Elise Lease @ £320 pcm

[Sanjøy]

http://www.swap-a-lease.co.uk/view_leas ... cfm?ID=656

[jj]

Am I right in saying that, from the info on that page, you can take the guys lease over, pay the £320 for 8 months then the final payment of £8k making total cost to you of £10.5k given that he has already paid the £2k deposit? Seems like a cheap elise if that is the case.

[tenkfeet]

It says contract milage is 7k a year and it has done 46.5k . Is it way over its limit and would be subject to penalty?

[jj]

It says contract milage is 7k a year and it has done 46.5k . Is it way over its limit and would be subject to penalty?

Looks like it - so at 10p per mile, if you get it to 50k, thats £2900 on top of the 320 x 8 + £8000.

But does the excess mileage apply if you are planning on making the £8k payment and not giving it back?

[Rag_It]

I have been tyring to work this out, i think it was second hand when it was leased as has been pointed out by my esteemed colleague above, it is heavily over it's 7k allowance.

It is also silver and a sports tourer with 46k miles.... however that is all subjective really!

It is a lease swap so you would probably have paid similar deposit on another car that he would benefit from!

Plus point - it has already had HGF and it is an S2!

Dave

[jj]

It is a lease swap so you would probably have paid similar deposit on another car that he would benefit from!

No mention of what he is after, so not a swap its a sale? I am glad you`re confused, given that you know about these things!

[Rag_It]

Well to be fair mate, never feckin heard of this website - it aint very clear what heading it is under.

I would suggest it is a swap, and he just fancies a change! No point speculating though!

[gorrie]

It is a lease swap so you would probably have paid similar deposit on another car that he would benefit from!

You can buy his lease, you don't have to be swapping anything. I just read the FAQ section of the website. Seems to be for people who either want out completely, want a swap, or want in for a short lease..

In a former life in life assurance, there was similar type schemes for people who wanted to cash in their life policies early. If you surrendered early, you didn't get anywhere near the full amount... but there were individuals out there (and companies) who would happily buy out your policy giving you slightly more than you would have done otherwise.. and keep the payments going as the terminal bonuses back then made it a very worth while thing to do.

Seems like the same idea here... buy in late on an existing lease, reap the potential rewards of getting a cheap(er) car at the end of it.

EDITED: That was my 999th post and it was fairly sensible... I should have kept that for later.

[james]

But does the excess mileage apply if you are planning on making the £8k payment and not giving it back?

Naaaa surely not, that why you pay extra for high miles - because the value is less and if you give it back, they have to sell it.

[steve_weegie]

But does the excess mileage apply if you are planning on making the £8k payment and not giving it back?

Naaaa surely not, that why you pay extra for high miles - because the value is less and if you give it back, they have to sell it.

Definatly not - you go over milage and buy the car, then you've got nothing else to pay

[jj]

Well to be fair mate, never feckin heard of this website - it aint very clear what heading it is under.

I would suggest it is a swap, and he just fancies a change! No point speculating though!

I meant in that if it doesnt make sense to someone who knows, then it must not make sense, so hold your horses on the well to be fair chat

Agree with gorrie - looks like some OK deals to be had, but also some pishers - just saw one for an M3 (E46 so about to be old model) for £780 a month and he has obviously gone over mileage as it only has 600 miles a month allowance until the end of the term.

And they wonder why people clock cars.

[Rag_It]

Well to be fair mate, never feckin heard of this website - it aint very clear what heading it is under.

I would suggest it is a swap, and he just fancies a change! No point speculating though!

I meant in that if it doesnt make sense to someone who knows, then it must not make sense, so hold your horses on the well to be fair chat

Agree with gorrie - looks like some OK deals to be had, but also some pishers - just saw one for an M3 (E46 so about to be old model) for £780 a month and he has obviously gone over mileage as it only has 600 miles a month allowance until the end of the term.

And they wonder why people clock cars.

Well to be fair JJ, these are yours! I know you don't want them and maybe don't deserve them but have them!

There do seem to be some alright cars on there, but just the thought of taking on someone else's lease I am just not sure about! I am sure it is all above board etc - not for me!!!

[steve_weegie]

yup, i'm not sure of the legal implications involved in transfering the contract. However.... If you were to pay the early settlement fee and just buy the car straight away, there may be one or two bargains you could have & sell on.....

[Sanjøy]

Pretty sure it is all above board, there are several sites like this. I took over a couple of lease sfor my borther in law, granted it was all very informal as he knows me etc but I would imagine it would be a deal you do with teh finance company after checking it all out. Bit like selling a house that you still have a mortgage on no ?

Saw a decent Hilux on there for £150pcm

[H8OAG]

Taking over a lease is pretty standard practice across the globe (prevalent in the USA)......and it seems we are just picking up on it.

Had a look through some old paperwork and it seems they are transferable albeit with an admin fee(Black Horse £150).

The points have all been made in the thread
Be selective.....models/deposit paid/balloon etc.
Check the mileage allowance and subsequent penalties
PoorBodywork condition also accrues financial penalties
There will be a few bargains if you do your homework?