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Discussion Starter · #1 ·
Hello,

Anyone knows if there is a specialized website for Porsche leases swaps?

I recently got a Cayman S 08, back in April 09, this summer I might have to move out and I was thinking to start the process sooner rather than later.

Does Porsche allow this?

Any insight would be helpful

Thanks
 

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Don't know of any lease swap agencies that handle Porsche leases specifically or exclusively. Do you mean you're leasing through Porsche Financial Services? You might want to check your lease contract. Depending on the leasing agent, swapping a lease may be prohibited.
 

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Discussion Starter · #3 ·
Yes, Porsche Financial Services

I just checked and yes they allow lease transfers.

I have a Cayman S 08 with 11060 miles (today).

I pay $628 a month (everything included) and I have two insurances during the lease (one for the wheels) and the other one for excess of wear and tear

The car is in perfect condition.

If anyone interested, send me a message! :)
 

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Porsche will do this, but they will still put you on the hook for security too. So you are never entirely off the hook. Trust me, out of all the Leasing companies I have worked with, Mercedes, Honda, Chrysler, GMAC, Porsche is the worst when it comes to being lenient.

I just came out of a Cayman S lease into a 997.2 Lease, and Porsche refused to even waive 1 month of payment, where other companies can waive up to 6 months of payments, such as "pull ahead" programs, if you stick with the same car/leasing company on your future purchase.

They won't transfer a lease with less than 6 months remaining either. Again, if you transfer a lease, YOU ARE STILL ON THE HOOK if the new individual does not make payments or blows up the car, etc. You are never entirely off the hook like other transfer programs. In essence, they got you by the balls and refuse to let go...

Most likely, nobody will take your offer on the transfer without you throwing in a HUGE incentive... like 4-5K. In states like mine, the individual that takes over your lease will have to pay taxes ON TOP OF the taxes you have already paid when you got the car, which you propbably rolled into your payments. The amount taxed is based on the Porsche lease payoff amount that is left, which is probably inflated.

That same individual could get just as good of a payment on a BRAND new Porsche with the crazy discounts and low money factors they are throwing around, which is why you need to throw in a huge incentive just to compete... of course this all depends on how many months you have left and what your payments are relative to the MSRP of the vehicle.

Trust me, I was looking to take over a 997.2 lease from swapalease, but I got MUCH better payments on a brand new car than taking over another lease because of the incentives Porsche has to push new car sales. Even my total payment amount would be less.
 

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Discussion Starter · #5 ·
I see what you mean

Thanks for the info, I'm not in a rush at all, there is still 2 years and a half lease and the car has very low mileage.

If I had to pay someone to take the lease 5k, then is better if I just keep the car in the garage :)

I already paid a cap reduction of 5k plus and the extra insurances which I take as a loss...

Hopefully here in CA the tax works different

Regards,
 

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Check with your DMV regarding the taxes... because every state is different, but whatever it is, the new leasee will likely pay a tax.

Also, in the future, NEVER pay any money down when leasing, unless the leasing company makes you under a last resort. This is because if you have to transfer a lease, or even total the car, all that money you put down goes out the window, you will never get it back.

You have no ownership interest in the car when leasing, which is why that money goes out the window. This is different than financing, where it would be applied to principle reduction, since you DO have ownership interest in that case.

Go on swapalease.com and other lease trading sites to get an idea on what moves, but most of the cars are sitting there because their current owners got such bad deals... or "OLD" deals that can be beat with all the current incentives Porsche is offering.

Just my thoughts, but do your research too!
 

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On another note - how did you get such a low lease payment? $628 is really cheap for a CS lease. :crazy:
 

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Discussion Starter · #9 ·
Yes, I've got a great deal

the $628 also includes tax in the monthly payment, and I'm way below my mileage allowance.

So I don't complain about the deal at all :)

I think I will try to build a nice add in leaseswap during this weekend
 

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I'll be eager to hear what your experience was with the lease swap folks.

I've been looking and wandered upon a lease swap site. I found almost precisely what I wanted, $620/mo with 17 months remaining and it was a mere 50 miles from me.

I toyed around on the site and the more I looked the less comfortable I was. I started getting calls and e-mails wanting my credit card number, SSN and so forth. They claim, although PFS is the lessor, that they need to do the credit check. One of the yayhoos called me and told me "it's okay to give us this info, we've been in business 20 years". I told them I'd been in business 40 years and I was not about to give some low life all my info.

The dealer who sold the car remembered it and attempted to contact the owner . . . no joy. It's looking more and more like a trumped up deal.

I've looked closely at the top two lease swap sites. It looked like a cool way to drive something for a year, find out what my wife and I liked and didn't like and allow time to place an order for Euro delivery while we had a car to drive.

It didn't take much looking to find a raft of "they took my money" complaints on both companies and both openly bad mouth the other . . .really sleazy stuff.

Anyway . . it sounded like a good idea but I'm steering well clear.
 

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Discussion Starter · #12 ·
I'll be eager to hear what your experience was with the lease swap folks.

