Thinking of sub leasing my Trac :(

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Mike akaRedsfan

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Well, as finances are extremely tough right now, my Trac is eating up some prescious dollars for my family. I love this thing, and love how it handled during the Canadian winter.



Unfortunately, I am tied into a 3 year lease, and could use the extra money relieving myself of the trac. I do NOT want to do this, but exploring the option, if it would save me. I would need another car, so not sure how far ahead I would get.



Have you guys ever used Leasebusters, or know of anybody who would be interested in taking over my lease?



Thanks



 
Plus, the sub-lessee could park the vehicle illegally, use it to commit a crime, commit a hit and run, etc. The cops would have YOUR name on the title and would knock on YOUR door.



I'd look for budget cuts elsewhere in your family expenses.
 
Do not sublease; assign the lease. By assignment, the new lessee takes on all rights and responsibilities that you would have had. Sub-leasing opens the door to legal claims that ultimate title remained in you, and thus, you incur some vicarious liability. On the other hand, assignment, in essence, places the new lessee in your shoes, and you in no one's shoes.
 
I think the risks out way the gains if you sub-lease it.



As mentioned above, someone needs to absorb the lease to absorb the legal responsibility from you.
 
How could the ST be eating up soo much money? I know with gas prices going up, I car pool to work to save money. My ST has a cover over the bed and a K&N system. My hubby and I drive it short distances and drive our Hyundai car everywhere else. Insurance should go down every year. Monthly payments on the lease I hope aren't that crazy for you.



I'd hold on to the lease. Like people have post above me, it gets sticky trying to pass the lease onto someone else.
 
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Between the car payment, insurance, maintenance and gasoline, I figure mine costs me $700+/mo to operate. I can see where that would stress some folk's finances.
 
The Trac itself assumes a large chunk of moeny out of our budget, so that was my thinking to get rid of it.



Sub lease sounds dangerouns, so I guess I can see if I can have someone absorb it, or go to the dealer and see my options
 
Most automobile leases don't let you sub-lease, and if you can it's very risky business since you will be ultimately responsible the vehicle and fufilling the lease.



That's too scary for me...:unsure:



...Rich
 
I would think that as well. I am paying over $600 for my lease which was ideal for my job at the time, and not so ideal now though. That is the main reason I wanted to get out of it. It would be hard getting rid of the truck though, but the extra money would help. Thing is I would also need to get another vehicle, so it might not even makes sense doing this now.
 
When driving to and from work, mine was costing me 300.00 month in gas alone just to go to work, plus the car note. As much as I hate it, it is parked in the garage and I am driving the 93 4cy mustang to and fro.... on 120.00 a month.



that's one heck of an expensive lease.....
 
That is what scares me about buying a vehicle. What might work now might not work at a later time. With outsourceing jobs overseas, budget cuts, companies going out of business, rising costs of fuel, costs of goods skyrocketing, and anything else one can imagine, a car payment is the last thing I want.



Glad mine is paid off. It is free to drive now. About $250.00/month for fuel, insurance, and maintenance. I drive about 1200 miles a month.





Tom
 
Mike, I tried to deal with leasebusters on my 03 ST. They wanted me to lower my take over payments so much it was cheaper for me to have the dealer buy out my lease. If I recall correctly leasebusters wanted me to lower my 800/month payment (high milage lease) to 500 a month and pay whoever was taking it over 3000 bucks. Shoot, I went to the dealer and they bought me out with me owing them 1400 bucks. (all cnd dollar amounts). Also, leasebusters isn't a sub-lease, they help hook you up with someone that will take over your lease.
 
I haven't investigated them yet Olaf, but had initial dealings with my wife's old car before her Jetta.



I left a message for the Lease Manager today, so will likely talk to him on Monday and see what/if anything they can do. I am likely S.O.L. as I am only 1 year into my 4 year lease
 
Yup, you will be up-side-down in a big way if it is only year 1. I got rid of my lemon 03ST in year 2 of a 3 year lease. The guys at the dealership were telling me that you will have to pay big bucks before the 2 year mark due to depretiation. Maybe leasebusters will work better for you because your lease payment is lower then mine was.



Good luck. They got back to me pretty quick, if I recall they called me the day after I sent them an email asking for info.
 

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