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Pros and cons of taking over car lease payments Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering you interactive tools and financial calculators as well as publishing objective and original content. This allows users to conduct research and compare data for free to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies who pay us. This compensation could affect how and where products appear on the site, such as such things as the sequence in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage and home equity products, as well as other home lending products. This compensation, however, does have no impact on the information we publish, or the reviews appear on this website. We do not cover the universe of companies or financial offers that may be accessible to you.
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3 min read Published October 13, 2022
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of using loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to control their finances through providing concise, well-researched, and well-studied facts that break down otherwise complicated topics into bite-sized pieces.
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The car market is struggling to catch up with inventory issues, taking over car lease payments might be an ideal option to get behind the driving wheel. Third-party websites can help connect with someone looking to get their lease terminated early. Since leases typically last for two or three years, you may need to purchase the vehicle -- or give it back to the dealer before you're in a position to do so. Would a lease-to-own takeover be an ideal idea?
Based on your situation the possibility of taking over someone else's car 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 A car lease has clear benefits in the event that you want to take a test drive in a brand new car for a short period. Vehicle availability With car buyers keeping their new cars for the typical 6.5 years, as per the most recent data from and leases typically lasting two or 3 years, it can be challenging to find an affordable price on an older model that isn't the model year currently in use. But it is likely you'll be able to get a relatively new vehicle with an assumption of lease. A short-term lease whereas the typical lease agreement lasts for two or three years the lease assumption expires earlier. This allows you to test drive a car without signing an extended-term contract. It is rare to get this kind of timing through traditional leasing companies. Cash incentives Many drivers are eager to get their vehicle off their hands in a lease assumption scenario. It is not unusual for the initial lessee to provide cash incentives. They might also offer the possibility of covering any transfer fee a leasing company charges and could save you thousands of dollars. Discuss with the leasee to negotiate the best deal possible. Lower monthly payments If the initial lessee has excellent credit and made a large down payment, it's most likely their monthly cost is low. Because you'll be taking on the monthly payment as-is it is possible to take advantage of the conditions. Advantages of a lease assumption Car payments that are low and the flexibility of a short-term car lease may be appealing, but before you assume the lease, you must be aware of the potential risks. A no-renegotiation lease The lease you take over becomes the contract you get. You will not be able to negotiate the lease terms that the original lessee agreed to. This means that if their credit score was low it could result in you being in a position to be paying a greater monthly installment than you would have received getting the lease yourself. It is also possible to have the option of a higher purchase price at the end of your lease than you would otherwise get. A limited mileage lease means that you will be required to adhere to the mileage limits originally set stipulated in the car lease contract. Overstepping this limit can cost you -the penalties vary from 10 to $25 cents for each mile. Make a rough estimate of the number of miles you'll travel before the lease expires in order to ensure that you don't need to pay a penalty. Of course, you must be sure that the lessee hasn't already been charged mileage overage fees. Costs for wear and tear that could be high if the previous driver did not keep the automobile in good condition, you'll be stuck with the wear-and-tear fees. Similar to any used car take the vehicle to inspect it on the spot and ask to have it inspected prior to signing over the lease. If you notice substantial wear, ask whether the previous lessee will pay for the costs as part of the transfer. Additional fees There are three main fees that come along when you take over a lease: leasing transfer as well as credit application . According to Swapalease the possibility is that these fees to cost anywhere from $395-$895. Make sure you know the exact details of these charges prior to signing an assumption of lease. How do you assume a car lease If you've taken the decision to take over the lease, you have a few options available. Lessees who wish to hand their leases to others can go to websites like Swapalease, LeaseTrader and QuitALease to find someone who can take on this role. You can also reach out to your leasing firm. They might be able to provide recommendations or connect you with a potential lessee. Although the lease's terms will already be determined by the original lessee's credit, your credit will still be considered. Be prepared to negotiate with the lessee for any cash bonus opportunities as well. The main thing to remember is that if you do decide to assume a lease, bear your mind in the forefront that the obligation that you take on is greater than a typical auto lease because of the history of the original driver. You are responsible for the rest of the costs of the vehicle, including any damage or charges due to the original leasee. Look around and evaluate different options prior to signing any contracts. 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 to navigate the details of borrowing money to purchase a car.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping their readers gain the confidence to manage their finances with clear, well-researched facts that break down complex subjects into digestible pieces.
Auto loans editor
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