Thinking of taking over a car lease? Pros & cons of taking over lease payments

Apr 17
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In-market to buy or lease a new car? It’s not a easy choice, and you weigh the pros and cons to both…but do you’re leaning towards leasing a car, do you know the pros and cons between taking over a car lease vs a new car lease? Depending on your situation, you consider assuming someone else’s car lease and arm yourself with the advantages and disadvantages to taking over a lease.

Firstly, a new car lease is typically 3-5 years. Should you lease a car, your committed over the next 3 to 5 years with monthly lease payments. But what if your personal or financial situation changes? What is you had to exist the lease early? Can you afford the stiff penalties and fees for returning the lease before the lease contract expires?

Assuming or taking over someone else’s car lease may be a great option should you decide the best option for you is a short-term lease to hedge against any future personal or financial situations that may arise over the next 1, 2 or 3 years.

So if you’re now thinking of taking over a car lease, I’ll walk you through a few of the main pros and cons of taking over someones car lease and payments.  Continue reading “Thinking of taking over a car lease? Pros & cons of taking over lease payments” »

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How to get out of a car lease fast (and cheap)

Apr 17
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At some point in time we’ve all faced the dilemma of buying a care new, or signing onto a fixed term lease. If you’ve taken the path to lease a car, you’ve then experienced that car lease contract can feel like signing a marriage contract.

Should something in your personal life come to of left field and you need to get out of a your lease, it will cost you dearly to terminate a car lease early. Leasing companies will have engrained in your lease agreement the various fees and penalties for existing a lease early. Should you have a chat with the dealership you leased the vehicle from, you’ll then be faced with the sales pitch to swap a lease for a new one. Continue reading “How to get out of a car lease fast (and cheap)” »

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10 new car buying scams to avoid

May 5
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According to the Better Business Bureau, issues with new-car dealers remain among the top consumer complaints. Here are 10 hair-raising scams to watch out for.

Now we’re far from suggesting that the industry is rife with rip-off artists, but the typical new-car transaction contains many avenues for manipulation – if not outright fraud – that can easily be leveraged to an unsuspecting buyer’s disadvantage.’

“People can get into trouble because no one has ever taught them how to really go about buying a car,” says former car dealer and current consumer advocate and radio show host Nicole Markson. “People are not skilled at negotiating because they do it once every three to five years, while dealership personnel do it all day every day. The field is not level from the start.”

According to the Better Business Bureau, issues with new-car dealers remain among the top consumer complaints, and even a cursory investigation on the topic opens the proverbial floodgates to torrents of woeful tales. While some grievances can be attributed to inattentive or rude personnel or overly aggressive salespeople, many consumers find themselves the victims of egregious tactics that would make even the most brazen hucksters shake their heads in disbelief. Consider these horror stories provided to us by Edmunds.com:

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How to terminate a car lease

May 1
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Over the last 5 years, more and more consumers in America and Canada have sought options to terminate a car lease early due to the economic downturn resulting in stressed financial obligations.

Car lease termination traditional is thought of returning the car lease early to the leasing company, and incur the expensive penalties originally agreed to in the lease agreement. In some cases, consumers have simply walked away from their lease, though the result impacts their credit ratings.

However, over the last decade, leasing companies have begun to accept car lease termination through the lease transfer process, or lease assumption process. Primarily leasing companies have turned their view to the preference of having anyone who is credit worthy retain the lease throughout the remainder of the lease term (ex. 3-5 years), vs. incurring costly legal and operational fees to chase after the original lessee who is already financially strapped.

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Lease a BMW or Benz: 2012 Consumers Look to Leasing

Apr 25
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Recent auto financing forecasts made available by Moody’s (NYSE:MCO) Analytics Credit Forecast.com economic forecast point to a trend of auto company dealerships across the country: total U.S. auto lease balances increased 9% in March, representing twice the increases in auto loan balances, according to PR Newswire.

While the number of consumers who take loans to help finance the purchase of an auto still outpaces leases, leasing options are growing, and the volume of leases as opposed to loans is growing more rapidly, expecting to peak at 50% of financing by 2017. Its unknown if this includes lease takeovers from consumers wanting to get out of a car lease and transfer the lease to others consumers, who may finance the lease through the original leasing company.

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