Thinking of taking over a car lease? Pros & cons of taking over lease payments

In-market to buy or lease a new car? It’s not a easy choice, and you weigh the pros and cons to both…but do you’re leaning towards leasing a car, do you know the pros and cons between taking over a car lease vs a new car lease? Depending on your situation, you consider assuming someone else’s car lease and arm yourself with the advantages and disadvantages to taking over a lease.

Firstly, a new car lease is typically 3-5 years. Should you lease a car, your committed over the next 3 to 5 years with monthly lease payments. But what if your personal or financial situation changes? What is you had to exist the lease early? Can you afford the stiff penalties and fees for returning the lease before the lease contract expires?

Assuming or taking over someone else’s car lease may be a great option should you decide the best option for you is a short-term lease to hedge against any future personal or financial situations that may arise over the next 1, 2 or 3 years.

So if you’re now thinking of taking over a car lease, I’ll walk you through a few of the main pros and cons of taking over someones car lease and payments.  Continue reading “Thinking of taking over a car lease? Pros & cons of taking over lease payments” »

How to get out of a car lease fast (and cheap)

At some point in time we’ve all faced the dilemma of buying a care new, or signing onto a fixed term lease. If you’ve taken the path to lease a car, you’ve then experienced that car lease contract can feel like signing a marriage contract.

Should something in your personal life come to of left field and you need to get out of a your lease, it will cost you dearly to terminate a car lease early. Leasing companies will have engrained in your lease agreement the various fees and penalties for existing a lease early. Should you have a chat with the dealership you leased the vehicle from, you’ll then be faced with the sales pitch to swap a lease for a new one. Continue reading “How to get out of a car lease fast (and cheap)” »

How to terminate a car lease

Over the last 5 years, more and more consumers in America and Canada have sought options to terminate a car lease early due to the economic downturn resulting in stressed financial obligations.

Car lease termination traditional is thought of returning the car lease early to the leasing company, and incur the expensive penalties originally agreed to in the lease agreement. In some cases, consumers have simply walked away from their lease, though the result impacts their credit ratings.

However, over the last decade, leasing companies have begun to accept car lease termination through the lease transfer process, or lease assumption process. Primarily leasing companies have turned their view to the preference of having anyone who is credit worthy retain the lease throughout the remainder of the lease term (ex. 3-5 years), vs. incurring costly legal and operational fees to chase after the original lessee who is already financially strapped.

Continue reading “How to terminate a car lease” »