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Used Car Advice - Multiple Owners

GCabotGCabot Posts: 2
edited October 2018 in General
I'm currently in the market for a used car, and found one that seems to meet my requirements in terms of options, mileage, etc. It’s a 2016 model with 33,000 miles and is certified pre-owned, which would give me warranty coverage through July 2021.

The only thing that gives me pause, however, is the ownership history. According to the Carfax, the first owner leased the car for less than two months and drove about 900 miles. Then, the second owner leased the car for 1 year and 10 months, before returning it to the dealer. The relevant history is below. I guess it’s possible based on the history that the second owner assumed the first owner’s lease and that the lease was only for two years, although I was under the impression that most leases were at least three years. Even though it is CPO, should I be concerned that the car has been returned from lease twice in such a short time? Thanks!

Owner 1 (Personal Lease, 7/6/16–8/26/16, 908 miles):
07/06/2016 – Vehicle purchase reported; Titled or registered as personal lease vehicle
07/08/2016 – Registration issued or renewed
07/22/2016 – Title issued or updated; First owner reported
07/27/2016 – Vehicle purchase reported
08/12/2016 – Registration issued or renewed; Loan or lien reported

Owner 2 (Lease, 8/26/16–7/17/18, 32,113 miles):
08/26/2016 – Title issued or updated; New owner reported; Loan or lien reported; Titled or registered as lease vehicle
05/01/2018 – Registration issued or renewed; Loan or lien reported; Titled or registered as lease vehicle
07/17/2018 – Lease vehicle returned to dealer
07/18/2018 – Vehicle offered for sale

Comments

  • tjc78tjc78 South JerseyPosts: 9,885
    There are lots of two year leases.    I’d say thats a safe assumption that the lease was taken over. 

    2017 Buick Enclave / 2019 Volvo S60 T6 Inscription

  • explorerx4explorerx4 Central CTPosts: 14,223
    32K in 11 months? Are there service records?
    2019 Lincoln MKZ Reserve 1, 2017 Ford F-150 Limited
  • qbrozenqbrozen Posts: 27,031
    32K in 11 months? Are there service records?
    Double check your math'in skills. ;b

    '19 Ioniq plug-in, '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 50-car history and counting!

  • qbrozenqbrozen Posts: 27,031
    GCabot said:
    I'm currently in the market for a used car, and found one that seems to meet my requirements in terms of options, mileage, etc. It’s a 2016 model with 33,000 miles and is certified pre-owned, which would give me warranty coverage through July 2021. The only thing that gives me pause, however, is the ownership history. According to the Carfax, the first owner leased the car for less than two months and drove about 900 miles. Then, the second owner leased the car for 1 year and 10 months, before returning it to the dealer. The relevant history is below. I guess it’s possible based on the history that the second owner assumed the first owner’s lease and that the lease was only for two years, although I was under the impression that most leases were at least three years. Even though it is CPO, should I be concerned that the car has been returned from lease twice in such a short time? Thanks! Owner 1 (Personal Lease, 7/6/16–8/26/16, 908 miles): 07/06/2016 – Vehicle purchase reported; Titled or registered as personal lease vehicle 07/08/2016 – Registration issued or renewed 07/22/2016 – Title issued or updated; First owner reported 07/27/2016 – Vehicle purchase reported 08/12/2016 – Registration issued or renewed; Loan or lien reported Owner 2 (Lease, 8/26/16–7/17/18, 32,113 miles): 08/26/2016 – Title issued or updated; New owner reported; Loan or lien reported; Titled or registered as lease vehicle 05/01/2018 – Registration issued or renewed; Loan or lien reported; Titled or registered as lease vehicle 07/17/2018 – Lease vehicle returned to dealer 07/18/2018 – Vehicle offered for sale
    I think your first assessment is likely correct. It seems the first leasor was not using it much so transferred to someone who obviously could use it up. 

    '19 Ioniq plug-in, '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 50-car history and counting!

  • explorerx4explorerx4 Central CTPosts: 14,223
    @qbrozen,
    Math skills are lacking today. Hopefully, not tomorrow too.
    2019 Lincoln MKZ Reserve 1, 2017 Ford F-150 Limited
  • stickguystickguy Posts: 35,843
    1 month seems way too short a time to flip the lease. I wonder if it was just a paperwork thing? Maybe changing the name it was in, or having to redo it for some reason? Possible for some reason they had to redo the deal, or maybe they did a spot delivery and couldn't close the financing, but carfax does say title issued.

    in any case, if the car is clean, being a CPO I would not worry about the first 900 miles at this point.

    2019 Acura TLX A-spec 4 cyl. (mine), and 2020 Acura RDX tech SH-AWD (wife's)

  • kyfdxkyfdx Posts: 148,047
    stickguy said:

    1 month seems way too short a time to flip the lease. I wonder if it was just a paperwork thing? Maybe changing the name it was in, or having to redo it for some reason? Possible for some reason they had to redo the deal, or maybe they did a spot delivery and couldn't close the financing, but carfax does say title issued.

    in any case, if the car is clean, being a CPO I would not worry about the first 900 miles at this point.

    That's what I think... just a paperwork thing.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • GCabotGCabot Posts: 2
    Thanks for the advice - I've never leased a car before, so I'm not very familiar with what is common in them and what isn't. The car is being sold by the same dealer it was originally leased from, so I'll see if they can give me any further details.
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