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| Transfer a Lease | |||
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The term, transfer a lease, as it applies to car leasing, generally refers to the concept of transferring responsibility from an original lessee to another party willing to take over the car and lease. The concept of transferring
car leases has been made popular by Swapalease.com This process can offer significant cost savings for people who need to get out of a car lease early. There are some costs involved but nothing close to the typical fees associated with early terminations. Essentially, a car lease transfer keeps the lease active but simply changes the name on the contract. In this sense, it is not an early termination, and avoids early termination costs. The party to whom a lease is transfered takes over the vehicle and assumes responsibility for making monthly payments, although many car lease companies still hold the original lessee responsible if the new lessee fails to hold up his side of the deal. Some car lease companies do not allow lease transfers. Therefore, if you are thinking of finding someone to take over your lease, you must contact your lease company to get their approval and understand their policies. The lease company should always be involved in a lease transfer. Private transfers are a violation of lease contract terms and conditions. The Lease Kit offers other methods of ending a lease early if a lease transfer is not possible. For more information, see: The Lease Guide
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