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| Car Lease Swap | |||
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The term, car lease swap, generally refers to the concept ending a lease before its normal contract end date by transferring the lease to another party. In this respect, the lease actually doesn't end, it simply passes to another party. 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. Of course, the details of a specific lease situation will determine to what extent this is true. One of the least expensive ways of ending a lease early is through a "swap", which is a legal and administrative method of changing the name on a lease. This process is sometimes called "lease assumption" and cannot be done without a lease company's approval and involvement. When a lease is transferred from the original lessee to another party, the other party assumes responsibility for continuing to make monthly payments and follow the terms and conditions of the orignial agreement. Some car lease companies do not allow lease swaps, or transfers. Some car lease companies still hold the original lessee responsible if the new lessee fails to make payments. A car lease
swap can often be facilitated by specialized online services,
such as Swapalease If a lease transfer 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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