A car lease transfer is a process in the leasing market that is exploding as a popular alternative for consumers who are actively leasing a car, and have a need to end the lease term early by transferring the lease to another individual.
More than ever now, consumers demand new methods to acquire a vehicle they want. Financing a purchase of a vehicle is the traditional method, while new methods as lease transfers, or lease takeovers, as well as vehicle rentals through community coops are the more recent methods consumers benefiting from. The lease transfer process to get into a short term lease has been around for many years, however over the last few years its due to its growing exposure and demand, has become an extremely popular method to acquire a vehicle at a lesser cost and shorter period of time.
A car lease transfer can benefits both parties, the Lease Seller and Lease Buyer, both financially and personally. The Lease Seller who acquired the original lease, can save significant money from future payments against the lease, as well as satisfying other personal and financial obligations that drive their need to terminate a lease early.
The Lease Buyer who assumes the lease, or takes over the lease from the Lease Seller, will benefit from the ability to get into a more luxury vehicle for a much lessor cost, among a few other advantages such as benefiting from any down payments on the original lease that brings down the monthly lease payment costs, and cash incentives to take over the lease from the Lease Seller. Almost all vehicles that are leased are transferable.
Next: How the lease transfer works