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Old 01-10-2011, 09:38 AM   #1
I-zoom
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Lightbulb Lease takeover

hey,
I am getting a company car April 1st.

I currently have a 2011 GTI white two door with factory upgraded rims 18" det.

There is only 6k on her now. I put down $3k and then bought mats and winter steelies and winter tires. My payment is $450 inc taxes. If I could get $1,500 and have someone take over my lease I think that would be fair??

Any thoughts?

Thanks.
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Old 01-10-2011, 09:49 AM   #2
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it is unlikely you will get any downpayment back. be happy if you can find someone to simply take over payments. Although thats a big hassle and VW keeps you responsible anyway, unlike other makers. So the risk is all yours even if you transfer the lease. Bad all around.
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Old 01-10-2011, 10:00 AM   #3
sawyer4340
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VW keeps you responsible even after the lease is transferred? Where did you hear that? I transferred my lease on my 08 Rabbit and they clearly stated that once the papers are signed I am no longer responsible for anything that happens to that car. Also, it's not a hassle, maybe for the dealership that's doing the paperwork, but after about 20 minutes the transfer is complete. Getting rid of the car is the hassle.

And yes, asking for $$ when looking for someone to take your lease over is most likely going to prevent anyone from taking over your lease. Especially when the transfer fees are around $400-$500. Take a look at LeaseBusters.ca for similar cars that are up for lease takeover and see what they are offering, I will guarantee that on a GTI, nobody is asking for $$.

When I wanted to get rid of my Rabbit I had to shell out the lease transfer fee and an extra $1,000.00 before I got any interest. If you'd like you can try putting your car up on LeaseBusters.com however it will cost a few hundred bucks but you'll be getting decent exposure. That's what I did and my car was gone in a few weeks, that's of course after I upped the incentive to take it over. Before that it was on it for months and I had a few hits but only from people looking for me to cover the first few months of payments.

Last edited by sawyer4340; 01-10-2011 at 10:52 AM. Reason: it's leasebusters.com not .ca
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Old 01-10-2011, 10:06 AM   #4
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thought i read that somewhere here.. but heres more info. in other words, it is pretty dumb to do a lease transfer on a VW. Much better off selling it completely and paying off both the lease debt and also the remaining debt of the other 50% of the value.

Volkswagen Credit (VW Credit)
Yes, this lease company allows lease assumptions.
Telephone: 800-428-4034
Transfer Restrictions: Cannot transfer in the final 9 months of the lease.
Buyer Credit Application Fee: $100
Lease Transfer Fee: $0
Original Lessee Remain Liable?: Yes (What's this?)

Original Lessee Remain Liable:
While an unpopular policy, some lease companies will keep the original lessee on the lease contract as a second guarantor once the lease has been transferred. Since lease buyers must be credit approved by the lease company before taking over a lease, risk of default to the lease seller is minimized although not entirely eliminated.


Does Security Deposit Transfer?: Yes
Other Information: None
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Old 01-10-2011, 10:15 AM   #5
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If people got hung out to dry on lease transfers they would be nowhere near as popular as they are. This is a safe option to getting rid of your car for whatever reason you have.

Have you gone throught the lease transfer process with VW? I have, and from my experience this is a sound operation with no risk, at least not as much as you're assuming it has.

All in all, if I-zoom has any questions he/she can ask their dealer for the straight answers. No need to have people cloud up the issue when it's pretty clean cut.
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Old 01-10-2011, 10:18 AM   #6
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Originally Posted by sawyer4340 View Post
If people got hung out to dry on lease transfers they would be nowhere near as popular as they are. This is a safe option to getting rid of your car for whatever reason you have.

Have you gone throught the lease transfer process with VW? I have, and from my experience this is a sound operation with no risk, at least not as much as you're assuming it has.

All in all, if I-zoom has any questions he/she can ask their dealer for the straight answers. No need to have people cloud up the issue when it's pretty clean cut.
lol. whats more clean cut than VWs policys i posted above? I think that is the most valuable post in this thread.
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Old 01-10-2011, 10:54 AM   #7
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Example of a typical lease takeover:

Here's a lease transfer offer on an 08 GTI with 41,500 KM's on it and he's offering $1K incentive on it.

http://www.leasebusters.com/en/details.asp?ID=87308
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Old 01-10-2011, 01:59 PM   #8
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When it comes to lease takeovers I'm sure that maybe things are different from US and Canada. Also with what Plac put up he/she could have written it up on their own. There was no link to stating what country it was for and whatnot.

If you want to sell your car OP you should give some incentive to do so. People are not going to pay you to take over your lease. You should be giving them the $1,500 to take over your lease, make it worth for the buyer.
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Old 01-10-2011, 03:14 PM   #9
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May consider losing my $3g's down and keeping my snow rim/tire package to help recover some of the $$$

I don't think it will be hard to have someone take over my lease on such a great car!!
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Old 01-10-2011, 04:09 PM   #10
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Quote:
Originally Posted by I-zoom View Post
May consider losing my $3g's down and keeping my snow rim/tire package to help recover some of the $$$

I don't think it will be hard to have someone take over my lease on such a great car!!
I think that you might have to bite the 3g down payment that you had made. Maybe it would be a good idea to sell the winter package and get back what you can from that. I was just thinking though. If you threw in the winter package it would be more incentive for someone take over the lease. I'm sure that if the buyer could go and buy a 2011 for the same lease rate as yours, I'm sure that they would go and do that(instead of having a 2010 with km's already on it). But since that you have a winter package it would be less money the buyer has to spend etc.

Quote from OP: If I could get $1,500 and have someone take over my lease I think that would be fair?? The chances of this happening and someone taking over your lease would be nil.

If I were you, I would bite the 3g that I had put down on the car. Welcome to putting a big down payment on a car but crap happens, right? I would put the winter package with it and then give them an incentive of say $1000-1500 to take over the lease. Or make 2-3 monthly payments so the buyer doesn't have to.

Last edited by jasonweremy; 01-10-2011 at 04:15 PM.
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Old 01-10-2011, 05:46 PM   #11
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I had to throw in my set of snows when I got rid of my car as well. I took it hard, but in the end I got what I wanted, my new GTI.
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Old 01-21-2011, 07:56 PM   #12
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I was in the same boat & tried doing the lease takeover/selling the car thing with my MKV GTI (but ultimately just traded the car in for my MKVI)

With VW Credit.....you can't really have anyone take over the lease. They are added to your account & you are still liable for the car/payments.
Not a good way to go about it...just FYI


You can find this info under FAQ when you log into your VW Credit account online:

"Can I transfer my lease to another party?

Yes, although Volkswagen Credit is not able to relinquish liability for those currently on the account. In other words, we are able to add an additional party to your account to assume liability; but you, along with any other person who signed the original financial contract, will continue to remain responsible for the account.
This process is called Lease Assumption, and it typically takes 4 to 6 weeks to complete.
To begin this process, the person you wish to add to your account must fill out a credit application and submit a $100 non-refundable fee. Upon credit approval, we will send you the initial paperwork to begin the process to add this person to your account."
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Old 01-27-2011, 07:11 PM   #13
I-zoom
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It's official., I am getting company DEMO! CAR MUST GO! I guess the winter rims/tires will be included! Anybody in ONTARIO looking to take over my lease drop me a line.
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Old 02-17-2011, 06:37 PM   #14
I-zoom
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Oh and monster matts too!
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