Taking Over Someone Else’s Car Lease

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.

Single Payment Car Leases

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.

Millennials and the Future of Car Buying

As Baby Boomers and Gen Y continue to age, car manufacturers and dealers must find a way to reach Millennials. As this demographic continues to grow, their buying power and influence will be critical for car makers to acquire.

Millennials are emerging as one of the largest demographics, and will soon become influential decision makers and take up the bulk of the purchasing power. A recent CNBC article reported the importance of marketing to Millennials as they venture into adult life. Though they’re making major decisions later on in life, they will soon be the driving force in the economy.

Now that we’re in an age where we want the latest and greatest all the time, Millennials are leading this charge, particularly when it comes to car shopping. Gone are the days of holding onto the same car for ten years. According to Experian, the average length of ownership has fallen below 65 months, which means most people today get a new car every 4-5 years.

As Millennials look to social media for information when making decisions, Swapalease.com is a great place to start for individuals looking for a great deal on a vehicle. The largest online car lease marketplace, Swapalease.com has all makes and models to suit individual preferences, even tech-savvy Millennials.

For Millennials looking for compact cars, environmentally friendly models or for the best deal, Swapalease.com makes getting into one of these vehicles simple and easy. By matching someone looking to transfer out of their lease with someone looking to takeover that lease, both parties get what they’re looking for.

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 trade, contact Swapalease.com at 866-SWAPNOW.

Electric Car Chargers Paving the Way

Tesla is by far one of the most well-known electric vehicles on the road today. Not only is driving one better for the environment but individuals who acquire a Tesla must also take into consideration their driving habits. Since it is still relatively new, chargers aren’t as readily available. The manufacturers at BMW might have come up with a solution.

BMW recently announced they are in the process of producing a supercharger, according to The Car Connection. BMW’s charger is lighter, cheaper, and smaller than most charging systems. Similarly, it can charge the battery quicker to about eighty percent in thirty minutes.

The connector of BMW’s charger, the SAE Combo 1, is already being used by other electric car manufacturers, such as Audi, Ford, Porsche, Volkswagen, and Chrysler, and won’t be exclusive to BMW. As the quantity of electric vehicles being driven continues to increase, these charging stations will be readily available for most electric vehicles.

While you may not have the kind of means to purchase an electric vehicle, Swapalease.com offers you a sweeter deal. Why buy a Tesla or BMW when leasing one is easier and much more budget friendly? Swapalease.com is a different kind of auto dealer. Being the internet’s largest online lease marketplace, Swapalease.com has exactly what you’re looking for.

Matching people up according to what they’re looking for, allows for a compatible outcome. Individuals looking to escape their lease are paired up with individuals step in and take it over.

For more information on finding the best car lease deal or to learn how you can have a successful car lease trade, contact Swapalease.com at 866-SWAPNOW.

Good for the Environment, Better for your Wallet

As climate change has become an increasingly important factor for many when choosing to drive a car, hybrid and electric cars have seen an increase in popularity. When these vehicles were first introduced, mainly affluent individuals were able to drive them. However, in recent times these vehicles have seen a reduction in total cost making them more accessible to the general public. What’s more, hybrid and electric vehicles have been more widespread in attractive lease offers as of late.

Electric cars have also seen an increase in sales in recent years, according to a report in newsobserver.com. The decrease in price, increase in public car chargers and incentives of owning an electric car has drawn greater interest than before. As technology has improved and climate change brought to consumers’ attention, more motorists opt to drive electric vehicles to help the environment.

There are numerous benefits of driving an electric vehicle. Not only do drivers receive incentives but the cost of maintenance is virtually nonexistent. Add that to reduced fossil fuel emissions and little reliance on oil, making it a very attractive option for many. In addition to these lease deals, many drivers enjoy knowing they can upgrade their EV technology every two- to three years through lease program.

If you’re currently looking to do your part in caring for the environment, what better way than by driving an electric car? Getting into an environmentally friendly car has never been easier. Swapalease.com is the largest online lease marketplace matching individuals looking to exit their lease with individuals looking to take over a lease. Once individuals are paired up, the transfer process is begun.

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 trade, contact Swapalease.com at 866-SWAPNOW.

Auto Debt Cruising to New Heights

As more and more people find stability in this economy, they are becoming increasingly confident in their consumer purchase power. Moreover, as more Milennials are entering the adult world and are purchasing their first cars and homes, loan terms and lengths have changed to help make these commodities more affordable. Though longer loan terms help make things more affordable, it also raises the auto debt which has been climbing steadily.

Though longer loan terms help first-time buyers and individuals with less than perfect credit afford a car, it doesn’t necessarily mean that they will be able to meet those expenses later on. Experian Automotive acknowledged in a recent Money News article that Americans will pay for a new vehicle for roughly a decade.

What does this mean for auto debt? The down side of having a longer car loan term means that individuals can find themselves upside-down on their loan down the road if they want to trade it in early. Though experts have kept their eye on the auto market to watch out for any red flags, they haven’t seen any. Others argue if consumers were able to afford a brand new car, they wouldn’t be signing up to pay for it for the next few years.

Another option is to lease a vehicle. Why get trapped in a long-term loan by purchasing a car when you can simply lease one for a shorter duration? Instead of being stuck with the same car for the next few years, you can drive the newest models year in and year out.

Swapalease.com is the lease market place for the digital world. By matching individuals looking to get out of their lease with individuals wanting in, they facilitate the lease transfer process. Swapalease.com makes it easy for you to get into the car you want and not spend any more time and money on your current vehicle.

For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, contact Swapalease.com at 866-SWAPNOW.

Is An Electric Vehicle Lease A Wise Move?

A report released last week from IHS Automotive  – the global information hub of sustainable business and technology – says that supply of electronic vehicles will rise a whopping 67% this year. The demand could follow suit, skyrocketing the vehicle’s popularity.

Never needing to go to a gas station again? Every consumer is absolutely sold on that idea. But with the prices of purchasing electric cars ranging from $30,000-100,000, will this new fad actually be cheaper? Or is this just a marketing ploy, where consumers pay more money upfront than on the back end?

The best way for consumers to see that they’re saving money is through an electric vehicle lease – not a purchase. Here are three specific reasons car shoppers should consider leasing an electric vehicle:

Low monthly payments: The most obvious perk of an electric vehicle lease is that the monthly payment is incredibly low, partly because some states and the Federal Government offer incentives for having an electric car. In the case of the Nissan Leaf, that credit offered ($7,500) offsets the amount that is owed during the lease period, which drives down the monthly payment to $199. The Chevy Volt, starting at $34,995 can be leased at just $299 per month, and after the incentives kick in, consumers can see a monthly payment as low as $255. Other incentives include rebates up to 50%, tax credits worth 10% of the cost of the vehicle, and an exemption from most insurance surcharges.

Technology upgrades: Consumers can also upgrade the technology under the hood more frequently with an electric vehicle lease. Just like the constant updates and upgrades to mobile and computer technologies, electric cars are evolving.  Companies such as IBM are looking for ways to increase the range, reduce charging times, create batteries that weigh less, and increase the levels of energy from a single charge. If the car is purchased, however, the consumer is stuck rolling in the New Year with yesterday’s car.

Low mileage use: Don’t forget that mileage limits on leases become less of a burden, since electric cars are widely used for local commutes only. This syncs nicely with drivers who plan to drive their electric vehicle for local, low-mileage use.

For more information on shopping for an electric vehicle lease or to learn how you can have a successful car lease trade, contact Swapalease.com at 866-SWAPNOW.

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