Information about early lease termination, lease assumption and leasing

Lease trade-in

When searching for a new lease, it is difficult to secure one with a less than 24 month term.  In fact, most new leases have between a 36 to 72 month term.  In many situations, these terms are completely acceptable for the lessee. However, there are also many situations that call for a short lease, which is typically considered a lease with less than 24 months.  By assuming an already in-process lease, though, it is possible to pick up a short lease with anywhere between 1-24 months remaining. 

Swapalease.com is America’s largest consumer marketplace for the assumption of lease trade-ins.  With millions of visitors, Swapalease is able to offer a broad selection of short leases on late model vehicles with no down-payment required.

Benefits to a Lease trade-in

No money up-front – in a short lease, it is not necessary to pay a down payment, a security deposit, or an acquisition fee, since these fees have already been paid by the original lessee.

Low month payments – in order to secure a low monthly payment on a vehicle, it is necessary to either sign a long term lease or put a lot of money down up-front. By assuming a short lease, the new lessee benefits from the down payment and/or the low payment made possible by a lengthy lease term, which is now near completion.

Flexibility – by assuming a lease trade-in, the lessee is able to avoid the long term commitment of a standard lease, while enjoying the flexibility of a short-term lease.

Lease trade-ins are a great way to drive a new vehicle with a low monthly payment for a short period of time. Swapalease.com can help you to secure a lease trade-in on the vehicle of your dreams.

A lease is a contract that is typically entered into by a lessee (the individual who will be driving the given vehicle) and a lessor (the individual or company that actually owns the vehicle).  The lessee is agreeing to pay for the use of the vehicle over the period of the lease. Payment are determined by depreciation, which is the value that the vehicle is expected to lose over the term of the lease.  The lessee also assumes financial responsibility for any damage done to the vehicle over the period of the lease.  At lease end, the lessee must return the vehicle to the lessor, unless the lessee decides to purchase the vehicle at lease end. 

Important Details

Up-front costs:  Lease contracts typically require up-front costs to be paid by the lessee. These costs might include a down payment, an acquisition fee, a refundable security deposit, one month’s payment, registration fees, and/or taxes.

Monthly payment:  The monthly payment is the payment made by the lessee each month to the lessor in exchange for use of the vehicle.  The payments are made up of the vehicle’s depreciation over the term of the lease, interest charged by the lessor, and any taxes that may apply.  The payment is negotiated up front.

Early Lease Termination: A few methods of early lease termination exist.

• Return the vehicle early to the lessor: In this type of situation, the lessor will require you to pay any remaining payments along with early lease termination fees, which can cost thousands of dollars.
• Voluntary repossession: There are no up-front costs, but the lessee’s credit will be severely damaged, as this is considered a form of repossession
• Lease assumption: By finding someone to assume your lease payments, you can walk away from your lease without any significant up-front costs. Click here to find our more information.

Lease end date:  It is important to find out a drop-off point for your vehicle that is close to you and approved by the lessor. At the time of drop off, you will be required to pay any lease-end costs before the transaction is complete. These costs may include excess mileage fees, excess wear and tear fees, disposition fee, and any other lease-end costs.  It is recommended that you have the vehicle inspected and repaired, if necessary, prior to vehicle drop-off so that you can avoid pay premium prices at the dealer.

Mileage:  Most leases limit the number of miles that can be put on a Nissan lease vehicle each year. This range is typically between 10,000 to 15,000 miles per year.  Extra mileage allowance can be purchased at the beginning of the lease. Otherwise, each extra mile is billed to you at a premium price at lease end.  Lease-end excess mileage fees typically range from $.10 to $.20 per mile.

Excessive Wear: Lease contracts typically limit wear and tear to the vehicle over the term of the lease.  The lessee will be billed for any excess wear and tear at a premium price.  check out www.swapalease.com

See Also:
Get a Leased Vehicle
Get Out of a Car Lease
Get Out of a Lease
Get Out of a Auto Lease
Get out of Car Lease
Get out of lease
Get out of my lease
GMAC Leasing
GMAC Smart Lease
How to Get out of an Auto Lease
Lease Assumption
Lease Assumptions
Lease Buyout
Lease Trade-In
Lease.com
Lease
Lease Calculator
Lease Car
Lease Car Sales
Lease Payment