BMW lease assumption early trade

[Anonymous]

NOW I SEEK ADVICE FROM YOU GUYS FOR MY NEXT MOVE.

Now I have two car payments with me I desperately need to do something.

BMW Lease $580 + over 6000 miles + one year left. (@7%) Payoff $26k

2014 Prius $400 (@13)

I want to get rid of this BMW payment asap cus it's killing me and the car is Just parked outside. My friend want his name to be removed asap also.

I was thinking to go-to BMW finance after getting 700 score and do a lease assumption to get the car under my name. So my friends name is clear and I could do something sooner and easier since it's under my name. (I NEED YOUR ADVICE HERE)

Also I want to refinance my Prius with a CU ( PenFed preferred) after the score hit 700

Can somebody tell me what's my best choice here please? And I would be happy to share my experience more if any of you guys out there want more.

THANK YOU

[Anonymous]

Clarify a few things in the post.  Are you looking to get rid of the BMW completely or are you looking to just get your friend's name off?  If it is a joint lease and you are looking to get rid of it completely, have someone assume the lease on the BMW, that way, it is off you and your friend's name.

Lease assumptions are easy with BMW.  The process takes 30 days or less.  The problem you are going to have is the payment of $580 a month. It will depend on the car. For lease assumption, Swapalease is very easy to use.  If you want the car to move quickly, you have to be willing to offer a deal on the lease assumption.  For example, BMW charges $500 lease assumption fee and if the application is denied, $400 is refunded.  You can offer to pay it for the person assuming the lease to make the deal sweeter. Another example is to pay the delivery charges as to where the car is going . That way, the $580 monthly isn't a deal breaker.

I just recently took over a BMW lease from a couple going through a divorce in FL.  They were desperate to get rid of the car as they only had it for 6 months.  They had put $10,000 down initially, and the payment on the X5 was $375.00.  Because they were desperate, I asked them to pay the lease assumption fee and delivery charge for the car to be brought to me and they agreed.  They didn't even ask for a partial refund of the initial deposit which I found shocking.  From the time of application to car in my driveway was 10 days.  BMW is fast once the application in approved in transferring the car.  So look into doing that if you want to get rid of the car completely.

Also with Penfed, you don't have to wait for your score to hit 700..  You can refinance the prius now and still get a good rate.

[Anonymous]

Thank you for the information. I want to take my friend's name off from the lease. It's only under his name. Only thing holding me with PenFed is I still have a one unpaid negative account and I heard they denied the Credit.
My idea take the BMW lease under my name through BMW assumption, and then go-to the dealer to buy a smaller car?!

[Anonymous]

Your 2 posts contradict each other and do not seem to make any sense. 

If the BMW is your friends name only (the second post) then you should not have any payments, In your first post you state the payments are killing you. Why would you be making payments on a car not in your name?

Why would you assume a lease on the BMW  and then go get a second car ?

[Anonymous]

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@Anonymous wrote:
Thank you for the information. I want to take my friend's name off from the lease. It's only under his name. Only thing holding me with PenFed is I still have a one unpaid negative account and I heard they denied the Credit.
My idea take the BMW lease under my name through BMW assumption, and then go-to the dealer to buy a smaller car?!

---

What type of BMW is it? Also, is your current score 559 as stated in your profile?  If that is the score then definately wait until your scores get higher.  

With your score, BMW will likely not approve you for a lease takeover but I could be wrong.  Everything goes through BMW financial..  Also, if it is just your friend's name that is on, all he has to do is call BMW and tell them he wants to transfer his lease, BMW will ask for him for your email and then they will send you a link for the credit application and how the lease take over works. 

If the goal is to get a smaller BMW, why not just wait for your credit profile to improve and then go to a dealer to get the car you really want instead of taking over your friend's lease?.  I don't see how that is beneficial to your end goal in anyway / reasoning behind it unless I am missing something.

If you can wait and just go to a dealer, I suggest you do so.

[Anonymous]

It's under his name cus when we got the BMW my score was like 500. But im responsible to make the payments for the BMW

[Anonymous]

My current score is 650 but I will get to 700 by 2018. Lease end on 12/2018. I get what you say. My friend want his name out of the car, and I want to make the payment smaller as possible. I could take the lease under my name via lease assumption (when my score 700) and trade it with a used smaller car to finance?! Hopefully I can save at least $200/month

[Anonymous]

You actually need better credit to assume a lease than to buy a car. If you are at 650 now you will not get to 720 that quick unless 100% of your issue is utilization.  They already have your friend on the hook for the car so they have very little interest in transfering it to you if you do not have good credit.

Your friend has to make all these decisions since it is his lease. You really should let him know you can not keep making the payments and have him see if he can do an early termination ( which is what you really want)

Why not just keep the Prius ?

[Anonymous]

Thank you for the thoughtful reply. I will keep the Prius. Just want to find the best way to lower the BMW Payment and the mileage negativity.
It looks like my best bet would be
1. Refinance the Prius soon I hit 700 (@13%)
2. Run my credit with BMW Finance for the lease assumption and use the same report to trade the BMW !?