Assume Someones Car Lease
Sometimes assuming someone’s car lease is a good idea if you don’t want to take on a two- or three-year contract. Instead you are going to be responsible for your payments a shorter period of time. Moreover, you are going to help another person escape the agreement if that person can’t afford it anymore or just doesn’t need it.
If you choose this option you should first of all search the type of vehicle you are inclined to buy. You can start your search by checking out the local newspaper, because many people choose to list their leases, but you will have a better chance and a wider choice if you also look on car lease websites such as Swapalease.com or Leasetrader.com. On such websites you will find detailed information about the make and model of the car, about the monthly payment you will need to cover and about the time period that is left on the agreement.
Once you decide upon one of those possibilities you should contact the seller. That can be easy if you sign up on the lease transfer website. You can use the opportunity to get answer for all the questions you may have related to the car’s condition or to the car lease’s agreement terms. Once you get the answers you are looking for you can express your interest in the lease transfer.
If you are now ready to assume someone’s car lease you should go visit the dealership in order to be sure you qualify to assume the lease. Even if on the website a credit card check will be conducted before you get to contact the people willing to transfer their lease, their criteria might be different than the ones respected by the dealership. A car lease dealership will also ask you to bring some proof of your current income in order to make sure that you will be able to cover the payments. Before being aloud to take on the lease you will also have to provide insurance for the vehicle you will be driving and settle all the transaction involved by the DMV.
Once you are cleared by the dealership you can start negotiating the lease transfer fee with the seller of the car you chose. That’s because, the terms of a lease agreement usually involve the pay of a transfer fee and the dealership will ask you to cover it before letting you assume someone’s car lease. You may have to pay yourself the fee or the seller can at least share it with you if not pay it himself.
If everything seems ok and you are sure this is the best choice for you, you should sign the lease transfer document and get ready to start covering the payments. But do that only after having inspected the car and checked out the mileage used during the current year of lease, because I’m sure you don’t want to pay penalties due to the neglect of the previous owner. Once you made the first payment you have assumed the car lease and you will have to continue to do so until the car lease contract expires. When the time is up you will return the car to the original dealership.
The option of assuming someone’s car lease can be very appealing if you are in search of a short term car lease. The seller might prove understanding as well because he will avoid paying the thousands of dollars involved by breaking the lease. The option might provide you with zero down payment and some possible incentives from the seller.