Hi,
I found a craigslist post to take over chevy spark lease for $137. This was the post:
Take over my Chevy spark lease.
We are moving to the east coast, and can’t take the car with us. Sad to let it go. I never thought I would like a small car, but this one is powerful and it is very easy to park in the tight spot.
It has a white car pool label so you can drive in the car pool lane. Bay Area traffic is increasing every day and more constructions on 101. It saves so much time to drive in the car pool lane.
It has roughly 16 months left on the lease, and after that, you can buy the new Tesla, or lease a new electric car. Lease ends on end of 2018.
$137 monthly lease payment includes insurance for regular wear and tear up to $5000. That means you do not have to worry about scratches and dents when you return the car to the dealer.
The car is available to take over an end of August.
$137 includes taxes.
I contacted the guy to seek more details. He sent me these: Miles Left: 18100, Lease ends 12/19/2018. This means approximately 17500 miles will be left on the lease for the 15 months and 18 days.
Now my Question: Do you think it is a good idea to take the car as it is from him provided it drives fine and I get it checkup without possible issues?
I am new to leasing and frankly paying monthly for a car (financing or leasing). Last car I had was owned and paid for. Any advice/wisdom would make my decision a lot easier. I am supposed to see the guy tomorrow. What should I ask him?
That’s not a bad monthly lease payment. You’ll have to pay a termination fee at the end of the lease, and probably a transfer fee. You may be able to get a better deal on a 3-year lease for a Fiat 500e, assuming California funds the $2500 rebate and you get a $500 PGE or power company rebate. With tax, after the rebates, our actual monthly payment is less than $100 a month. Also, the person is going to get a nasty surprise when the state of Cali comes and demands their $2500 back.
This deal is similar to what I had and someone took over in SF Bay area. I had a lease of $82/month (including tax) for the 2015 Spark EV as well. Due to certain changes in family situation the only electric options didn’t work for us and I switched to a Volt. The SPARK EV was great and worked perfect for my 56 mile commute. Its quiet zippy and nice.
I know this deal is for $137 + tax so not exactly $82.
The GM lease take over process is painful though. It took more than 30 days and luckily the one who was taking over was patient enough (i guess the low payment was key). He agree to pay half of the transfer fee.
The original lease owner has to first provide your details. Then you have to go through an application process which the original owner has to approve. Then GM will need to approve your credit and then finally transfer. It takes GM 30 or so days to come back so just remember that.
Thank you for your response. So I met with the guy and the car looks fine. I didn’t drive it or get it checked yet. He expects me to pay the full lease transfer cost, which he said is $400. He said that and the monthly payments is all I would have to worry about. Everything else is paid for.
What should be my next step? Again, is this a good deal considering you gave away yours for $82, whilst sharing the transfer fee? If suppose I do decide to taking this over what should be my most immediate “to do” thing and if there is anything I should get checked.
As what was mentioned above, there is a disposition fee (termination) of about $400 as well if you do not purchase the spark or lease another car from chevy.
First question: how many miles do you drive a day? It will be hard to drive the 17500 miles in 15 months since this puts it at about 50 miles a day (assuming regular 5 days commute, not much weekend driving)
Sorry for the late response. I am assuming you have already filled the GM form so they can run your credit to approve. Is this car in CA? I thought transfer fee is $595. Perhaps the guy is willing to foot in the extra $195. The car itself should drive fine. It was zippy and nice. with android auto it had everything that I needed for commute. However I know for another few $s I can get a Leaf or even a Volt few months back so from that perspective not sure. If you like it go ahead.
