When individuals think ‘leasing’ its well known the first thing that comes to mind is being locked into a commitment over 3 to 5 years. What is not well-known, and growing in vast popularity, is the opportunity consumers have with lease assumptions. An auto lease assumption makes it possible to terminate an auto lease early through the process of transferring the lease to someone else, known as a short-term lease.
Lease assumptions are done by the individual who needs to transfer their auto lease to someone else seeking to take over the lease payments – for a few months or for the duration of the lease agreement. When someone assumes a lease, they are taking over the lease rights and responsibilities under the current term of the lease agreement.