Car Leasing 301 - How to Take Over a Car Lease

Take Over a Car Lease

To take over a car lease (sponsor) is easy. The consumer seeking to take over the car lease has the advantage as all they’re doing is taking over the remaining monthly payments (define: base monthly payments) of the lease. Plus, the consumer may receive a few months worth of lease payments from the consumer seeking to break their lease, as an added incentive to take over the lease.

However, for the consumer seeking to take over the lease be aware of the condition of the car. Remember – buyer be ware. When the consumer returns the leased car at the end of the lease term, the consumer may be subject to pay for any damage to the vehicle, as well as anything else the original lease owner agreed to in the original lease agreement.

It’s always important to review any lease agreement prior to taking over a broken lease.

When assuming a lease agreement from another consumer, keep in mind the following points. There will help you when you negotiate any agreements to transfer the car lease agreement.

1. How much time is left on the lease?
2. How many miles / kilometers remain, and who many will you put on the vehicle?
3. Is there a down payment or cash incentive?
4. Will the consumer seeking to break their lease pay to take over the car lease, or is there a down payment?
5. Who will pay the lease transfer costs?
6. Are there any special requirements, such as a security deposit?
7. Review the car lease contract
8. Check to ensure all service requirements are updated. Ex. Has he consumer kept the vehicle maintained?
9. Who will pay the vehicle inspections, lease transfer fees, license transfers and any other charges and fees?
10. Is there a security deposit that must be paid, or is the existing security deposit being transferred to the consumer taking over the lease?
11. A credit application will likely be required to be completed and submitted to the original dealership who sold the lease. Alternatively the credit application may be sent to the leasing company for credit approval.
12. Who will process all necessary paperwork and make arrangements to finalize the lease transfer?

    
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Car Leasing 401 - Part I: Preparing to Deal