Category Archives: Lease Transfer

Leasing A Car After Bankruptcy

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Bankruptcy: As a person or business can no longer repay their outstanding debts, they file for bankruptcy. Its goal is to give you a fresh start by eliminating your debts but it does have repercussions.

  • It can lower your credit score dramatically. Whether you started at a good or bad score, there will be a significant drop.
  • It will appear on your credit score and stay there for up to 10 years, or even longer if you apply for a loan amount above or equal to $150,000.
  • Future car loans will have higher interest rates and car loans might require larger down payments.

So what CAN you do if you are at a point in your life where you want to lease a car following bankruptcy?

Obtain Credit Report

  • Know where you are with your credit score. The number will be your gauge on how far you have to go to get a high enough score to lease.

Rebuild Credit

  • Filing bankruptcy relieves your past debts, but in order to bring up your credit score, it is best to obtain at least one new credit card to use responsibly. You can bring up your score quicker by paying off the credit balance each month before your payment date.

Research Lenders

  • A few lenders out there tend to avoid those who have filed for bankruptcy in the past, but there are some out there that are willing to work with you and help you at. Research and obtain information from different lenders to get an idea of what you need to do in order to set up a successful car lease. Be careful, however, some may take advantage of your situation. Be sure to ask questions on:
    • Leasing options
    • Qualifying incentives or rebates
    • Best possible interest rate
    • Minimum credit score required
    • Availability of short-term leases

Lease Assumption

  • It may be easier to take on a lease assumption rather than a new lease on your own. A lease assumption is basically you taking over someone else’s lease because they can’t pay for it anymore. At times, the down payment will be small or you don’t need to put money down at all. It is easier to qualify for this type of lease, but you need approval from the lender.

 

Are you looking to lease a car with bankruptcy in your records? Be sure to follow these tips! Also, be sure to check out Swapalease.com.

 

Swapalease.com is the online marketplace with vehicles and customers in every state in the continental United States and Canada. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact them at 866-SWAPNOW.

 

Taking Over Someone Else’s Car Lease

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You are thinking of getting a car in your possession to get to work, school, or any other reason that requires a car. You may not be ready to finance or lease a car straight away, but you still need a car. What can you do? There is the option to take over a lease.

What Does It Mean To Take Over A Lease?

Taking over a lease can be considered as a “lease trade”, “lease swap”, or a “lease assumption”. Taking over a car lease leaves you the responsibility of taking care of the car and the remaining payments left on the lease.

Pros of A Lease Takeover

  • Drive an expensive car for less: Since you will most likely take over a lease that only has 2 years left on a lease, you can have the luxury of driving an expensive car for way less than half the price.

— Example: If you assume a lease of a $30,000 car that has only two years of payments left on it, let’s say, $110 a month, that leaves you with only $2,640 to pay on the car. Talk about a deal!

The Takeover Process

  • Make sure the seller of the leased car notifies their leasing company of your interest in taking over their leased car
  • Inspect the car carefully – look for any damages to the car or any coverups of possible previous damages
  • Request a vehicle inspection report from the lessee’s dealer. If they do not provide a report, you can go online a request a free car history report by providing the *Vehicle Identification Number (VIN).
  • Check the amount of mileage used on the car by the lessee and the amount available for you

— Terms of the lease should reflect the miles you have available for use and should not reflect that of the previous lessee.

— If the miles on the car before takeover are beyond what it should be for the month you takeover, you can possibly get an extension and have extra miles added.

* VIN should contain 17 characters without the letters I, O, or Q. If the VIN contains less than 17 characters or any of the three letters stated, it is very likely the VIN has been altered, and it should not be in your possession.

Not only does Swapalease.com help auto consumers lease cars, they also can help consumers takeover car leases as well!

Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact them at 866-SWAPNOW.

Exiting Your Car Lease Properly

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So you have been with your leased car for a long while and the time has come.

Around the 45 to 60-day mark, before your car lease ends, it is the time to decide what you want to do with your leased car. If you are unsure of what to do at the end of a car lease, here are five options available.

  1. Return your leased car to lessor: You have the option to return your leased car to the lending company and end your lease officially and taking the car off your hands.
  2. Buy-Out-Car: Do you really like the car you leased and want to buy it to have forever? Well, you can. When you buy-out your car, it will cost you the “residual” amount, the value set in the lease.
  3. Extending Lease: Do you need a couple more days or months with your leased car until you have another vehicle to use? You may extend the lease for a limited amount of time for the same monthly rate (typically).
  4. Re-Leasing: So you want to keep the same car but don’t want to buy it or figure out how to extend your lease. You can re-lease the car, but as a used-car lease instead. You can possibly get a better deal this way!
  5. Stay With Company: Throughout the duration of your lease, you really have enjoyed how the company has handled your lease. At the end of your lease, you want to lease again, but you want a different car. You can trade in the car you leased and get a new lease and a new car.

