Lease Used Car
Used car leasing explained - How does used car leasing work?
*** IMPORTANT UPDATE ***
UPDATE : Beginning in October 2008, financing companies, banks, and car leasing companies in the U.S. virtually stopped leasing used cars. The recent recession drove most independent car leasing companies out of business. New-car leasing was impacted but used car leasing essentially disappeared, except for some scattered used luxury car leasing. For this reason we are suspending our original "Used Car Leasing" article until such time as the economy improves and used car leasing becomes generally available again.
However there is still one good way available to lease used cars, and get good bargains – through a lease takeover, or lease assumption. It's not a new lease; it's taking over an existing lease.
Here's how it works. People who are currently leasing but need to get out offer their cars and leases for taking over. Some are desperate and will not only let you take over their low lease payments, but will actually give you cash.
This is a great way to get a relatively new low-mileage car at a low monthly payment.
The single best way to drive a late model car at the lowest possible cost is to take over someone's existing car lease
Why?
Most existing car leases were taken out months ago when car manufacturers were offering incredible money-losing deals and very low monthly payments. Many people who took those great lease deals now need to get out after losing jobs or suffering other financial distress.
Most lease companies allow those leases to be transfered to someone else by simply paying a transfer fee. Since the original lessee got a good deal — a deal that may not be possible today — anyone taking over (assuming) the lease will inherit the same great deal, same low monthly payment, with NO MONEY DOWN, no upfront sales tax, and in many cases, a CASH incentive from the "seller." There is no other way to get a late model car this cheap with payments this low.
How?
Online companies such as Swapalease.com
act as match-makers between people who want out of a lease, and people who want to take over a lease. Swapalease.com is the largest online lease marketplace and has the largest inventory of lease takeover vehicles. Look over the vehicle listings and if you find a car you like, they help arrange the lease transfer with the lease company. It's easy and fast.
Want to know more about assuming a car lease? Read our article, Short-Term Lease or Take Over a Car Lease for more details.
Summary
While it is nearly impossible to find used-car leases today, it is still possible to take over an existing lease from someone who needs to get out due to financial difficulties. You get a late-model used car at a bargain lease rate.
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