Lease Trader? - 986 Forum - The Community for Porsche Boxster & Cayman Owners

luxury1 · 07-29-2007, 06:11 PM

I have owned my 2005 Boxster for 1.5 years and LOVE IT! With that said, my wife just told me that she is pregnant and thus I need to start thinking about a family vehicle.

I have been thinking about doing lease trader to allow someone else to assume the payment (735.24 / month - 15,000 miles / year) until the lease expires in 1.5 years. Has anyone done this? If so, how has it worked? Finally, if someone assumes the lease from Porsche financial, do they assume the entire lease or am I still legally responsible?

Thanks!

986speedster · 07-29-2007, 06:38 PM

I have looked into it, and the person willing to take over your lease has to fill out an application with Porsche Financial, and once approved, assumes full responsibility. Your time with Porsche Financial is over. I know someone who has done this with their BMW 750i, and had no problems. Some people on the sight offer the potential leasee money to take over the lease also. Usually $1000-5000, depending on the value and eagerness to get out of the lease. Hope this info helped.

07-30-2007, 05:45 AM

Lux1, why get rid of the Boxster? It looks like you have 2 other cars that fit your wife's desire for a family car.

Congrats on the baby news!

luxury1 · 07-30-2007, 07:16 AM

Hey bmussatti, long time no talk!

Well it just comes down to the fact that I won't be using it at all since there will be a child. Right now the box is our fun car, RX is my work car/beater and the LS is our luxury car which I take very good care of (I definitely don't want that car messed up with vomit, cheerios, etc). Even when we go to dinner now we don't take the porsche since my wife is my D.D. and won't learn the manual transmission. Thus it seems fitting to get an SUV that will be devoted to family activiites and will be her main car.

Perfectlap · 07-30-2007, 09:12 AM

HA!
My bud just had a kid and let me tell you driving his sports car is his little cocoon of male escapism! Don't get rid of it until after you have lived with your newest family member. Congrats.

djomlas · 07-30-2007, 09:27 AM

how big do you expect this child to be for you to need to get an SUV?

luxury1 · 07-30-2007, 10:31 AM

Quote:

Originally Posted by djomlas

how big do you expect this child to be for you to need to get an SUV?

Well it is not really the child but the stuff that comes with it (stroller, baby seat, diapers, etc.). Also changing a baby out of the back of an SUV is much easier than any other vehicle.

Perfectlap, you have an interesting point.

TriGem2k · 07-30-2007, 11:42 AM

Why not give your wife the RX as a DD? You drive the Boxster as a DD and the LS just sits and looks pretty.

edit: You said you have 15k miles per year on that lease why not use all 15k per year?

racer_d · 07-30-2007, 11:45 AM

I have 2 kids.. both small and in car seats.. Yes there is a lot of crap parents *think* they *need* to tote along. One kid, compared to two, is a cake walk.

So..

1) Do not rid the boxster of your pile of cars
2) Don't bother bringing up the whole babyseat boxster thing.. see item 3
3) Realize the wife will NEVER fall for that since in her mind the safest place for her baby is the middle seat of some inpenatrable fortress. Your wife will read immense amounts of propaganda about babies and car seats.. it is amazing to think that you and she even made it to your current age, despite no doubt being tossed in the back of the family wagon with no thought of wearing a seatbelt.
4) keep the boxster for YOU to enjoy on weekends. The kid doesn't need to go with you on your Latte run or Hardware store run.
5) You already lease/own practical cars for parenthood. you both will treasure an escape vehicle

Once the kid is about 8mo and no longer in a rear facing infant carrier, and your stuck driving some oversized guzzler will you look back fondly on you Boxster days and wonder why you gave it up.

Some additional free thoughts: it is the MINIVAN, and NOT the SUV that is the perfect family machine. I am sure you scoff at the van with the powerdoors. Then, try holding the kid in one hand, watch the 2nd kid, all in the rain, while coming out of the grocery store with yet more wipes and diapers. Changin the kids on the easy to access 3rd seat, or flat floor is another triumph.

