Almost all leases that are assumed or transferred to another person require to to pay a lease transfer fee. But more importantly, who pays the lease transfer fee, and how much really is this fee?
There are also lease transfer marketplaces who may charge this directly to the lease seller with a mark up. For these reasons, its important you see below how you can get the real cost of the lease transfer fee, and how you can reduce the lease transfer fee costs. Continue reading “How much is the lease transfer fee?” »
Whether or not the original lessee is liable once the lease is transferred depends on the leasing company involved.
Some leasing companies completely remove the first individual from the account and some choose to leave the original lessee liable as a guarantor.
When the original leaseholder is removed, the lease transfer is typically referred to as a “lease assumption”. When liability remains with the original lessee, the process is known as a “transfer of equity”.
Within North America, its quite typical the lease agreement and conditions are fully transferred to the Lease Seller. In the view of the leasing company, if they’ve performed the credit check and find the Lease Buyer is credit worthy, they would have a better legal chance of getting the ongoing lease payments from them, versus chasing the previous Lease Seller who typically exited the lease due to financial difficulties. It can be in the best interest of the leasing company to allow a lease transfer if the other person is more credit worthy. However, due diligence should be done to confirm with your leasing company.
You’ve found a few perfect leases for take over but discovered their not local and even across the country. No problem. When taking over a car lease from another province or state, there are a few tips you should remember. First, lets assume you checked with the leasing company first to confirm you can perform a swap a lease from another state or province. While most leasing companies are national, its always safe to check first if the person who needs to get out of a car lease (lease seller) lease agreement allows for a lease transfer outside the state or province from which the lease was first purchased. Continue reading “Tips on taking over a lease from another state or province” »
Let’s say you took over a lease and either knew before, or discovered after the fact there is vehicle damage or excess wear and tear on the vehicle. Since vehicle damage and excess wear and tear is charged by the leasing company at the end of a car lease, then how can you protect yourself against damage you did not cause? There are basic tips you should know before taking over a car lease, buying out a car lease and even buying any vehicle from an individual or dealership. Continue reading “In a swap a lease, who is responsible for the vehicle damage at the end of the lease?” »
When a long distance separates the Lease Buyer and Lease Seller, normally arrangements to inspect the vehicle and get it to the Buyer are worked out between the parties involved.
We have seen many different arrangements work, ranging from the Buyer or Seller driving to meet each other, having the vehicle inspected by a dealer or mechanic and having the vehicle transported by a shipping service.
Others have used Sea Rail to transfer their vehicle across long distances. We recommend we look into their services.