leasebusters

[afterhours]

A friend of mine needs a car for 3 months and it was suggested that she picked up a lease from leasebusters.com. It seems like a way better deal than renting (i.e. way more car for less $$).

I am assuming that if a car is still under warranty there should not be much issues re hidden defects etc. Should she be concerned re any problems at the lease end?

 

[fmahovalich]

The advantage with going with leasebusters is that you get into a lease that someone is trying to get out of. They might offer you a first month free, but the desireable thing about them is that long term is the big draw for potential customers.

It may be hard to find a vehicle coming off a lease with only three months left. I suspect the vehicle owner would just turn it back in if he was within three months.

Longer leases are desireable as the new owners can count on a fixed car rate for the foreseeable future!!

By the time you pay some admin fees, and then put it back on leasebusters after three months it gets expensive!! Cause you would be taking over a lease....then have to dump it in three months. The only people getting rich in this scenario is LEASEBUSTERS!

You would be better off going to those car dealers with old models on the lot. Find a beater and make an offer to rent it for three months. He may well jump at it if price is right

 

[69Shooter]

You also have to meet financing requirements when taking over a lease... that may not be an issue but thought I would mention it.

 

[OddSox]

If you were to hunt around for a decent used car, buy it and drive it for three months, and then flip it - you should be able to come out with almost as much as you started with. There isn't much depreciation in three months on a used car...you might even make money on the deal!

Of course, buying and selling it would take an investment of both capital and your time. You could take the easy route and go through a car dealer but their profit margin is probably going to burn you 20% on the purchase and 20% on the sale...

And then there's HST.

 

[afterhours]

buying and selling is not an option unless you are a dealer as it's a crazy headache and a good chance of losing money

there is a small number of cars on leasebusters that have 3-5 months left.
A straight rental for 3 months would be something like a cheap toyota for $800/month i.e. $2400 for 3 months
from leasebusters budget of $2400 even for 5 months would get a better car

 

[Nickelodeon]

Just make sure the car is inspected by the dealer before the take over because the new person is then responsible for meeting lease conditions, eg no dents, damage, etc.

 

[afterhours]

Just make sure the car is inspected by the dealer before the take over because the new person is then responsible for meeting lease conditions, eg no dents, damage, etc.

do you happen to know, is such inspection included in lease transfer or is lease transfer just a paper process?

 

[hungry]

do you happen to know, is such inspection included in lease transfer or is lease transfer just a paper process?

I got rid of a vehicle a few years ago with leasebuters. We did a visual inspection of the vehicle with the dealer, the new purchasers and myself before the paper work was signed. This is the norm. Beware, that if for some reason the new purchaser does not keep up the lease payments they can come back to you. It is in the fine print of the original lease agreement.

 

[EntertainmentMan2000]

I got rid of a vehicle a few years ago with leasebuters. We did a visual inspection of the vehicle with the dealer, the new purchasers and myself before the paper work was signed. This is the norm. Beware, that if for some reason the new purchaser does not keep up the lease payments they can come back to you. It is in the fine print of the original lease agreement.

that sounds like bullshit

 

[hungry]

that sounds like bullshit

Sorry you feel that way, but what I said about the transfer is true from my experience, and the part about the fine print is also true. If you lease a vehicle, read your agreement, it is in there.