For the Buyer (the person assuming a lease) you are able to take over an existing lease with no money down and with a shorter lease term than you would normally have to take on if you were to write a whole new lease. In most cases it is difficult to even find a “short term” lease these days with the average lease term ranging over 40 months.
Assuming a lease can save you thousands of dollars and only require a short term lease agreement.
In many cases, Sellers (those looking to hand over their leases) are willing to offer Buyers incentives in the form of cash or other terms that are exciting to Buyers. We have seen cases where Sellers are willing to write checks as large as $15,000 to walk away from their lease obligations! The incentives offered are typically in proportion to the size of the lease and the intentions of the Seller.
Back to Assuming a lease