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Car Lease Takeover - Lease Transfer - Solutions in Bad Economy
Take over
a car lease with low monthly payments and no down payment for the best
lease deals
In a tough economy,
automotive consumers look for new ways to be able to get into the cars
they need and want. Lease takeovers, or lease transfers, are increasingly
providing the ideal answer for many of these consumers. Although lease
transfers have been around for years, it has now become the hottest new
way to acquire a late model automobile at the lowest possible cost.
Here's how
a car lease takeover works
Someone
who is currently leasing a car wants out of their lease. It might be for
financial reasons, health reasons, a divorce, or that they simply want
another car. They leased the car less than three years ago (most leases
are 2-3 years) before the economy went sour. They might have made a large
down payment or traded a relatively new car, or perhaps took advantage
of a special promotional lease deal, which created low monthly payments.
They now want out
of their lease and are willing to let someone else take over the car and
lease, along with its low payments. In many cases, they
are offering cash as an incentive to make the deal even
more attractive.
What is a
car lease takeover?
Sometimes called a lease trade or lease swap, taking
over a car lease is simply a process by which someone takes over (assumes)
the lease of another. It is primarily a paperwork process. Both the car
and the lease change hands. The new lessee simply takes the car and begins
making the same monthly payment as the original lessee under the same
lease agreement, without the hassles and costs of a new lease.
How do you
find a car lease takeover?
There
are online companies who match up car lease "sellers" with "buyers."
One that we highly recommend is Swapalease.com ,
the largest and most respected of such companies. Swapalease.com is the largest such company and has a huge inventory of assumable car leases.
When you go the Swapalease
web site, you can search on car makes, models, locations, and prices.
You pick exactly the car you want, the payment your want, and the months/mileage
you want. The company handles all the details, including the paperwork
with the lease company. It's pretty easy and inexpensive. Depending on
the lease company you might have to pay a small application fee and/or
a transfer fee.
Taking
over a car lease, and avoiding the up-fronts costs of a new lease,
is absolutely the easiest and cheapest way to get into and drive a
relatively new car, still under warranty protection, with the latest
safety and convenience features. Most existing leases were taken out months ago when car manufacturers were offering unbeliveable deals — deals that are not available today.
Here's some tips to
make your car lease takeover (lease transfer) easy and successful.
- When you visit
Swapalease.com,
there are cars being listed by individuals, and by car dealers. Dealer
listings are usually brand new cars and new leases. If you only want
to see listings by individuals, click off the "Include Dealer Listings"
box option.
- Look at the remaining
mileage and months on the lease and make sure it fits your needs. If
you exceed the mileage, you will have to pay a per-mile fee at lease-end,
assuming you return the car to the lease company.
- Remember, you always
have the option to buy the car at lease-end, if you choose. If you think
you might do it, check the lease-end purchase price shown in the listing
for a good deal.
- If you have questions
about the car, use the contact form on the listing to get your answers
directly from the "seller."
- Sometimes an "Effective
Monthly Payment" is shown that is different from the "Actual
Monthly Payment." This happens when the seller is offering a cash
incentive. It's the "Actual Monthly Payment" that you'll
actually be paying, after you've gotten the cash incentive. The cash
incentive "effectively" lowers your monthly payment, assuming
you applied part of the cash each month to your payments.
- Try to inspect
the car before you take over the lease because any damages will be charged
to you at lease-end.
- If you decide on
a car that is located at long-distance, you should consider using a
service to inspect the car, and transport it if necessary. Swapalease
can arrange those services if you want.
Taking
over a lease
– a lease transfer – offers one of the least expensive ways
to drive a relatively new car. Low monthly payments, with no down payment,
and cash incentives make it attractive in a tough economy when finances
and credit are tight. For the best lease deals, consider a lease takeover.
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