Information about early lease termination, lease assumption and leasing

Assuming A Lease

To assuming a lease is the process of taking over the responsibility to a lease from the original lessee on the contract. By assuming a lease, consumers can drive away in a new vehicle with no down payments, no security deposits, and no acquisition fees. Swapalease.com has helped thousands of consumers to assume a car lease on late model vehicles with incredible terms.

The first step to assuming a car lease is to find a vehicle of interest on Swapalease.com. You can search the site by year, make and model, as well as monthly payment and months remaining. Once you find the vehicle you are interested in, you can ask the Seller questions using the drop down boxes available next to each listing. It is a good idea to look into multiple vehicles at once, since some vehicles may be sold by the time you contact the Seller.

Contacting the Seller

If you want to contact the Seller directly through their personal e-mail address or phone number, you will need to register with Swapalease (a $24.95 fee). This registration is a one-time fee and grants you access to as many Sellers as you would like.

When contacting the Seller about assuming a car lease, there are a few key questions you will want to ask:

1. What is the condition of the car?
1. Dents? Dings? Scratches?
2. Stains in the interior?
3. Are the windows free of scratches or dings?
2. Has the car been smoked in?
3. Have there been pets in the car?
4. What is the most current odometer reading?
5. Does the payment listed include taxes? Is it modified at all from the original lease contract?
6. Are there any options or features not listed in the ad?
7. How much wear is left on the tires?
8. What are the over-mileage fees on the vehicle?
9. Are you willing to pay the shipping costs (if necessary)?
10. Are you offering a cash incentive?
1. Pay a month's payment (or two)
2. Flat cash settlement at signing
3. Cash amount to account for potential over mileage

Negotiations

Negotiating with the Seller is an important part of assuming a car lease. Negotiating with the Seller is easy to do and can be done through e-mail if you are uncomfortable negotiating over the phone or in person. Typically it is not unreasonable to ask the Seller to offer some sort of incentive if the deal is not already below market. Examples include one month's lease payment or a cash incentive.

Fees

The fees associated with assuming a car lease are as follows:

Registration Fee - $24.95 one-time fee to register with Swapalease.com

Credit Application Fee - The leasing company that you are assuming a car lease with may charge a credit application fee that may or may not be refundable. This varies by leasing company. For a complete list of fees for leasing companies, click here.

Vehicle Inspection - This charge is not necessary, but often recommended. A 138-point vehicle inspection can be performed on your vehicle prior to lease assumption. The cost for this inspection is $135 and is performed by Crawford Inspection Services. Please note: Vehicle Inspection may be paid by the Buyer or the Seller and is negotiable.

Transportation - Not every lease transfer is going to require special transportation of the vehicle. Transportation charges can range from a few hundred dollars to over a thousand dollars. Transportation quotes should be provided prior to closing your deal.

Vehicle Registration - Once you obtain the vehicle, you will need to register it, no differently than if you were to buy it outright. Contact your local Department of Motor Vehicles to determine what vehicle registration charges may be applicable in your area.

Starting the Lease Transfer Process - The Credit Check

Once you and the Seller have come to an agreement regarding your deal, your next step to assuming a car lease is to begin the lease transfer process. This process can take as little as a week and as long as three weeks depending on you, the Seller, and the Leasing Company.

Once you submit your credit application, you can typically expect to hear back from a leasing company (or through Swapalease directly if that is whom you submitted your credit application to) within 24-72 hours.

The Lease Transfer Paperwork

Once the leasing company approves you for the lease transfer, they will then send the appropriate transfer paperwork to both parties. Often this information is sent directly to the Seller because they are the one who is still legally bound to the vehicle. Once the paperwork is received the Buyer (you) and the Seller then arrange to either meet or initiate the paperwork signatures.

When the vehicle arrives or when you go to see the vehicle you will often sign your transfer paperwork at this time. Typically a Notary Public is required to approve these signatures so make sure you are in proximity to a bank or other location of one of these officers.

Once both parties have signed their respective documents, the Lease Transfer Paperwork is sent back to the leasing company and you are now the (lease) owner of your new vehicle! Soon after you will receive documents in the mail that will let you register the vehicle and transfer the plates.



See Also:
Auto Lease Sell
Auto Lease Trade
Auto Lease Transfer
Auto Leases
Auto Leasing
Auto Sales Lease
AutoLease
AutoLeasing
Automobile Lease
Automobile Lease Swap
A Nissan Lease
Acura Car Lease Deals
Assume a Car Lease
Assume Lease
Assume Lease Autos
Assuming a Lease
Assuming Lease Vehicle
Auto Lease
Auto Lease Assumption
Auto Lease Assumptions
Auto Lease Buyout
Auto Lease Deals