This is an excellent question we get from consumers who are learning the process of how to get out of your car lease, and an important point anyone who leases a car should ask before leasing.
Some leasing companies (the lessor) have this clause removed or relaxed from their policies. It’s an old-age policy that many leasing companies previously had, but have since most major leasing companies have changed. American and Canadian leasing companies as GMAC and other major leasing companies have removed and rid themselves of this old-age policy, however there are still some leasing companies who may still have this policy and due diligence should be asked with the leasing company and lease agreement. However, as the popularity of lease transfers and swap leases is exploding, more and more consumers who become lease busters will find that leasing companies will relinquish this as its in their best interest and customer service. Continue reading “Am I responsible for a car lease after a lease transfer?” »
The short answer is yes.
When someone wants to learn how you can get out of a car lease, one of the top questions they should check with their leasing company is if they’re lease agreement allows to swap a lease, and if yes (most do), then can a person who’s interested to take over a lease, buy the vehicle versus assuming the lease.
When an individual assumes a lease, their essentially going to take over a car lease for the remainder of the lease term on the lease agreement. This is better well known as a short term lease through a swap a lease process. Basically the original person who leased the car is going to transfer the vehicle and its lease to another individual. There are benefits on both sides. Continue reading “If I get out of a car lease, can someone buy the car vs. taking over the lease?” »
Let us help you understand the basics, to the advanced on auto leasing. You have full access to our car leasing knowledge covering the full spectrum of topics that you’ll come across, whether you’re seeking to get into a new car lease, take over a car lease, or get out of a car lease.
We’ve separated our lease school into 4 classes – 101 to 401. We start with the basics such as what is car leasing, leasing versus buying, is leasing right for you, familiar terminology, calculating monthly payments, how to take over someone’s lease and much more.
Car Leasing 101
We introduce you to the fundamentals and basics about auto leasing in our 101 overview. You’ll learn more about the following, and much more.
Start your beginners course on auto leasing 101.
Car Leasing 201
In car leasing 201 we build on the fundamental of leasing 101 to get you more informed about leasing, and various options and details you should know before walking into a dealership to lease a new car. In 201 you’ll learn more about..
Continue your course on auto leasing with car leasing 201.
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. Continue reading “What are the hidden fees in a lease transfer?” »
Is there a difference between car leasing and renting a car? Absolutely! There are differences in obtaining a car through car leasing versus renting a car versus financing a car. Fundamentally the differences may sound similar, but it’s important to know and understand these differences.
Rent a Car
Renting a car is pretty much what is says. You pay x dollars at a set frequency (ex. hourly, daily, weekly, monthly). Renting a car is typically for a very short period of time, unlike car leasing which is 24, 36, 48 months (unless you take over a short term car lease on a lease transfer). When an individual rents a car, they typically incur a higher cost / fee for the time spent driving the vehicle. Continue reading “Car leasing versus renting” »