Leases for new and previously owned high-end vehicles—those priced well over $100,000 and often into the millions—are tailored to meet the personal needs and lifestyles of well-heeled, sophisticated owners, and are provided by a very limited number of specialty leasing companies dedicated to serving that market. With this knowledge in hand, here’s what else you need to know:
Specialty leasing accommodates the wealthy. Perhaps not surprisingly, the majority of wealthy exotic and vintage car owners prefer to change vehicles every 2 or 3 years. To satisfy their endless appetite for fine cars, and to avoid saddling those owners with heavy penalties and fees for early lease termination, or for switching cars, specialty lease providers provide options that allow a lessee to:
• Pay the balance of the lease and own the car.
• Sell the car privately, pay the balance, and keep any difference.
• Trade the car in, have the dealer pay the balance, and keep any difference.
• Switch cars within their lease without penalty, by paying any difference in value between the two cars.
• Refinance through a new lease without large cash outlay, and continue to own the car.
Unlike traditional, rigidly structured leasing arrangements promoted heavily to the general public, specialty leasing enables wealthy car enthusiasts to benefit from a high degree of flexibility designed to accommodate their short- and longer-term cash flow requirements, as well as their changing automotive preferences.
Speed and convenience are service hallmarks. Specialty leasing providers understand three key realities on how to work with wealthy individuals (and their advisors):
1. They’re extremely busy.
2. Their financial situations are complex, and often opaque.
3. They have little patience for those who don’t understand their personal needs.