I've been looking and wandered upon a lease swap site. I found almost precisely what I wanted, $620/mo with 17 months remaining and it was a mere 50 miles from me.

I toyed around on the site and the more I looked the less comfortable I was. I started getting calls and e-mails wanting my credit card number, SSN and so forth. They claim, although PFS is the lessor, that they need to do the credit check. One of the yayhoos called me and told me "it's okay to give us this info, we've been in business 20 years". I told them I'd been in business 40 years and I was not about to give some low life all my info.

The dealer who sold the car remembered it and attempted to contact the owner . . . no joy. It's looking more and more like a trumped up deal.

I've looked closely at the top two lease swap sites. It looked like a cool way to drive something for a year, find out what my wife and I liked and didn't like and allow time to place an order for Euro delivery while we had a car to drive.

It didn't take much looking to find a raft of "they took my money" complaints on both companies and both openly bad mouth the other . . .really sleazy stuff.

Anyway . . it sounded like a good idea but I'm steering well clear.
Hello Courtney

Sorry for my late reply, here is my experience.

I made and advertisment a leasetrader.com after talking to PFS.
The ad was very succesful, so succesful that I had to put it down becasue I was overwhelmed. I paid around $100 for the ad.

The way it works is that someone else if interested will take over your lease, however with PFS you're not off the hook, and if the person taking over the lease does not pay one day, then you're responsible.
"obviously, you're looking for the car", so the risk for you is not so great.

I, personally becasue I have 24 months left on the lease and I have build up so many miles already this year ( I only use it 6000 miles) was not ready to give it up to someone that I don't know.
I understand that PFS does credit checks, but 24 months is a long time to be worrying about trusting someone you don't know.

Of course, when doing business you need to trust a little bit and that is why towards the end of this year I will think about it again.

a lease trade while you wait for a new car or becasue you want a short term or becasue you just want to try it out is what I would do with what I know today :).

Hope this helps, if you look for the car in an specialized website and have an official Porsche leader helping you out with the swap, then you should have no problems.
 

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that sucks to hear about the PFS lease restrictions. BMW is pretty flexible.

There are a few pretty aggressive deals on leasetrader.com for Caymans in the $650 per month range.

I would be assuming so its not my problem...if you become interested in trying to unload your lease later in the year, shoot me an [email protected].

For what its worth, I'm an attorney so I won't screw you, unless I get hit by a bus and die, then I won't be able to make the payments anymore.

Seriously, I would like to review the terms they offer, that doesn't sound correct that PFS would keep you personally liable on the lease. I have never heard of that before. What is the point of doing a lease ASSIGNMENT if the lease isn't actually assigned...

If anyone has the form lease assignment from PFS, I'll be happy to review it and give you my legal opinion. (I'm a commercial litigator with 15 years experience in complex real estate, commercial, mortgage etc...)
 

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I made and advertisment a leasetrader.com after talking to PFS.
The ad was very succesful, so succesful that I had to put it down becasue I was overwhelmed. I paid around $100 for the ad.
How was the experience with Lease Trader? The glimpse I've had of both Lease Trader and Swap-a-Lease are a bit scary. Add to that a quick scan of some of the reviews and it's scarier still. I'm not sure if I am looking at a small, non-representative, sample of folks or if they are really that bad.

But their daily calls wanting credit card information before they can "help" me and the idea of having to submit to a credit check just to see details of a car frankly have me a bit uneasy.

Now that it appears Porsche is bringing back some interesting deals (or so I have heard from one dealer, the local dealer claims to know nothing about it) I may cast my gaze back toward new.
 

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Discussion Starter · #15 ·
Hello,

You know, there is no gain withouy pain - you can correct me, I'm european :)-

It's very simple, once you know what you want is fine giving out the SSN, at some point when you take the lease you're going to have to give it.

Also when looking for a car you can have unlimited credit checks for a certain period - i think is 10 days or so-, if you have a credit monitoring alert company they can inform you better, So no matter if you look at 10 cars or 1, you credit will be affected the same if is in the 10 days period.

Clearly, you will have to give the SSN so the other part see you're serious.

There might be deals, but let me tell you this.. you won't get into a Porsche for less than 5k down.

I've got a great deal of $625 all included (taxes too), and I've bought two extra insurances (wheels and excess wear and tear upon return) those alone were 3k.

I'm trying to say, that with PFS there is no good deals unless you go with at least $5k down.

In regards to lease assumption, it is what it is.... you will not be off the hook if the person assuming the lease does not pay.
Basically, if I transfer the lease I'm like a co-signer... that is their policy.

The only way I will do it at this point is by getting at least $4k down to offset down payment and extra insurances (which the other person benefits anyway). the down payment also takes the residual down in case you want to keep the car.

That money safe somewhere will at least help me as peace of mind in case the other person is not looking after my Cayman S!!

Good luck looking out there, but will be difficult getting a nice Porsche for a low payment in lease trader, that is true...

You might as well go directly to the dealership

Just my opinion.

:)
 

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most of the leases in the $650 per month range have somone putting about $3-5k down.

These people are NOT asking for money upfront, they are willing to lose that cash in order to get out of the car.