Fortunately, you don’t have to be stuck in your lease. Swapalease.com is the largest online lease marketplace and they have what you’re looking for. Functioning as a sort of matchmaking service for cars, Swapalease.com helps individuals get more car at an affordable price.

The online marketplace has vehicles and customers in every state in the continental United States and Canada. For more information on finding the best car lease deals or to learn how you can have a successful car lease exit, contact Swapalease.com at 866-SWAPNOW.

What Happens To A Car Lease After The Lessee Passes Away?

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There are the unfortunate situations where the lessee of a car passes away.

What happens then? Who takes care of the lease? Is it swept under the rug?

If there is a co-signer in the mix, there is a possibility that they will be given the responsibility of taking care of the remaining monthly payments of the lease. But what if there is no co-signer?

Reading The Fine Print

If the deceased has left behind a spouse, they may be notified of the outstanding balancing left on the car lease. The contract on the car lease that deceased signed should be read over carefully, looking for the leasing company’s terms in an ending a lease early. Early termination fees can also apply.

Deceased’s Estate

There is the responsibility of the executor of the deceased’s will. The executor distributes the deceased person’s property based on the will and arranges for the payment of debts and expenses. They will contact leasing company, informing them that the lessee has passed.

The estate of deceased will most likely have a claim filed against them, though there is a small possibility of the estate being able to break the lease on behalf of the primary lessee, that possibility usually comes with a cost.

Once leasing company has filed a claim, the executor can pay off the balance through the estate funds. After the claim has been paid, a call should be made to the leasing company to return the leased car.

Chance of No Payments

Even if the outstanding balance of the car payments are not paid, expect there to be additional fees such as process repossession paperwork, cutting new keys, and reconditioning chargers for any excessive wear and tear.

Getting out of a lease is tricky, but what is trickier is the lessee passing away and figuring out who will be handling their lease payments.

 

Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online and doing their best to accommodate situations where the lessee, unfortunately, passes away. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact them at 866-SWAPNOW.

Single Payment Car Leases

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As you pick out your new car, there is the option to pay in full, upfront and drive home with no worries.

The option to make this one large single payment is also an option for a leased car upon signing. Paying the entire amount of the lease up front rids of the concern of making late payments and ruining credit.

Within this single payment option, there are two approaches to this option.

Approach #1

In this approach, you will pay for the depreciation value of your car, sales tax, and the total amount of monthly payments upfront. You will still need to pay interest on residual but will not have to pay interest on depreciation.

Approach #2

Monthly payments would be computed by leasing company that will include sales tax, then multiplied by that number by entire leasing term to calculate. This approach is easier to compute, where you are paying the same amount of lease if all monthly payments were added up.

 

As paying off your leased car upfront seems like the way to go, putting all that money down at signing can all go down the drain if the inevitable happens, like if your car is stolen or is totaled. The insurance company will only cover the market value of your car.

Now that you got a little insight on this option when getting your leased car, be sure to review all your options for the best deal possible. Luckily, Swapalease.com can help! Swapalease.com is the online marketplace with vehicles and customers in every state in the continental United States and Canada. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact them at 866-SWAPNOW.

Sunroof, Moonroof, or Panoramic?

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So you have decided that your next car needs something different, something refreshing, like a sunroof! Or err…a moonroof? Panoramic sunroof?

Seems like there is more than one “car roof” than you thought, and you possibly are not even sure of the difference.

It’s ok, the three roof amigos seem to confuse a lot of people on their differences from one another. Keep on reading to understand more about their differences and awesome cars that have them!

Sunroof or Moonroof?

As many have heard of the “sunroof”, it is the generic phrase to describe the panel in the roof of a car which lets in sunlight. The sunroof is built into the roof of the car, typically with the same body color of the car and can be opened manually or electronically.

The “moonroof” is a common term used today to describe the inbuilt sunroof, a glass panel, the slides between the vehicle’s roof and headliner. It is practically the same thing as a sunroof, maybe the minor difference is the tinted glass panel.

