Anyone transfer a lease in Texas?
 

I have a friend who really wants to take over the lease on my '04 RX8, has anyone else in the Texas area done this? If so, is it a big papereork hassle and does he have to pay sales tax on it when he registers it in his name?

Hmmm... your friend really wants to take over your lease, but do you want to give up the 8?

It was a tough decision for sure as I really have enjoyed it----but my '06 Corvette gets delivered next month so....

Lol, ok, you're forgiven. :)

shoot, just keep them both and use the vette as a daily driver lol

its not too hard... but your friend has to qualify for the lease. Just call the financial institution you have the lease with.

in TX you have to pay sales tax on the FULL value of the car, not just the lease value. It really sucks. They make you pay full actual value sales tax for the lease, then if you decide to purchase the car at the end of the lease they make you sales tax again on full actual value at that time.

Talk about getting screwed coming and going, gives "don't mess with TX" a new meaning.

One of the many reasons not to lease a car. If you can't afford to buy it, then you really can't afford to lease it either. A lease is the auto makers way of getting someone into a car they can't afford in the first place. I hope you aren't leasing the '06 Vette too. - just my personal opinion. :)

Congrat's, that's the most ignorant statement I've seen today.

Leases are appropriate under certains circumstances, as is making a full purchase. That's not to say that people don't make mistakes in making the wrong choice in either case.

I wasn't trying to insult anyone, I have seen that a majority of the people I know that have leased a vehicle actually can't afford it.


Sorry if you felt that was ignorant, it is just from my own experiences.

Have a great week!

mkztg has a good point. i work on the other side of these leases, for a lending institution... and i can say from first hand experience that most of the time a lease is a really bad option for the consumer.

Leases are one of the worst situations a person can get into next to an interest only mortgage.

There are any number of programs available that will do full a financial analysis between a lease and a sale. The outcome of which is more favorable will be determined by the factors involved.

I'm not saying there aren't people who make foolish purchasing decisions, there's no shortage of those kind of folks regardless of how they're making an automobile acquisition. Leases can be very favorable if you specifically want short term ownership (~ 2 yrs) and can get the right terms. Purchasing a vehicle generally doesn't become favorable until long term ownership. Buying and owning the vehicle long term is always the lowest cost ownership. Not everyone wants to own a vehicle long term.

Purchasing a vehicle and selling it two years later usually results in a significant loss. A lease for the same period can usually cost less. That's what you have to make the comparison against, the planned period of ownership. I did a full financial analysis based on a 24 month ownership. I did not want to own my RX-8 past that point because I'm fairly certain that either Mazda will make changes to the model line or I'll want to do something different. The lease provided the lowest cost to me for that 24 month ownership period.

Worst case I can turn the car in and walk away at the end of the period. Best case I can sell the car for more than the residual pay-off value near the end of the lease and offset my losses even further. Since I'm only putting several thousand miles per year on it, I anticipate being able to sell it for more than the payoff. If nobody buys it because the economy went south or gas is $5/gallon I simply turn it in with no more out of pocket than originally planned.

It's simple financial planning based on an intended use function.

why would you only want a car for 2 years? lotta' traveling and high miles or? don't a lot of leases have mileage restrictions? just wondering, I've never understood people who go through cars like toilet paper :D:

it's pretty much committed to being driven on weekend's only, usually a minute at a time http://www.bimmerfest.com/forums/ima...lies/icon9.gif