Hi All - First time poster…I have a 2017 Audi Q5 (monsoon grey) with 12 months remaining on the lease. Payment is $467 per month. 14,500 on a 30,000 mile lease. Price includes audi care scheduled maintenance. Would also considering selling it if anyone is interested in buying. Located in NY area. Please message me if interested in taking over lease. Thanks!
Matt
FYI - unlikely other manufacturers, you cannot completely remove yourself from a Audi lease and resulting liability. So if the person stops paying the lease or turns it in with excessive damage, you could be on the hook. There was also a thread on here where the new lesee past away and the financial company came after the original person. Because of that, people typically would only transfer it to someone they trust.
Seems like a pretty good deal otherwise, although people will likely want to know the specific options and sticker price.
Also, NYS sucks with sales tax so better to find someone in state or it’s essentially “lost” if transferred out of state.
Since you are under mileage, have you checked what is the current value via Carvana etc. vs. current lease buyout? May be able to sell it to a dealer and get out that way.
I’d also add the 2017 Q5 is really dated inside so it’ll be harder to move even at this good monthly cost, and with plenty of miles. But fundamentally it’s not worth the huge risk transferring it unless you trust the person. I would trade it in or Carmax/Vroom/etc, I traded my wifes 2017 Q5 in December and you shouldn’t be too far away from breaking even
Per Vroom, I am $2,500 under breakeven. Any other online sites you recommend?
Thanks for the insight. Dealer is coming in way below payoff. I have looked at Carvana and Vroom but still $2,500 off. I have to weigh $6k in lease payments vs eating negative equity today. Thoughts on other options?
$2500 isn’t bad-
When transferring a lease, the person giving the car up most often times has to offer an incentive of at least $1000 while also paying the transfer fee of $5-600.
While I think it’s all situational, I can confirm that I was happy enough with the new car deal we got last month, that I didn’t mind paying a $595 transfer fee plus an additional $9xx incentive to the assuming LH member!
Not sure why you need out ASAP but absorbing the $2,500 may be your best option. Otherwise, maybe you list it to sell privately at your break even number but could be a complex transaction to buy it out and sell it to someone (who may want to finance the transaction) while also avoiding paying sales tax depending on NYS law.
Check Carvana and you may get incrementally more from a local dealer. I just wouldn’t introduce it as a potential trade until you finalize numbers on a new lease to keep it simple.
So I will in PA with lease tax of 9%. If I were to take over the lease, how does tax work out? OP’s $467 per month is including tax?
Yes, PA would just tax you on the monthly payment ($467) so about $510/month plus upfront registration and titling.