When you’re thinking about performing a breaking your lease early by transferring a lease to someone else, or you’re wanting to take over someone else’s car lease, its important to know before hand any hidden costs and additional fees in the lease transfer process.
While there are typically two fees in a lease transfer process, its important to contact the leasing company to get the full details as each leasing company will have their own rules and policies.The first of the additional or hidden fees are the nominal fees. These fees are those charged by the leasing company to help in the lease transfer transaction.
There are sometimes other nominal fees charged by lease transfer marketplaces to help facilitate in the lease transfer transaction. Its important the consumer to understand, these fees incurred by some lease transfer marketplaces can be avoided depending on what the marketplace services are doing in the lease transfer process. Remember, the lease transfer process is essentially a paper work process, which the leasing company can facilitate and perform, whereas some lease transfer marketplaces will act as the middleman to facilitate the paper work process, thus charging additional fees or marking up the existing fees.
Additional fees charged by the leasing company typically include the credit application fee the lease seller will need to go through to confirm their credit worthiness, and the lease transfer fee. However, its always best to perform due diligence to check with the leasing company first to get all the details on their fees to perform the lease swap process, as each leasing company too may have their own fee structures, and can vary from one leasing company to the next.
Now with any transfer of vehicle ownership or agreement, there are typical ownership fees and taxes that may be incurred too. Again, this can vary from province to province and state to state.
This most important tip when taking over a lease, or getting out of a lease is to connect with the leasing company to get all the information necessary. Everything from hidden or additional fees for a lease transfer, vehicle service maintenance and repair records and any other details about the lease they can advise you on.
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