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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 ins and outs of securely borrowing money to purchase the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers feel confident to manage their finances with concise, well-researched, and well-studied facts that break down otherwise complex subjects into digestible pieces.
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In a time when the market for cars is struggling to keep up with the shortage of inventory, taking over car lease payments might be a good option to get behind the driving wheel. Third-party websites can help you connect with someone looking to terminate their lease earlier. But since lease contracts generally last two or three years, you might need to buy the vehicle or return it to the dealer before you're in a position to do so. Would a lease-to-own takeover be a good idea?
Based on your situation the possibility of the option of taking over someone else's lease is a good move because a lease could come with lower monthly costs and expanded vehicle options compared to buying.
Advantages of leasing a takeover assuming a lease has clear benefits in the event that you want to purchase a more modern vehicle for a short time. Car availability: With car buyers staying with their brand new cars for an amount of 6.5 years, as per the most recent figures from and leases usually last for two or three years, it can be challenging to find a good deal on the latest model of car that's not the current model year. But it is likely you'll find a reasonably new vehicle with an assumption of lease. A short-term lease whereas the typical lease lasts between two and three years the lease assumption expires earlier. It allows you to try out a car without the need to sign an extended-term contract. It's not often you can discover this type of timing at traditional leasing companies. Cash incentives A lot of drivers want their vehicle off their hands in the event of a lease assumption. It's not uncommon for the initial leaseholder to offer an incentive in the form of cash. They may also offer to cover any transfer fees that a leasing company may charge, which can save you thousands of dollars. Discuss with the leasee to get the best deal. Reduced monthly payments If the lessee in question has great credit and has made a substantial down payment, it's most likely their monthly installment is not as high. Since you will take on that monthly installment, you will benefit from their terms. Advantages of a lease assumption The low car payment and the flexibility of a short-term car lease may be tempting, but before you assume the lease, be aware of the potential dangers. There is no renegotiation of the lease. The lease you sign will be the one you get. It is not possible to negotiate lease terms that the original lessee had agreed to. If your credit score was poor and you were unable to negotiate, you could be forced to pay a higher monthly installment than you could have received if you had signed an agreement to lease your own. It is also possible to have an increased lease-end price than you could otherwise receive. A limited mileage lease means that you be required to adhere to the mileage limitations on the car lease contract. Going over this limit could cost you a fee -Overages can vary from 10 to $25 cents for each mile. Estimate the number of miles you'll drive prior to the lease expiring to ensure you don't have to pay a penalty. Also, be sure to make sure the original lessee has not already paid mileage overage fees. Potentially high wear-and-tear costs If the previous driver didn't maintain the vehicle, you'll be responsible for the wear-and-tear charges. Like any used vehicle, see the vehicle personally and get it examined before you sign a contract to take to the leasing. If you notice substantial wear, ask whether the original leaseholder will cover the fees in the course of your transfer. Additional charges There are three main charges that are associated with a lease takeover the transfer of lease as well as credit application . According to Swapalease it is possible for the cost to range from $395-$895. Make sure you know the specifics of these fees before agreeing to an assumption of lease. How to assume the car lease made the decision to assume an agreement to lease, there are many options available. Lessees who wish to hand their leases to others can go to websites like Swapalease, LeaseTrader and QuitALease to locate someone who will take on this role. It is also possible to contact your leasing firm. They could be able offer suggestions or connect you with a potential lessee. Although the terms of the lease will be determined by the original lessee's credit but your credit will be assessed. Be prepared to discuss with the lessee any potential cash rewards as well. The main thing to remember is that if you do decide to assume the lease, bear your mind in the forefront that the liability that you take on is greater than a typical auto lease due to the past of the initial driver. You will be responsible for the remainder of the costs of the vehicle, including any damage or costs incurred by the original lessee. Compare and shop around for alternatives before signing any agreements. Learn 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 with the ins and outs of securely taking out loans to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers to manage their finances by providing concise, well-researched and well-written information that breaks down otherwise complicated topics into bite-sized pieces.
Auto loans editor
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