You heard the major advantages of taking over someone else’s lease versus a new lease or buying a new car. So you turn to the web and search a popular lease transfer marketplace as autoleasebreakers.com to find a local lease to take over. Seems simple enough, but you want more info on how you actually take over a lease.
I mean, leasing a car always sounded complex, right? Wrong. Throw out any notion that leasing a car or taking over a lease was only for professionals who know how to work the system. This is a dead wrong notion that you may feel after leaving a car dealership. So let’s walk through the simple, step by step process of how to take over a car lease. When you do it once, you’ll soon discover why you didn’t do it before.
Yes, there are legalities you should know. For anyone who wants to take over a lease, they should be credit approved. Are you credit approved? If you find a lease you like, get hold of the lease seller and find out who the leasing company is. Give the leasing company a call and they’ll perform a credit check an evaluate if your credit is good with them. And, if your credit has had its scrapes and bruises, talk with the leasing company on options, as they are typically happy to work with you to help you get into a lease. Now, be aware they may push you towards one of their new or used leases on their lot, and likely end up costing you more money in the long run, so stick to your guns that you have the specific lease in mind to take over.
- Find a lease take over on popular lease swap marketplaces as autoleasebreakers.com
- Find a lease you like and ask your questions to the lease seller, the person seeking how to get out of their car lease.
- You’ll share questions and answers back and forth as your smart, and you’re prepared. For example, ask questions as any vehicle damage, wear and tear, inspection reports, update lease details (current mileage, etc.)
- Get the name of their lease company and give them a call. Confirm the lease can be transferred and any restrictions if any on a lease transfer. Ask for an inspection report on any historical damage, service and maintenance records and their process to perform a vehicle inspection before you take over the lease.
- If the lease is local, go visit the individual to check out the vehicle. Take it for a test drive, inspect it, and again, ask any questions with the original lessee.
- Discuss or negotiate who will pay the lease transfer fee. Remember there is a fee to transfer the lease by the leasing company. Its like an administration fee. Be aware, there are some online lease assumption marketplaces that will charge you in advance or at time of transfer the lease transfer fee, with an added mark up. These middleman fee is unnecessary and can dealt with at cost directly with the leasing company. Online lease transfer market places as AutoLeaseBreakers.com does not charge any lease transfer fees and leaves this at cost and subject to the lease seller and lease buyer to negotiate.
- If everything checks out, make an offer. Nothing in writing, just in principal. For example, see if there are any cash incentives to take over the lease, and the assuming the lease is subject to an inspection by the original dealer.
- Make a deal-in-principal with the original lessee (included who pays for transfer fees, inspections, security deposits, cash incentives and/or down payments). The deal is subject to credit approval.
- The dealership will require a credit check / application for the person taking over the lease. Remember, since you’re taking over a lease, they just want to make sure you can afford the payments. They’ll help you perform a credit application, and submit this to the leasing company for a credit approval. Most major dealerships also operate or the leasing company, so this step should go fairly quickly.
- If everything checks out, the leasing company or dealership will facilitate the paper work to transfer the lease.
- Pick up the keys and drive away.
You’ll find the steps on how to take over a car lease is fairly straight forward. It’s a matter of asking the right questions, getting assurance on the car lease is what it should be, a credit check and then paper work and signatures.
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