I was wondering if anyone had run into people calling about sub-leasing. I am currently in a GMAC lease for 15 months that I want to get rid of. Instead of signing the car over, they are requesting that they are sub leasing from me. Technically, they can runaway with the car. Does that mean I am liable? I have the sub lease contract perhaps. Maybe I should consult a lawyer. If anyone has been in this situation I would love to hear your wisdom. Thank you.
I'm not an expert by any means, but from my understanding it pretty much works out to be:
Unless this is being done through the people leasing the car and negotiate new terms you will be fully responsible for the lease and still subject to the terms of the lease. If these subleasing people fail to pay you are required to pay the lease. If they wreck the car you are libel for whatever the lease says you are responsible for. If they run off with the car and never pay you still have to pay. I would also bet there is a thing in the lease that forbids subleasing so if the company leasing it to you found out you could owe even more.
Basically you could get really screwed and this is not something I would even think about doing. They don't want to transfer the lease for some reason... probably they couldn't pass the credit check that the leasing company would require before they would be willing to lease to them. Meaning basically your leasing to people the banks won't... do you really want to take that risk?
Senior Member - 1K
posted: Jan. 11, 2010 @ 5:34p
If they want the car, see if you can have them assume the lease from whomever is holding the lease. If whoever it is does not want to do this, it likely means they would not qualify, and thus you would not want to be extending them any kind of credit either.
There is no benefit for you to do this.
They can potentially take over their lease with approval of the creditor. Essentially they would start a new lease on the car and you would be able to get out of it. It would be entirely up to the creditor though.
posted: Jan. 11, 2010 @ 6:12p
Maybe you could get a credit default swap from AIG?
Senior Member - 9K
posted: Jan. 11, 2010 @ 7:54p
megafire33 said: I was wondering if anyone had run into people calling about sub-leasing. I am currently in a GMAC lease for 15 months that I want to get rid of. Instead of signing the car over, they are requesting that they are sub leasing from me. Technically, they can runaway with the car. Does that mean I am liable? I have the sub lease contract perhaps. Maybe I should consult a lawyer. If anyone has been in this situation I would love to hear your wisdom. Thank you.DON'T EVER DO A SUBLEASE on a car. 99% of those people are crooks who will take the car to Mexico and chop it.
You can swap your lease without using SWAPALEASE.COM with a single call you GMAC credit, they will show you how (I think it's $100 lease transfer fee). When a lease swaps the new person takes over the rest of the lease including all responsibilities. (There are some leases that hold you responsible for some fees).
But NEVER Sub lease a car (unless it is someone you know). You won't enjoy the results.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Our customer experience team is here around the clock - real people ready to assist.