There are countless options of cars with the sunroof/moonroof feature, standard or optional like the:

  • Honda Fit
  • Ford Fiesta Hatchback
  • Acura ILX
  • Buick Encore
  • Porshe Panorama

Panoramic Roof

Speaking of panorama, the “panoramic” sunroof/moonroof, has been classified as the “luxury sunroof”. This new sunroof is much larger and can also come in as a multi-panel moonroof (again, sunroof and moonroof are like fraternal twins). The panoramic sunroof/moonroof offers openings above both front and rear seats and may be opened electronically, or can be fixed into the roof of a car as unmoveable glass panels. Allowing refreshing light to flow in through its usually tinted glass roof. Below is a list of cars that come with standard panoramic sunroof/moonroof or have the option available:

  • Hyundai Sonata
  • Kia Soul
  • Ford Flex
  • Audi Q3
  • Jeep Cherokee

 

These lists can go on and on, and it is mostly a preference of how big you want your sunroof/moonroof. Would you like it only available above the front seats, or two panels: one for front and rear seats, or a large glass panel that stretches from the front to rear seats?

No matter what roof option you choose, Swapalease.com has a variety of vehicles with that awesome feature! We are the largest online lease transfer marketplace and have vehicles and customers in every state in the continental United States and Canada. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact us at 866-SWAPNOW.

The Leasing ABCs

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You have begun searching online and reading up on information in leasing your first car? Unfamiliar terms can begin to sway your decision. Not to worry, here is a sneak peek at common leasing terms you will come across in your research and what they mean.

Did you know Swapalease.com has a Lease Glossary with even more leasing terms? Be sure to check it out for more information!

Dealer Participation: Amount dealer contributes to lower the total price of the vehicle

Depreciation: The value amount a vehicle loses over a specific period of time, or the difference between original price and residual value.

Disposition Fee: Amount paid at end of lease term, covering costs to prepare the returned vehicle for sale.

Lease Assumption: Refers to an outside party taking over a lease from the original lessee under the terms and conditions outlined in the original contract.

Lease-End Buyout: This is the originally contracted amount that the lessee can purchase the leased vehicle for at scheduled lease termination. This figure consists of the Residual Value plus the Purchase Option Fee if applicable.

Residual Value: Estimate worth of a vehicle as it ages, represented as a percentage of its original price.

Now that you have an idea of what you need, preparing to lease a car should be a little easier.

Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact them at 866-SWAPNOW.

Car Lease Transfer

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Some leasees find themselves ready to give up their leased car before their lease period ends. The majority of these leasees are transferring their lease for the first time and it is helpful to know a few important factors that go into transferring a car lease to a new owner. If you fall into this category, read below on how you can successfully transfer your car lease!

Is A Transfer Available?

Leasing companies tend to allow transfers of leases, but there are a few out there who do not have this option available. You should read your lease contract or ask the leasing company if they can transfer. Also, if a company does have the option to transfer, lease transfer must have fallen between a certain time frame after the car has been leased.

Who Can Take Over Your Lease?

Whether the transfer is for a close friend, family member, or some random person who is interested, you should give a detailed explanation of what the terms are of the lease and what payments still need to be made. If you have trouble finding someone to transer your lease to, try posting classified ads in the local newspaper, posting an ad in your local supermarket, or posting on a public online message board.

Found A New Lease Holder, Now What?

Once you have found someone agreeing to take over your car lease, it is necessary for them to complete a credit application, which is available if you call your leasing company and grab a copy of the application or the new lease holder calls and gets one.

Once the credit application has successfully gone through, it is smooth sailing from here. You and the new owner of the leased car will need to complete a short transferral form to complete the process. The leasing company will notify you when the transfer is complete and will give the car to the new owner.

 

The opportunity for you to transfer your lease is an easy process with Swapalease.com! Swapalease.com is the largest online lease marketplace with the best car lease deals. Call to learn how you can have a successful car lease trade at 866-SWAPNOW.

Upcoming “Gotta Have It” Cars You Need!

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With the summer months ready to fly by in an instant, this means dealerships are getting ready to put out new cars in a couple months that are creating a stir, becoming “gotta have it” rides to show off during the remainder of the year. Here are a few of the anticipated cars coming late summer and fall.

