Take Over A Car Lease
The operation of taking over a car lease means that you, as a lessee, can find a cheap and easy way to get out of a car lease, or if you’re the one taking over the lease than, an easy way to drive a car around really cheap, and save someone who desperately wants to get out in the meantime. A car lease can easily be transferred from the original owner to another individual who is looking for a short term lease, or would like to benefit from the opportunity to acquire a short term lease, with low payments and avoid the headaches and hassle, the leasing process implies. Not to mention that the transfer itself is fairly easy and there are no major fees involved.
This is the best possible solution for both parties. One side gets a good, reliable car with no effort whatsoever and the other side gets out of that “burden” with no money lost and credit scores intact.
Both sides get quite a few wins. But the one taking over the lease has an opportunity of a lifetime because of the great deal he’s making. First of all, taking a short term lease is impossible to acquire at a dealership, because it wouldn’t cover the depreciation suffered by the car. The payments are kept low because the only modification in the lease contract is the lessee’s name. The period remains the same, so as the payments. Furthermore, if the original lessee has made some down payments for the car, that would mean even fewer bucks to pay for the new owner. And finally, we all know that at the end of the lease, the lessee has to take the car back, but he/she also has the chance of purchasing the car at its retail price. Now piece it all together: a great car, only a few months left of low payments, and then buying a perfectly good car at retail price. What more could you ask for?
As if this wasn’t enough for a great deal, sellers can get desperate to find someone to take over the car lease, so for that reason, they even offer cash incentives to any potential “client” they may find, in order to get rid of the lease faster. Do I even need to state what kind of bargain is presented here? It is enough to take the car for a few months, use it as you please, and then take it back to the dealership. If you’ve respected the clauses in the contract, than you’ll just be paying a drop fee and you’re done.
The process of taking over a car is also known as lease assumption or lease swap. There are specialized companies such as Swapalease that deals only with car lease transfers. They aid the sellers in finding suitable individuals that might be interested in taking over the lease. Only for a small fee, a seller can solve the problem in a matter of weeks. The great advantage in using a specialized website such as Swapalease, is that, because of their experience in lease assumptions, they take care of just about everything, beginning with dealership contacts and establishments, to paperwork and the actual lease transfer.
The only danger here (especially for the seller) is getting a lease contract from a dealership that does not allow lease transfers. This could cause grave problems to the lessee. If he cannot hold the lease any longer, there could be dangerous consequences, such as repossession and a permanent damage sustained to the credit score.
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