Minivans lack style, but they are the perfect TOOL for the job. SUVs are too high to gracefully climb into (real suvs that is).. and then to do so in heels (your wife, i assume) while perched on a running board and putting the car seat into its base. Or trying to reach the top of the rear gate when its fully up... and, well, you may think to yourself, "who really needs 20 cup holders"... well.. it amazing what you will cram into them (toys, electronics, dirty diapers, dvds, wipes, the annoying noisy toy that "junior" won't live without when in the car..blah blah

)

Dr. Kill · 07-30-2007, 12:51 PM

I concur – keep the Box! We just had our first kid a couple of weeks ago, and the only way I am getting rid of this Porsche is to upgrade to a 911 in a few years.

Reasons to keep your Boxster:

1) When your wife starts experiencing odd late night food cravings, you can get to the store and back to help her much faster in a sports car.
2) Reiteration of Perfectlap’s point. I live with my wife, a baby girl, a female dog, and a female hamster (possibly – she escaped last night). I need things like a grossly impractical sports car and lots of power tools to keep things balanced in the house. You will need this too. Trust me.
3) You can haul all of the same crap in your Porsche that you can in some SUV – you just have to make more trips. These trips are much more fun, and much faster in a car like a Boxster.
4) If you get rid of it now, you will have a MUCH tougher time getting another one later when you realize you miss having a small German sports car. If you don’t get rid of it, you will always have it.

I hope this is helpful.

FrayAdjacent · 07-30-2007, 02:34 PM

Actually, minivans are better for children. Lower deck level, easier to load... then when the kiddo is old enough, with the sliding doors, you don't have to worry about him/her throwing the door open into another parked car. OOOPS!

You don't need an SUV for a kid. A minivan is a better proposition.

My sister has two kids, and has a Mazda 6. That thing has a HUGE trunk. It fit her, her husband, two kids, me and our luggage for a trip to South Padre Island a couple years ago.

'Needing' an SUV is usually a bunk argument.

humara · 07-30-2007, 02:36 PM

After a year and a half, you're unfortunately upside down on your financing. the car is worth less than what it would cost somebody to take over your lease. You'll most likely need to offer some sort of financial compensation for someone to take that over. With that said, I think lease trader will help facilitate the process. you could also just trying to sell the car outright rather than flipping the lease. might be less of a financial hit.

FrayAdjacent · 07-30-2007, 02:39 PM

Quote:

Originally Posted by humara

After a year and a half, you're unfortunately upside down on your financing. the car is worth less than what it would cost somebody to take over your lease. You'll most likely need to offer some sort of financial compensation for someone to take that over. With that said, I think lease trader will help facilitate the process. you could also just trying to sell the car outright rather than flipping the lease. might be less of a financial hit.

Just HOW do you get upsidedown in a LEASE? :|

luxury1 · 07-30-2007, 02:40 PM

Honestly I think you guys convinced me to keep it! I really appreciate the feedback and agree that it is feasible after all. I am back on board and thanks for the input!!!

Dr. Kill · 07-30-2007, 02:49 PM

Quote:

Originally Posted by FrayAdjacent

Actually, minivans are better for children. Lower deck level, easier to load... then when the kiddo is old enough, with the sliding doors, you don't have to worry about him/her throwing the door open into another parked car. OOOPS!

Please don't forget: safer, more comfortable, generally cheaper, and stealthier when blowing by cops.

I remember reading an article in Excellence a number of years ago about some race car driver (I forget who) whose daily driver was a supercharged AWD Previa...

mkgonza2 · 07-30-2007, 04:53 PM

I had someone take over my 2002 boxster lease. Like one of our fellow boggers mentioned, all you do is :
Contact Porsche financial, they will send out an application ( to be filled out by the new leasee ), once approved you no longer have any obligations. It was pretty straight forward.

humara · 07-30-2007, 06:00 PM

Quote:

Originally Posted by FrayAdjacent

Just HOW do you get upsidedown in a LEASE? :|

you still OWN the car in a LEASE.
the car still has a value.
that value is less than what you owe on the rest of the lease + residual.
a new buyer won't necessarily want to pay for your depereciation.
that is UP side DOWN.