05.26.06
Car Lease Assumption - What is it?
What is an auto lease assumption? I’ve heard this question a few times by owners of car leases. It’s actually quite straight forward. A lease assumption is a 3rd party who takes over a lease from the original lessee, under the same terms and conditions outlined in the original car lease agreement. So basically, if you currently lease a car and seeking to get out of a lease, you may want to consider a lease assumption. To find someone to “assume” your car lease, there are a few good online auto lease markplaces where you can post your lease for take over, and contact lessors to take over the lease. Typically, an auto lease assumption means the original lessee walks away from the vehicle lease without any future liability. The person taking over the lease, assumes total liability for the new lease contract. And still, at the end of the car lease term, the new lessee may have the option to buy-out the car lease agreement.
So when someone talks to you about lease assumption, remember, it’s simply an option where another individual can “assume” or take over your car lease agreement.