taxes) on a monthly basis resulting from the transfer of his lease payment, the insurance on the vehicle ($130.00 per month), gasoline ($150.00+ per month) and vehicle maintenance; well over “500.00” reasons why Raymond’s financial position improved shortly after hiring Leasebusters.
Raymond (at the release of this story) is still unemployed and has not replaced his Saturn yet but certainly plans on getting back into the car market once his employment status changes for the better. Raymond indicated that he has complete confidence in the leasing method of vehicle acquisition now that he witnessed the number of people who are always in the market to take over a vehicle lease (if he is again, a victim of “change”).
The Leasebusters “Real Life Real Lease Story is a regular feature on Zack Spencer’s www.motormouth.ca, Leasebusters.com’s LeaseBlog and will also be an on-air feature on Zack Spencer’s Driving Radio Program aired nationally on the Corus Radio Network.
Real Life Real Lease Stories
Raymond A. had a change in his life; Raymond joined 8.5% of the Canadian workforce and became a victim of the Recession. Raymond lost his job. As a result of this job loss, Raymond began to make some significant life decisions in order to protect his credit rating and his personal integrity while at the same time preparing himself for a potentially long time away from gainful employment. Raymond knew that he would probably be back in the workforce sooner than later but was not about to jeopardize anything or anybody in terms of not being proactive in his planning.
One decision that was made was to get rid of his leased 2006 Saturn Ion 4door. The Saturn was 30 months into a 48 month lease and only had 49,000kms on the odometer; better yet, Raymond put down $5,000.00 when he took out the lease and, as a result, was enjoying a pre-tax payment of $193.00. Raymond went to visit the original selling Saturn dealership was, alas, told by the dealership that they couldn’t help him. The amount owed on the Saturn lease (the current lease payout) exceeded the wholesale value of the vehicle; Raymond could have given the vehicle back to GMAC but would have had to write a cheque to GMAC for over $3,500.00 (which is called “lease deficiency”; the difference between what is owed and the value of the vehicle). This amount was just too punitive for Raymond or anyone that just lost their job and was in the midst of personal financial downsizing.
When Raymond was leaving the dealership; his sales representative pulled him aside and told him about Leasebusters and a little bit about the lease-take-over process. Raymond really appreciated the referral and immediately went home, booted up his PC and keyed in www.leasebusters.com. NOTE: Raymond’s Saturn dealership as well as any new car dealership in Canada could help any of their customers using the Leasebusters vehicle lease remarketing process. There are many dealerships across the country are currently set up with Leasebusters which enables them to list their customer’s vehicle on Leasebusters.com and find someone to take over their customer’s lease. Raymond’s dealership had been approached several times by the Leasebusters dealer development team but had respectfully declined the opportunity to become a more diverse and forward thinking and forward selling dealership.
Raymond pre-registered the Saturn on Leasebusters.com and Chantale Abbott (Leasebusters Sales Analyst) was assigned his file. Chantale knew immediately that although the Ion was not a “Number 1” seller in the marketplace; the vehicle was a member of one of the biggest vehicle segment – 4 door, 4 cylinder compact car. It was immediately determined by Chantale that given the vehicle’s market segment, the trendy remaining term (18 months), the low kilometres (49,000), the large down payment and the low monthly payment, this vehicle would be a very popular “find” on the site. Raymond retained Leasebusters after Chantale’s impressive explanation of the process and the rest was history.
Raymond was inundated with well over 50 calls within the first couple of days. Most of the callers were “good” calls but there were some people that wanted him to drive the car out-of-town to show the people the car; others wanted more incentives to take the car. Raymond was properly counselled by Chantale and he simply held his ground until the right person called and who knew value when it stared him in the face. The customer, who was from out-of-town, agreed to take the vehicle sight unseen and with no further incentive. Raymond confirmed the accuracy of the details page and sent the new customer (the Buyer) digital photos of the Ion confirming the integrity of the car.
Although Raymond’s Saturn dealership was not set up as a Leasebusters online-dealer, their business manager was quite familiar with the administrative component of the lease transfer process. The Buyer sent the dealership his credit application and upon credit approval (and the arrival of the documentation from GMAC), Raymond dropped off the vehicle at the dealership and signed-off on the lease transfer document. Within a couple of days (when it was convenient for the out-of-town Buyer), the Buyer arrived at the Saturn dealership, examined the condition of the Ion, signed the lease transfer paperwork and was on his way back home with his “brand new used car”.
Raymond had mitigated his potential lease disposal costs from approximately $3,500.00 to $295.00 (which is the Leasebusters registration fee). Moreover, Raymond is saving over $200.00 (including |