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| Car Lease Assumption | |||
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The term, car lease assumption, generally refers to the concept ending a lease before its normal contract end date, and having someone else "assume" or take over the lease. Since most leases are designed to completed according to the date specified in the lease agreement, ending a lease early can often be troublesome and expensive. Details of a specific lease situation will determine early termination cost. A car lease assumption
is sometimes called a "lease swap" or "lease takeover."
The process has been made popular by Swapalease An auto lease can often be transferred from the original lessee to another party, thereby avoiding the high cost of early lease termination. The other party takes over the lease and assumes responsibility for continuing to make monthly payments, although many car lease companies still hold the original lessee responsible if the new lessee fails to make payments. Some car lease companies do not allow lease transfers at all. Lease assumption agreements between two individuals without consent and participation of the lease company violates lease contract terms and conditions. If a lease assumption doesn't work out in a specific situation, other options will have to be considered. These other options are detailed in the Lease Termination Guide, which is part of our optional Lease Kit. For more information, see: The Lease Guide
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