Need to transfer my 2010 rx8 R3 lease to someone else
 

Sad that Im doing this but my job has cut hours and cant afford my 2010 rx8 R3 anymore. I have waited for the R3 series II(09-11) rx8's because of the updated engine and the other things they've changed for the series II. I didnt care for the same old horsepower but more on the updates on the engine to make it more reliable such as the the third oil nozzle on the rotor housing,better engine cooling and etc.I stopped myself from buying an 08 knowing the the next rx8 would be better I had to wait 2 years to finally get the 2010 R3 and now I have it. Alot of things changed in the past 10 months, I now have to commute 105 miles each day for work and I cant even afford the gas anymore on the RX8 since its not that great on fuel economy, I have concluded that I got this car at the worse time and now I have to get rid of it. I currently have 3 years and 2 months left on the lease at $542 a month including taxes. I planned to keep this car so I originally wanted to do a purchase plan because of the horror stories of leasing and the reason that I leased the car is that leases are now better especially if you want reasonable monthly payment but longer term and knowing the written value of the car at the end of the lease as explained by a sales manager friend of mine. You can do your own research on leasing vs purchasing and keeping the car.Due to high interest rates on purchases (even with the best credit)I decided to lease it which actually requires real good credit. Value of the car would be $12k at the end of the lease and that wont change unless mileage goes over which dont matter if you plan to purchase. So heres the deal someone can take over the remaining term and refinance the 12k or pay it off left at the end of the lease and the car is yours, you are not paying more compared to purchase plan( i can explain more or give a copy of my contract if someone is serious on taking over my lease). The car has 9,500 miles on it so its fairly new be my guess on comparing our own if you plan to buy a new one right now and see how much you would save. I have paid total of 3,000 at signing which you save. I am offering a lease transfer and asking $500 or either a trade for an economy car(30 mpg and up sedan prefered that i can take over payments thats around $200 a month. Call john at (909)261 8927 Im located in southern california.

Details on car:
2010 RX8 R3 model Velocity Red
9,500 miles
Changed oil every 2,500 and regularly checked using regular Mazda oil and filter
Properly broken in never abused
Completely Stock and planned to keep that way
Never raced only liked handling of the car so I like to turn fast on corners from time to time and the 4 seats(practical sports car for a family man)
Garaged kept
Only used 91 octane as required by manufacturer
Sticker price was 33,500 not including taxes/fees
Pictures will be up soon

Sad story...
Leasings, loans and instalments are the worst way to provide incentives to the buyer. Kinda like the subprime story.
I hope that somebody will take care of your car though

Right now and for the last year, Leases are the worst thing you can do as far as getting a vehicle. You could have bought the car for the $542 a month. A new car would only cost you $493 a month on a 60 month term.

dang.... 550 a month for a vehicle?? yeesh you were probably spending to much of your budget then anyway.

ha id like to see that price on a 60 month term for brand new R3 did you forget plus tax and licence and interest? Ive never seen an RX8 with a 0% apr rate

Bigbacon your right I did spend over my budget and I admit and thats why Im trying to fix it. At least I wasn't going to spend anymore money to the car since R3's are best as they are stock. How much are you spending on your car? People spends so much on aftermarket parts it's unbelievable, I bet that rattle can engine bay you have there costs you $100 plus time and effort just to make it look that ugly.

On a buy, all things being equal (i.e., with a $3000 down payment), people might be able to get $6000 to $7000 off the MSRP.

An example would be $6000 off the MSRP ($33,085), which is $27,085. Sales tax would be $2640.78 (9.75%). $458.78 for title and registration. $3000 down payment. Buy at 60 months with 3.99% financing. Came out to $501 per month. And this is for a brand new 2011 R3.



The payoff for your car is $20,596. For a 2010 R3 that you've owned for almost 2 years with about 10,000 miles.



The contrast is interesting and might be favorable for some people. Hope someone from this forum will take the car off your hands.

Ok wait, I'm a little rusty on leases (it's been 18 years since I looked into them). Can someone help me?

After the $20,596 to the end of the lease ($542 X 38 months), you still have to pay $12,000 to purchase the car?

If this is true, then scratch what I wrote above. Looks like the stealership may have maxed you out. My god. Dealerships can make more money on leases than on buys. You really have to do your research.

You may need to do a lot of praying and refrain from biting back at people on this forum. My sympathies though.

Right on the spot i think.
It's just the school of chicago's way in the end. In Europe we follow pretty different lines when it comes to sales and consumers. More protection is warranteed towards the customer than to the mere economic aspect of the market.
It's something that sucks imho but apparently it works helping dumb consumers, something the OP is.

I've heard of people getting ripped off and I've known a few people who've gotten ripped off but I've never heard of someone getting ripped off by THIS MUCH.

you leased it for 550 a month? that's what it would cost you to buy. A lease should be like 3-400 a month.

For his lease deal (if you can even call it a deal), he could have bought an R3 AND a $14,000 second car.

Stop paying the $542 a month. Let them repossess it, pay off whatever fines you'd owe from that.

Then go buy the car for less a 300-400 a month. Viola, you keep the car and pay less. Probably hurts your credit rating though.

If the car gets repossessed he probably won't be able to get financing for a new car. OP I feel your pain I've been upside down in cars before. Its not a good feeling when you can no longer afford the car and you can't get rid of it. Best of luck!

this guy got ripped, big time. Is this your "first" time getting a car?

my 8 was my first car, and I actually ripped the dealership. I confused them then they did the math wrong. sucka.

The amount u paid is more than enough for you to "buy" the R3. You should have done your homework before you sign that lease.

this is the reason why I never lease cars, in the end you probably have to pay like 3/4 of the car. then you have to pay another big chunk of money just to make it "yours"

Wow. FUD much?

Leases are great for people who like to change cars often, and can even be profitable at the end of the lease if you took good care of the car.

I am a perfect example. When I returned my 07 Fahrenheit Edition GLi, VW sent me a check for $3000 because it sold at auction (after I fulfilled my lease obligation) at a MUCH higher price than the residual on the contract. (I found it on sale for $25k at a dealer in Rome, NY.)

Also, there was no way I was paying more for the vehicle by leasing vs. financing. Plus, the obligation I had with them was for only 2 years vs 5, and I never had to worry about warranty running out.

That said, I did buy my RX8 R3, but I got an incredible deal on it. If fate didn't step in and made me stop to look at it, I probably would have been gleefully chilling in a leased BMW 135i.