I have done a few lease transfers (2 thru BMW Financial and one thorugh Infiniti and none of those made the transferor personally liable).

How could PFS hold the transferor personally liable if they no longer own the vehicle? You have to change title/registration to the new driver, you don't KEEP your name on the title...otherwise if they hit and kill some kid are you personally liable?

They wouldn't even do that at the DMV....moreover, you are removing your insurance coverage as well.

Someone please post the lease transfer docs...I just don't think that's legal for PFS to keep you personally liable...either you are or you aren't.

I know it violates consumer protection laws in Michigan, not sure about other states though...
 

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Discussion Starter · #17 ·
Look,

Last Saturday night I had a flat tire, called Porsche, they picked up the car Monday first thing in the morning and by 11am was ready!

I tell you, that was service and another reason of why I don't get rid of the lease so far. And happy I had a separate insurance for the tires!

Anyway, so I was at the dealership discussing lease assumptons/transfers.

And your name will still appear in the lease, the only person to lose if I was to transfer my lease would be me.

Also, minimun you need $5k to get into a Porsche lease to get a payment on the $600+ range, not even mention you will most problably leave the dealership with extra insurances.

1 Tire alone cost $450.

What I'm trying to say is that if someone in here with a serious ad advertises his lease and is asking for a payment deposit, don't be surprised!.

I, myself would ask for $4000 to transfer my lease and still a good offer in comparason from the dealership and this is why:

1- The low mileage and the shorter lease.
meaning you get more miles I usually earn miles each month (I pay for more that I use).
You will not leave a Porsche dealership with a $600 quote and 15k a year trust me!
2- The risk that I take as I might still liable from your actions.

The story changes if the quotes are $800....

And there is no way around in lease transfers. The exitor of the lease, still liable - Maybe a lawyer could discuss that and make it win, but it breaks the purpose of saving money :)












most of the leases in the $650 per month range have somone putting about $3-5k down.

These people are NOT asking for money upfront, they are willing to lose that cash in order to get out of the car.

I have done a few lease transfers (2 thru BMW Financial and one thorugh Infiniti and none of those made the transferor personally liable).

How could PFS hold the transferor personally liable if they no longer own the vehicle? You have to change title/registration to the new driver, you don't KEEP your name on the title...otherwise if they hit and kill some kid are you personally liable?

They wouldn't even do that at the DMV....moreover, you are removing your insurance coverage as well.

Someone please post the lease transfer docs...I just don't think that's legal for PFS to keep you personally liable...either you are or you aren't.

I know it violates consumer protection laws in Michigan, not sure about other states though...
 

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Discussion Starter · #18 ·
Also, with 3k-5k you don't get in a bmw 335i which will be in similarity to the Cayman S

You need to add the first month payment/taxes/title etc....

The 3k-5k will only be capital reduction to lower your payment, so yes you enter with

3k capital reduction plus
2k in taxes/first month payment etc...
+ any insurance you might buy (with a porsche lease is good to get the tires and the extra wear and tear upon return to be WORRY FREE)

give or take a little over 3k is gone as you walk out with the car.

The more capital reduction the lower payment

today I asked for the Panamera, that is a sweet ride!,shame the quote is not in my reach!


Look,

Last Saturday night I had a flat tire, called Porsche, they picked up the car Monday first thing in the morning and by 11am was ready!

I tell you, that was service and another reason of why I don't get rid of the lease so far. And happy I had a separate insurance for the tires!

Anyway, so I was at the dealership discussing lease assumptons/transfers.

And your name will still appear in the lease, the only person to lose if I was to transfer my lease would be me.

Also, minimun you need $5k to get into a Porsche lease to get a payment on the $600+ range, not even mention you will most problably leave the dealership with extra insurances.

1 Tire alone cost $450.

What I'm trying to say is that if someone in here with a serious ad advertises his lease and is asking for a payment deposit, don't be surprised!.

I, myself would ask for $4000 to transfer my lease and still a good offer in comparason from the dealership and this is why:

1- The low mileage and the shorter lease.
meaning you get more miles I usually earn miles each month (I pay for more that I use).
You will not leave a Porsche dealership with a $600 quote and 15k a year trust me!
2- The risk that I take as I might still liable from your actions.

The story changes if the quotes are $800....

And there is no way around in lease transfers. The exitor of the lease, still liable - Maybe a lawyer could discuss that and make it win, but it breaks the purpose of saving money :)
 

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The reason I never went with a lease trade is because the State of Maryland would impose a 6% sales tax when a transfer is made, they use the entire "buyout" price when using the percentage and this tax would be on top of whatever monthly payment is advertised. And as we all know, most buyout/residual prices are inflated.

It doesn't matter that the prior owner already paid a sales tax, I would have to add my own on top of it, just like buying/leasing a used car. This made NO deals worth it. I was able to get a NEW 997S with 20K more options for the same monthly payment that some of these goons got... some people just don't know that dealers can jack up the interest rate/money factor without even telling you, they only focus on the discount price alone without looking at the total picture... and this is where they get ripped off with crazy monthly payments.
 
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