Car Leasing 201 - Car Lease Assumption

Other Lease Transfer Options?

Yes, there are other lease transfer (define: auto lease transfer) options available. The first lease transfer option is simply return the vehicle back in early to the dealership. This option can be expensive since the lessee is financially responsible for all remaining payments in addition to any penalties assessed for turning in the vehicle early.

A second option is to combine the remaining monthly payments (define: base monthly payments) of a vehicle lease into a new vehicle lease. This can be very expensive as well. The consumer who leased the vehicle would still be financially responsible for the past vehicle payments and the payments for the new vehicle. In a sense, the consumer could end up paying twice as much for the new leased vehicle.

A third option is to give up - voluntary repossession. While this is not the preferred approach as it can be very damaging to the consumers credit, but in this scenario the consume informs the dealership or lease company they’re giving up on the lease agreement and to pick up the vehicle before the lease agreement is over. If this sounds like repossession, it is. Again, use this as a last option since it can farm your credit rating tremendously.

Again, probably one of the best and most cost efficient means of transferring or ending a vehicle lease is to have someone assume a lease through an auto lease swap. Terminating an auto lease through a swap a lease process, is offerred by a few selective online leasing marketplaces who specialize in helping consumers get out of a car lease (sponsor), and those into taking over a short-term auto lease. Lease assumption gives the consumer the option to transfer the lease to another person without incurring any penalties or fees for breaking the lease early.
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Part VI: Why Take Over a Car Lease