I found someone that’s interested in taking over the lease on my F150 that I posted up including an incentive. For those of you that have done this before, how do you normally go about money transfer for an incentive when the actual lease transfer takes a week or two?
Where did you post it? Swapalease or Leasetrader?
I posted it up on swapalease.
I’m sure if you ask their customer service, they’ll tell you. But lucky enough, we have a rep that’s been active on here recently ; @Swapalease.com
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@mllcb42 you can use escrow.com i think. I haven’t done it but I was looking into it to handle the transfers of MSDs on a different car.
Or you insist on getting the incentives before initiating the transfer.
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Gotcha. I saw mention of escrow.com somewhere, but figured there may be other/better options that people have experience with.
Handing cash over before initiating the transfer makes me a bit uneasy, and I can certainly understand why the other guy would feel the same about cash on delivery after taking over the transfer.
If the other guy is the one paying you and you can talk him into giving you the cash, I’d just do it like that.
If not, have him pay the escrow.com fees.
I’d be paying him an incentive to take over. The plan right now is to split the escrow and transfer fees down the middle.
oh, that’s a different story, i understand now. I would def not hand him an incentive unprotected. Call escrow.com and ask them now to do it.
Why would you need escrow once ford approves him its in his name.
I wouldn’t want to give him money prior to him being approved as he could take the money and run and he wouldn’t want to wait until after being approved for me to give him money as he’d be liable for the vehicle without having received the incentive. Escrow would protect us both from the different scenarios.
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Escrow would be a good choise, but can we ask what they are using the incentive for? Do they want it to put towards the payments? There is only a $75 credit app fee from Ford (assuming that is the leasing company) If they want to use the incentive towards the payments, just pay the incentive to Ford, effectively lowering the remaining payments. Get a receipt and if the deal falls through, you have that for the next buyer.
I believe he wants to apply it to the payments. Going straight through Ford would be nice, although I don’t really want to tie up the capital if it did fall through. With that said, I’d imagine that if Ford has approved his credit, the likelihood of that happening would be rather low.
i disagree, people pull out out for many reasons, especially if it only cost $75 to run the credit application. They could be working on a new car lease simultaneously and then decide to go with that and let the transfer fall through. I don’t think that the escrow.com fees are that high, i’d do it with them even though what @Swapalease.com wrote is great information
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Your buyer should be willing to wait and understand that this is not an overnight process. The buyer is concerned about getting paid the incentive and you obviously do not want to hand over any money until Ford says the deal is done. It’s tricky to answer because we are neutral and support what’s best for both parties. It comes down to whatever you both are comfortable with.
Swapalease has all the financial people in place to make it work. i spoken with Tim Lenny there and he could help you or tell you who to contact.
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why dont you apply the incentive to the lease payment and pay ahead? net net he will get the lowers payment over the course of the lease, and if he backs out… you are just paying your lease?
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That probably would work. Hadn’t really thought of it.
{Deleted until you register as a broker/dealer}
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