Late Summer

2018 Volkswagen Tiguan – Mid-Size Sporty SUV

  • MSRP starting at $24,995
  • Engine 2.0 L 4-cylinder, Standard turbocharged 200-hp engine and available 4MOTION all-wheel drive, 6-speed automatic transmission with Sport mode
  • 40/20/40-split folding, sliding rear seats
  • Rearview Camera System and VW Car-Net® Security & Service

2018 Alfa Romeo Stelvio – Hatchback

  • MSRP starting at $41,995
  • Engine 2.0L Direct-Injection I4 Intercooled Turbo Engine, 280 HP*, 306lb-ft of torque, 8 Speed Automatic Transmission
  • Standard 40/20/40 split fold-down rear seat
  • Integrated Brake System, Standard Backup Camera with Rear Park Sensors, Available Forward Collision Warning Plus

Fall

2018 Ford F-150 – Truck

  • MSRP starting at $27,380
  • Engine 3.3L V6 that generates 282-horsepower and 253 lb-ft of torque, 10-speed automatic transmission
  • Cargo Box Length @ Floor (in) 78 and Cargo Volume (ft³) 62.3
  • 360-degree camera technology helps with parking and connecting a trailer, Segment-first Pre-Collision Assist with Pedestrian Detection, Lane-Keeping System

2018 Buick Regal TourX – Mid-Size SUV

– MSRP starting at $mid-$30,000

  • Turbocharged 2.0-liter inline-four that puts out 250 horsepower and 295 lb-ft of torque. Intelligent all-wheel drive
  • 33 cubic feet of space behind the rear seats, and those seats fold to create a 74-cubic-foot hold
  • Side Blind Zone Alert, Forward Collision Alert with Following Distance Indicator, Forward Automatic Braking, Front Pedestrian Braking and more.

2018 Kia Stinger – GT Concept Sports Sedan

  • MSRP starting $35,000-to-$45,000
  • Turbocharged engines, both matched with an 8-speed automatic transmission. The available twin-turbo V6 engine offers over 360 horsepower
  • 2.0-liter turbocharged 4-cyl engine, 255 hp and 260 lb.-ft. of torque
  • Cargo dimensions not available at this time (But enough to fit even two gold club carriers and more!)
  • Driver Attention Alert (DAA), a Kia first, Forward Collision Assistance (FCA), Autonomous Emergency Braking (AEB), Advanced Smart Cruise Control (ASCC), Lane Keep Assist (LKA), Blind Spot Detection (BSD), Rear Cross Traffic Alert (RCTA)

Got your mind going? Great because did you know Swapalease.com, the largest online lease transfer marketplace, carries inventories from these same brands and similar models? Swapalease.com is the online marketplace with vehicles and customers in every state in the continental United States and Canada. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact them at 866-SWAPNOW.

Types of Car Leases

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You are ready to have a car but buying one is the issue. So you turn to leasing. You might have heard the typical “short/long-term” lease or “used car” lease but here are a few more specific options for you that you should be informed about.

Open-End Leases

A less common lease, this type of lease is used by businesses or those who find themselves traveling more than others. Consumers should expect:

  • Higher monthly payments
  • Having to pay for depreciation if car is under market value
  • If car does not depreciate, you may not be required to pay additional fees
  • Quicker depreciation due to excessive wear or mileage
  • No mileage restrictions

Close-End Leases

A most common lease consumers go for, where at end of lease you can “walk away”. It entails the usual:

  • Good credit gives you the chance of lower monthly payments
  • Agreeing to the fixed number of years lease contract states
  • Keeping up with required maintenance of car
  • Staying within pre-determined mileage
  • Returning car to dealership at end of the lease

“Option to Buy” Lease

This leasing option, particularly for new car leases, gives you the option to purchase the car at the end of the lease. Here are a couple tips towards the end of this lease:

  • When going over “option to buy” pricing, make sure to negotiate price and have it listed in the contract before signing. Is the negotiated price higher or lower than the car’s market value?
  • At the end of the lease, you can either pay cash to buy the car or finance the buyout price
    • If you decide to finance, be sure to negotiate interest rates.

Single-Payment Lease

Speaking of cash, this is where the single-payment lease comes in. Did you know you have the option to put a large amount of cash money down on a lease?

  • You can pay entire sum of the lease when you sign. This helps get rid of monthly payments and can possibly help eliminate most of the monthly interests.
    • Paying a large amount up front can help you catch a better deal on your purchase price
  • Finance rates will be lower and the chances of getting approved for this lease is better
  • With this lease, all the costs will be presented up front in the contract so you can see all the fees and other costs

Subvented Lease

This type of lease is quite unique. Offered by finance companies associated with a particular manufacturer, these leases are available because automakers need to get their inventory moving, especially those in low demand. With this lease:

  • It may only be available to those with great to excellent credit
  • If you qualify, it can save you a lot of money
  • Interest rates are lower
  • Estimated depreciation is lower, which can lead to lower monthly payments.

Now that you got a little insight on these numerous leasing options, it still can be scary and might get you confused in which option to go for. Luckily, Swapalease.com can help! Swapalease.com is the online marketplace with vehicles and customers in every state in the continental United States and Canada. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, visit Swapalease.com or contact them at 866-SWAPNOW.