His responsibility begins and ends with the repayment of the lien to the owner (i.e. Porsche Finance).

There is no liability, personal or otherwise, with regards to what the transferee does with the car.

Anything else injected into the discussion, was done so by other posters.

The person getting into the lease may be a vehicular serial killer and have no income or insurance. It is irrelevant. The worst that can happen to the original lessee is that he has to pony up the payments if the transferor defaults on the lease.

 

Buying the car (lien payoff) then selling it -- is NOT identical with swapping a lease .
A contract is a contract .

This is not true.
If he's responsible for the payment .. what makes you so sure that he's 100 percent off the hook with insurance requirements ?
I found this -- Hope it helps --
http://www.takemypayments.com/

Quoted from link above --
Q. What is the Difference Between TakeMyPayments and a Payment Guarantee Company ?A : The difference is night and day. TakeMyPayments is a lease transfer marketplace and assists consumers to transfer their leases with the approval of the original seller's lease lender. The lease contract is re-written in the new buyer's name and he/she then takes full responsibility for the remaining lease term. We never recommend that a seller give up his vehicle to any organization that promises to find someone to continue making their lease payments without the seller's lease company's approval. Doing so may be a violation of the lease contract and can have legal consequences in the event of an accident.

 

bmw is the only company i know that lets others take over the lease and completely removes you from it.

 

+1 --agree.
BMW is extremely progressive with their lease program .

 

A little more lease transfer info ... The entire essay is worth reading
http://www.suite101.com/content/how-...-lease-a158438

Quoted snippet from link above--
"Prior to attempting to break a car lease with a lease transfer agreement, a leaseholder must ascertain that his lease contract allows for a transfer. Most dealerships are more than happy to allow individuals to transfer their leases for a fee, but some do not. Even more frightening is the fact that some dealerships allow for lease transfers but do not allow for liability transfers. In this situation, a new leaseholder could trash the car and the original leaseholder would be held liable for the damages in the even the other individual did not pay. Companies such as Audi, Nissan, and Chrysler do not allow liability transfers when transferring a vehicle "

 

The reason I made the assertion above, is that, among other things, there is NO requirement on the original lessee to maitain ANY kind of insurance on the vehicle once the transfer is complete.

Not from the state, not from the insurance company and not from the car manufacturer.

If liability was a potential issue, the above would not be the case.

In any case, everybody is entitled to their opinion, no moatter how ill-informed it may or may not be.

Fact remains: Leasetrader and one or two other such companies have been in business for a while now, processing hundreds if not thousands of lease transfers where the original lessee stays on the document.

And no lawsuit! What a concept...

 

True, but BMW won't let you transfer it to just anyone, they need to pass BMW credit standards, similar to those necessary to get the lease to begin with (680+ credit, assets, etc.)

 

It's not ideal, and has risk.

Your insurance company may not cover such an arrangement. Don't assume they will - read your insurance contract carefully.

Read the proposed transfer agreement carefully. See what penalties are defined for breach of contract, and the remedy period - if any.

Take a bad case scenario. The other lessee crashes the car (totaled). He and or his insurance company fail to pay. Again, subject to the lease agreement, and if the lessor cannot get remedy from the other lessee, PFS will come after you. This is where knowing how your insurance company will or will not intervene is critical. If not, prepare to fulfill the lease agreement under terms defined for a totaled car.

More than likely this is to replace car at some predefined value plus continue payments, or even pay PFS residual plus all remaining payments and fees.

Sure, you can probably then try to recover those expenses from the other lessee but prepare for a long, expensive hassle.

I'm not saying don't do it. I am saying read all if the documents carefully and anything you don't understand get a qualified lawyer to advise you.

I once used swapalease to assume a lease. The original lessee was still responsible. I took great care of the car and he saved a ton of money by not selling it upside down.

I can work. It does have risks.

 

just curious....
did you transfer your lease? are you still thinking about it?

 

well of course. but BMW leases are INCREDIBLY easy to be approved for. absurdly so. i leased my first new bmw when i was 19 without a cosigner... needless to say you have very little credit history at 19.