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.
Terminating a car lease through the lease assumption process is a rather straight forward process. Primarily its a paper work process between the original personal leasing the car, the new person seeking to take over the lease and the leasing company. More or less, its an administrative paper work process. The challenge however with car lease termination is finding the right individual to take over the lease.
Consumers seeking to get out of a car lease through the early lease assumption termination process, have more options to find and connect with consumers who seek out a lease to take over. Consumers have become more adept to the advantages and cost savings of financing a newer vehicle through taking over a lease, vs. leasing new or buying new. It becomes a win-win for both parties, and most of the major leasing companies have now accepted the lease assumption process as a legal and viable option to early car lease termination.
Consumers seeking to terminate a car lease best option to find someone to take over the lease is through a few creditable lease assumption marketplaces found online. AutoLeaseBreakers.com is one of the popular choices throughout USA and Canada to terminate a lease, and take over a lease. The market place publishes consumers leases offered for takeover. The Lease Buyers can easily browse the variety of leases up for termination, and contact the consumers directly to ask questions, arrange a meeting and initiate the lease assumption process with the leasing company.