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.
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.