Hello All, I'm looking to transfer lease of my like new, no stories, 2019 McLaren 720S Coupe. MSRP $348,350 Performance spec, Azores Orange exterior, Orange & black (Scoria grey) alcantara + leather interior, 10 spoke super lightweight forged stealth wheels. Full spec sheet attached. My lease contract: 5K miles a year 47 months term $42K down $1975 a month + taxes as applicable. Lease start: End of June 2019 Current lease state: Starting miles: 101 Current miles: ~1250 Miles remaining: ~18,433 (~420 miles a month) Payments remaining: 44. Will pay for Sep-Oct also, that makes months remaining to be 43. Asking: Lease transfer + $38K cash. Please PM me for any further details. Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login Image Unavailable, Please Login
Essentially your taking $5k off your deal to transfer your lease? What’s the residual and MF? Sent from my 16M
Good luck. I think you will need to take a much bigger hit to find someone for this. If you do decide to, I may know someone interested.
Can't speak for the OP but I would have a hard time parting with 135 thousand dollars to drive 100 miles a week, only to then return the car at the end of 4 years. May just be a difference in perspective or the lack of situation/accountant capable of writing it off.
That's just 33% off MSRP in four years at 5k miles a year if I read correctly? That's pretty reasonable, maybe very reasonable, for the new car exotic buyer.
Adding some more details: Residual value: $193,748 (56% of $345,980 - car was punched, hence the lower MSRP calculated by Ally) Effective APR: 3.99% Excess miles charged at $1 per mile. I havent found out the buy out price, will do so in a week. My usage: This is effectively my only car (other than my wife's car). It is my daily driver (15-20 miles a day). Reason for getting out of this is personal - nothing related to the car. I understand the offer may seem poor when compared to what I started with. But what I started with was significantly better than what anyone else could find at the time (havent researched the current state of new leases though). Especially because this translates to effectively $2840 / month with $0 down and 5K miles a year. Not in a hurry, so I'll wait it out before offering up more money. Thanks for the tip though.
When manufacturers "punch" the car (aka warranty on the car begins) they offer cash incentives to the dealerships to unload the cars at a signifigantdiscount. Bentley does this all the time starting in Sept/Oct on a yearly basis. In NJ, I have seen many Macs driving around with temp tags on in the last 2 months with ridiculous lease deals. A guy I know got a brand new 2019 570S spider for $2k/month for 42 months with zero down with 5k miles/year.
Thanks for the info. Never heard that term before. Is there any reason a dealer would "punch" a car other than to use it as a loaner / demo?
Same here. If only lease a car through pfs that’s appreciating or had hit bottom. This is silly, only get it if u can offset through taxes or something (business usage) Sent from my iPhone using Tapatalk
IMHO,... I think the 4 year cost is on par with other new exotic car ownership costs. Depreciation is brutal. Significant sales tax saving on lease value vs purchase cost. And possible significantly more advantageous business expense write-offs... Leasing can make a lot of sense in the proper setting... But getting out of a lease contract can be expensive!
Most cars depreciate a third in the first year. Exotic depreciation is only brutal when your bank account doesn't have the extra zero the MSRP does.
You have to realize you are trying to lease what is now a “used” car. If you owned thisy, you would be taking a much bigger hit than this. The Re-lease deal should reflect this. Try getting rid of the down payment and you might have better luck.
From what I am seeing, used 2018/19 720s cars seem to be around 100k off sticker. So if you could get out of this and only lose your $42k down payment, you would actually be doing relatively well.
Image Unavailable, Please Login I guess this is isn’t that bad of a deal when u look at this offer from the collection in Miami Sent from my iPhone using Tapatalk
Ageeed but I guarantee that through pfs or Putnam they will sill want way over 2k a month to lease his car. I do think OP might still want to get rid of some of the DP but not bad offer Sent from my iPhone using Tapatalk
Higher lease payments are actually "a good thing" compared to higher down payments, when offsetting income for a tax write off. You essentially can kiss goodbye any money down on a lease with no ability to recoup on your returns. This deal would have been much more enticing with a higher lease payment and much lower deposit.
The Collection ad supports the OP's deal is at least good offer. 5000 miles/yr vs 2500. $1975/mo vs $2998. But 38k down vs 30... For someone looking to lease a Mc720S, it's worth consideration.
I don’t think this deal looks very good. Neither does the deal from The Collection. Miller is offering a similar deal with 0 down.