With the services of Switchtrader.com lease sellers can exit their Panoz lease before the contract expiration date through a lease assumption or lease transfer to a buyer seeking to get into an Panoz lease, the obligation for the remaining term of the Panoz lease is then transferred to the buyer after meeting the credit criteria of the Panoz lease seller's leasing company. Fundamentally It’s important to be aware of a few things if you’re looking to assume a Panoz lease:
(1) After identifying the vehicle you’d like to assume it’s lease contract it’s important to have at least some cursory knowledge about leasing. All your rights and obligations are specified in the Lease Contract, so it’s important that you read and verify your understanding of a lease contract before finalizing a deal, if you’re unfamiliar with leasing, an excellent repository of consumer information on leasing can be found at http://www.federalreserve.gov
(2) The first step in the process is to contact the seller to arrange a meeting at a mutually convenient time and place, Obviously the vehicle must be made available for your inspection but additionally, inform the lease seller to also bring the following to the meeting: (a) The lease contract (b) The service maintenance records. Obviously the condition of the vehicle is a primary concern as you will be held responsible for the condition of the vehicle at the end of the lease. Unless you’re mechanically inclined and trust your own judgment Switchtrader.com recommends you get a professional third party vehicle inspection provider (link to lease partners page).
(3) There are a few things to look for in the lease contract as you inspect it.(a) The ending date of the lease contract (b) The total miles allowed (c) The cost per mile of additional miles beyond the standard allowance (d) The monthly payment(e) The end-of-lease terms including the buy-out value (buying your leased auto at the end of the lease can be attractive),(f) Any end of lease disposition fees(g) Excess wear and tear provisions(h) Security deposit requirements.
(4) Before going to the meeting write down all your possible questions to ensure your examination stays on track as most times meetings tend to digress from the issues at hand. Also be sure to confirm which party pays the transfer fees and how your security deposit transfer will be handled, we recommend our lease partner escrow service (link to lease partners page) After coming to terms with the lease seller both parties must then advise Switchtrader.com of the agreement.
Switchtrader.comprovides the technological platform and marketplace to facilitate the coming together of lease sellers and lease buyers to further their interests in exiting and entering automotive leases, we are the ONLY! lease transfer marketplace that allows video uploads of lease sellers vehicles in addition to the standard digital images, certainly the combination of both a short video clip complete with voiceover capability and the digital images provides a powerful and compelling presentation to lease buyers as they search for the perfect Panoz lease.
Switchtrader.com Panoz snapshot.
The Panoz story begins with Eugene Panunzio, a champion boxer who emigrated to the U.S. from Italy in the early 1900s. He shortened his last name to Panoz and settled in West Virginia. In 1960 his son Donald started the Mylan Laboratories pharmaceutical company; nine years later, Donald and his family moved to Ireland where he started another drug company, called Elan Pharmaceuticals. Donald's 26-year-old car-enthusiast son, Daniel, ended up working for the Thompson Motor Company (TMC) in 1988. TMC went out of business that same year and Donald bought the rights to one of its chassis, which was designed by Frank Costin, an engineer who'd made a name for himself building racecar chassis for Maserati and Lotus.
The single current model : Panoz Esparante. |
