[quote=“nytib,post:14,topic:32128"”]
i am actually starting to like this idea… does anyone have any experience with doing this? it says there are costs to taking over a car lease
What are the costs to take over a car lease?
Membership fee: from $39.95 to $139.95
Credit application fee: $29.95 (one time verification included in membership)
Transfer initiation fee: $149.95 - $249.95
LeaseTrader charges the buyer (you) a one time transfer initiation fee once you and a seller agree on stating the lease transfer process, it is your responsibility to notify and pay LeaseTrader your transfer initiation fee at the initiation of a lease transfer process.
In addition to LeaseTrader fees, you may have the following expenses:
Bank Transfer fee: $0-$600
Most financial institutions charge a fee to process the car lease transfer paperwork and are paid directly to the Finance Institution (e.g. Mercedes Benz Credit).
Registration fees: $50 to $200
this sounds just as bad as a down payment
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I did it. I paid $100 to leasetrader to go through with the lease transfer, $595 to GMAC, and $39.95 to join leasetrader and get credit processed. That plus a one way ticket to NC and it ended up costing $1000 down to get $267 a month payments on my GTO for 2 years.