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3 minutes read. 13th October, 2022.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of using loans to buy an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers to take control of their finances through providing precise, well-researched and researched facts that break down complicated topics into bite-sized pieces.
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The car market is struggling to keep up with inventory issues and a lack of cash, taking over lease payments might be an ideal alternative to take the car. Third-party websites can assist you find someone who wants to end their lease early. Since leases typically last for about two or three years you may need to purchase the car -- or return it to the dealer -- before you're in a position to do so. Do you think a lease takeover is a good idea?
If your circumstances permit the possibility of borrowing someone else's lease is a good choice as a lease may offer lower monthly fees and more options for vehicles compared to buying.
Advantages of a lease takeover assuming a lease has clear benefits when you are looking to drive a newer model vehicle for a brief period. Vehicle availability With car buyers holding onto their new vehicles for an average of 6.5 years, as per the most recent data from and leases typically lasting two or 3 years, it could be challenging to find the best price for the latest model of car that's not the model year of the current year. It is possible that you'll be able to get a relatively new vehicle through the lease assumption. A short-term lease whereas the typical lease agreement lasts for two or three years the lease assumption expires earlier. This allows you to try out a car without the need to sign an extended-term contract. It's rare to get this kind of timing through traditional leasing outlets. Cash incentives Many drivers are eager to get their vehicle out of their possession in the event of a lease assumption. It's not uncommon for the initial leaseholder to offer a cash bonus. They might also offer to pay for any transfer fees a leasing company charges and could save you many hundreds. Talk with the leasing company to negotiate the best deal. Reduced monthly payments If the lessee in question has great credit and made a large down payment, it is likely that their monthly payment is low. Since you will be taking on that monthly installment it is possible to take advantage of their conditions. Disadvantages of a lease assumption The low car payment and the flexibility of a short-term car lease may be tempting however, before you sign the lease, you must be aware of potential risks. A no-renegotiation lease The lease you take over is the lease you get. You won't be able to negotiate the lease terms the original lessee had agreed to. That means that if their credit score was not high it could result in you being forced to pay a higher monthly payment than what you could have received if you had signed an agreement to lease your own. You may also have an increased lease-end price than what you'd otherwise pay. Limited mileage Taking over a lease means that you will need to stick to the mileage limits originally set stipulated in the car lease contract. If you exceed this limit, it could be costly -the penalties range from 10 to 25 cents per miles. Try and estimate how many miles you'll travel prior to the lease expiring to ensure that you don't need to pay a penalty. And of course, be sure that the lessee hasn't already incurred charges for mileage overage. Potentially high wear-and-tear costs If the previous driver did not maintain the vehicle, you will be liable for wear and tear costs. Similar to any used car take the vehicle to inspect it on the spot and ask to have it inspected prior to signing on the lease. If there is an excessive amount of wear, check whether the original leaseholder will pay for the costs as part of the transfer. Additional charges There are three primary charges that are associated when you take over a lease: lease transfer, credit application and . According to Swapalease it is possible for the cost to range from $395-$895. Make sure you are aware of the details of these charges before committing to the lease assumption. How to assume a car lease If you've made the decision to assume the lease, you have a few options available. Lessees who want to hand over their leases can use websites like Swapalease, LeaseTrader and QuitALease to find someone to assume the responsibility. You can also contact the leasing company. They could be able offer suggestions or to connect you with a prospective lessee. While the lease's terms will depend on the initial lessee's credit but your credit will be taken into consideration. Be prepared to bargain with the lessee about any potential cash bonuses and bonuses. The final word: If you choose to accept a lease, keep an eye on the fact that the liability you are taking over is more than an ordinary auto lease because of the past of the initial driver. The lease will be liable for the remaining payments on the car and any damage or costs that were incurred by the initial lessee. Shop around and compare different options before signing any agreements. Find out more
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of using loans to buy a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers to take control of their finances through providing precise, well-studied facts that break down complex topics into manageable bites.
Auto loans editor
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