do. I've seen it take 2 weeks to get the paperwork done and I've seen it take over a month.

Good Luck!

 

[Scooter70]

Especially since it's a hearse (MKT). What's the payment?

 

[Birdie2000]

My brother and I both have used swapalease.com before. Yes, it took a while to find someone who qualified, and yes it took several weeks to do the paperwork (ours were GM vehicles though so dealt with GMAC). It worked out well for both of us, but took in the neighborhood 3-6 months to find someone IIRC. Also, for what it's worth, both of these deals were done 6-8 years ago.

It's a pain in the ass, but I wouldn't avoid them if it's really what you want to do.

 

[slowfive0]

I actually like the rearend---front not as much, but hey it's fast for a boat! lol I wanted to get her in the Flex, but she hated the styling....Payment is 706. I was going to list it at $675 (basically pay a month out of pocket). It was right in line with the other 6 MKT's on the site and had a ton more miles available each month then the rest. Figured it would be more attractive that way if I went that route.

Especially since it's a hearse (MKT). What's the payment?

I guess it might work then since I don't have to get rid of it right away, but I wanted to get her back in an Acadia (what she wants and fits in) and then get a used car (mustang maybe) for myself. I can wait on the mustang, but I don't want to be floating two big payments......

Don't you have to pay a fairly large fee if you list it for more then a month? And then more fees upon selling it?

My brother and I both have used swapalease.com before. Yes, it took a while to find someone who qualified, and yes it took several weeks to do the paperwork (ours were GM vehicles though so dealt with GMAC). It worked out well for both of us, but took in the neighborhood 3-6 months to find someone IIRC. Also, for what it's worth, both of these deals were done 6-8 years ago.

It's a pain in the ass, but I wouldn't avoid them if it's really what you want to do.

 

[91trunk]

I was going to use one of those services for my last lease, then they told me the fee's. I want to say it was around $500-600 after it was all said and done, needless to say I passed and just did it myself.

 

[WhiteHawk]

I am not sure how Ford works, but I assumed one and transferred one with GMAC, and saved a ton of time just showing up at the GMAC office. I am sure there is a credit app that Ford can send you that you can give to your prospect, and it would work the same way if you can find an office. It wasn't that big of a deal.

-Geoff

 

[slowfive0]

Ok, mental note to self...Scratch those off the list---lol! Thx

I was going to use one of those services for my last lease, then they told me the fee's. I want to say it was around $500-600 after it was all said and done, needless to say I passed and just did it myself.

I assumed a lease (GMAC) once too and it was no big deal. I'm more worried about getting screwed over if I overlook something (I'm no lawyer after all) and the assumee screws me royallee ;-) lol

I did get the paperwork so I guess I'll just have to see how things work out. Craigslist seemed like the best forum for this, but there are so many scams and shady people that come out of that site.... Thx for the info

I am not sure how Ford works, but I assumed one and transferred one with GMAC, and saved a ton of time just showing up at the GMAC office. I am sure there is a credit app that Ford can send you that you can give to your prospect, and it would work the same way if you can find an office. It wasn't that big of a deal.

-Geoff

 

[abazababalla]

It took me about 6 weeks to get this done through Ford. It was such a pain.

 

[YLWFVR]

www.swaplease.com