Trying to get rid of a lease

[hjm331]

My mother has a 2009 Toyota Camry LE V6 sedan and he has been letting me drive it for the past year or so as long as I keep making the payments. I'm currently paying approx. $400 a month. The lease term ends in May 2011 and I saw some really good offers for the '10 Toyota Camry.

 

I was wondering if it's possible for my mother to transfer the lease to someone else that's willing to make payments until the lease ends? If so, would she still be responsible for making the payment if the new lessee fails to do so?

[lakbum]

There are websites that setup these kind of arrangements between people such as leasetrader and swapalease. However, the other person who wants to take over the lease will have to be approved by the bank that owns the current lease.

 

As to whether your mom will be responsible for making the payments if the new lessee fails to do so...it depends on the bank. I've seen some like Porsche Finance for example will not completely transfer it over and require the original owner to still be on the lease. In that situation, if the new owner stopped paying for it, the original owner would be responsible. I don't know about Toyota's policy but if it is like that, I would not risk transferring the lease.

[hjm331]

There are websites that setup these kind of arrangements between people such as leasetrader and swapalease. However, the other person who wants to take over the lease will have to be approved by the bank that owns the current lease.

 

As to whether your mom will be responsible for making the payments if the new lessee fails to do so...it depends on the bank. I've seen some like Porsche Finance for example will not completely transfer it over and require the original owner to still be on the lease. In that situation, if the new owner stopped paying for it, the original owner would be responsible. I don't know about Toyota's policy but if it is like that, I would not risk transferring the lease.

 

Thanks for the reply/info. Yeah, I was thinking the same thing. If my mother is going to be held responsible for making payments on-time, then it's not worth. We'll just keep it until the lease ends.

 

Would it be a good idea to call Toyota Financial and try to get answers for these questions?

[jtoast]

I am considering taking over a BMW lease myself. Their policy is a $500 transfer fee and the original leasee is completly absolved of all responsibility but the lease can only be transferred once per vehicle. I did a quick google search which indicated Toyota's fee may be as low as $45.00. I would call the leasing company to be sure.

[hjm331]

Is it possible to entirely terminate a car lease just like a building lease?

[MarvBear]

Is it possible to entirely terminate a car lease just like a building lease?

 

 

Yes...........that's called a reposession.

[hjm331]

Is it possible to entirely terminate a car lease just like a building lease?

 

 

Yes...........that's called a reposession.

 

Marv, I didn't mean to go that route. Would it be a good idea to call Toyota Financial and talk to them about this matter?

[MarvBear]

Well, if you don't call, you will never know.

 

I honestly have no idea how TMC would handle this, since I've not a clue if they allow lease assumptions. They never did before when I was with them for 10 yrs. Maybe times have changed.

[hjm331]

Thanks for the advice everyone. I will give them a call Monday and will update.

[Daddy]

Is it possible to entirely terminate a car lease just like a building lease?

 

 

Yes...........that's called a reposession.

 

LMAO!!!

[hjm331]

I'm going to call Toyota Financial today to ask them if it's possible to transfer the lease to someone else without me being liable for the payments.

 

If they ask me why I want to transfer the lease, would it be alright if I told them the payments were too high? Would they get nervous and seek adverse action?

[mk_378]

If they allow such transfers, and the person you find to sign meets their credit qualifications, they won't care what your reason is.

 

If they even ask, you can say something generic like "the car no longer meets my needs." Which is true, you need a lower payment.

[hjm331]

If they allow such transfers, and the person you find to sign meets their credit qualifications, they won't care what your reason is.

 

If they even ask, you can say something generic like "the car no longer meets my needs." Which is true, you need a lower payment.

 

Okay, thanks. I will give me them a call today.

[Imanevilpoptart]

Updates?

Edited January 6, 2010 by Imanevilpoptart

[hjm331]

Updates?

 

I decided to keep the car and cut down other expenses. There's no way I can put up a few grand in short notice to repair a car.