Eiso

I have recently found a lease to take over for my gf. We just needed a car for about 1 year. After incentives offered by the seller, the monthly payment is about $500 and 2000 miles per month for 11 months left on the lease. It has been a week already, and we have received LFS notification of our credit application is approved. My questions are:

1) $500, 2000 miles per months, 11 month term, sounds good?
2) How long is there to wait for completing the process?
3) Anything else should I have done before actual taking over a lease from someone?

Thanks for fellow CLers!

vdubturbo

The lease price could be good or bad depending on what model it is. For example, I think $500 is high for an IS250 but average for a loaded IS350 & 2,000 miles a month.

Be real careful about the condition of the car. Once you take over the lease, you will be responsible for any damages the previous "owner" would normally have been responsible for.

My brother took over a lease on an RX8 and made out like a bandit. The car was pristine, the miles were low, and the buyout was less than market value.

There's lots of factors to consider. But perhaps its worth it for you regardless because you need a car in short order. Let us know how it works out.

fredw1

It might also depend on what year it is. Before I considered spending $6000 on a car for a year, I'd be thinking of what my long-term plan was.

rule1223

iTrader: (15)

$500 for an is250 is way too high, good deal for 350 even if its a base model

Eiso

It's alright. My girl feels comfortable with it although it is quite high. But we need a car soon, and the seller is like 5 miles away from us, clean clean car, fully loaded and its WHITE, plus $2000 miles per month for us to drive (We drive a lot). The original payment was $750, I have no idea how he could score such a deal. My G37S fully loaded was only $600 and it was brand new for only 24 months.

Anyways, I express mailed the 2nd stage paperwork to LFS, we will see.

rule1223

iTrader: (15)

$750 for an IS250? omg! you must be kidding!

IS-SV

$500/mo. 11 months for 2000 miles a month, that's ok.

That's a lot of miles, there's almost $200 per month in mileage alone over the typical lease.

Eiso

Yeah, isnt crazy?! I looked at his lease. I guess he didnt know much about leasing at all. I wonder who at the dealership screwed him up.

Yea, thats a main reason why I picked this. I didnt want to bother with anything away from me more than 50 miles.