I found a used 2007 S Cayman which was leased through Porsche for three years beginning January 2008. How does one go about buying a car from a private owner that has a year left on the lease? What steps?
He leased a Porsche so he can't sell you the car he doesn't own. He has to buy it first before he can sell it. However, the two of you should be able to work something out with Porsche. Or you can take over the lease, then buy it a year later from Porsche.
Don't like the sounds of this. A Porsche sales person tole me that different arrangements could potentially be made, the sale from Porsche Financial to the lessee is a taxable event, as is the sale from the former lessee to me. I am not interested in two sets of sales taxes being part of the transaction. I expect there is a way to make this a single step effort, but am become wary of additional complexities that could backfire on me.
One option would be to negotiate a fee for a dealer to complete the transaction for you. You would pay sales tax, a doc and lic fee in addition to maybe $500 for the dealer but this way both you and the seller can complete the transaction the same day and limit the liability.
I was able to sell a leased 05 E46 M3 to a friend thru financing company -
U S Bank - in a single transaction. We were also concerned about two transactions but it was avoided. IIRC this was a fairly common transaction. Porsche Financial may be different. Most salesmen (no disrespect) can't be relied upon for this type of matter. As above, US Bank took about 5-6 weeks.
I sold a leased Acura a couple of years ago. Luckily it was leased through a bank that had a branch about an hour away. We met at the Bank..... the buyer handed them a check for $24,000.... I handed them a check for the remainding $900.00 to equal the buyout price. The whole deal took 20 minutes. If the bank is not local the buyer can probably send a check directly to the bank and then wait for the title.