How to Take Over a Car Lease

By: Robert Vadra | Jan 18 2012 | 401 words | 933 hits

Terminating a car lease early can result in pricey early lease termination fees. Instead of creating more expenses for yourself by ending your contract early, you may want to consider letting someone else take over, or assume, your car lease.

Transferring a car lease is a fairly simple task and offers plenty of advantages for both the person taking over the lease (the seller) and the person getting rid of it (the buyer). Those who are interested in selling their lease can avoid having to pay early termination fees. People who are interested in assuming a car lease, on the other hand, can enjoy the benefits of zero down payment, a short-term lease commitment and lower monthly payments. It’s a win-win situation!

If you are interested in taking over a car lease, the first thing you will need to do is ask the seller to contact his or her vehicle leasing company. The company will need to be notified that the seller is looking to have the lease on his or her vehicle assumed.

You will need to reach an agreement with to lease seller to assume the lease at the current payment amount. The next step is to submit a credit application to the seller’s car leasing company. The auto leasing company will then send you a contract. You are responsible for providing all of the necessary information needed for the contract. Once you have filled it out, sign the contract and return it to the leasing company.

When the seller receives confirmation from the leasing company, the vehicle is all yours! Make sure to record the mileage on the vehicle before you begin driving it. Check the mileage allowed by the vehicle leasing company. If possible, try to make arrangements for the original lease owner to pay any mile overage fees when the car is turned in (if there are any).

You will be responsible for paying the lease payments until the lease term is expired. Once the lease has expired, you will be required to return the car to the party from whom it was originally leased.

If you have any further questions about transferring car leases, don’t hesitate to ask one of the experts at Leggat National Leasing. We specialize in fleet leasing, corporate auto leasing, and personal car leasing in Ontario. Come to us for new and used car leasing deals in Ontario! Leggatleasing is one of the best company for leas.

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If you’ve decided that fleet leasing makes sense for you, visit Leggat National Leasing at leggatleasing.ca to get in touch with one of their professional staff members and inquire about a car leasing arrangement that’s right for you.