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.
Read more Am I still held liable once the lease has been transferred?
Yes! In many cases it may make sense for a Lease Seller to sweeten their deal by offering an incentive. Lease Buyers view this is a great way to reduce their monthly lease payments for the remainder of the lease if they decide to take over the lease. Its very common for a Lease Seller to offer 1 to 2 months of lease payments as an incentive to transfer a lease.
Typical incentives include offering to pay transfer fees, make payments for the Buyer or even offer cash for taking over the lease.
If your monthly lease payment is not competitive, or you have used more miles than appropriate, offering a cash incentive is a good way to offset any areas of your lease that may not be attractive to a Lease Buyer, and improve the speed and odds for a successful lease transfer.
Read more Can I offer incentives to make my listing more attractive?
Yes! Real photos of the vehicle attract more Lease Buyers.
Simply upload your photos when adding your lease to the marketplace, or use one of our default photos.
If you don’t have any photos readily available, no problem. Once your photos are ready you can upload and change them directly within your account at anytime. You don’t need to wait to list your lease until you have your photos as we’ll provide default stock photos in the meantime. When you’re ready to add your own, you can do so directly in your account.
Read more Can I add photos to my lease listing?
We offer a secure messaging system directly in your account for both Lease Buyers and Lease Sellers.
When a Lease Buyer contacts you about your lease, their message will be delivered directly to your account inbox. This way you’re guaranteed no messages will get lost to your ISP or computer antivirus spam filters. The messages are safe and secure, and a history of all your messages will be retained.
When a Lease Buyer initially contacts you, we’ll immediately send a notification to your email account on file. You can then login directly to access and reply to the message. Every time a message is received we’ll notify you.
Remember, unlike other lease swap marketplaces, AutoLeaseBreakers.com does not charge Lease Buyers to register or contact you. Its 100% free. We view this as a barrier to helping you get out of your car lease quickly.
Read more How will a Lease Buyer contact me about me lease?
Lease Sellers offering a cash incentive is a great way to attract Lease Buyers to take over the lease.
Lease Buyers view cash incentives as a value-added way to lower the lease payments for the remainder of the lease, or to be used against any lease transfer fees.
Incentives also don’t need to always be cash…though its the most preferred. A Lease Seller may also offer other incentives to take over a lease, such as after market vehicle add-ons, tire rims, custom stereo systems, GPS and map devices, etc.
To offer an incentive, login to your account and edit your lease details. If it’s a cash incentive, you can input the cash value directly in the field. If it’s an additional incentive, there are comment fields to add any special comments and promote additional incentives.
Read more How do I offer a cash incentive?