Car Leasing Center – I Want to Take Over A Lease


 

Driving Home, Day 133 of 365
 There are still some manufacturer’s offering car leasing, however, if you want to lease a vehicle, there is another alternative that is worth looking into.

The other alternative that I am talking about is taking over an existing car lease.

There are many people who are trying to get out of their lease, for a variety of different reasons, but one of the main ones is that their financial circumstances have changed and they either don’t need the second vehicle, or can’t afford it right now.

The easiest way to find out who wants to get out of their lease is to check out Lease Busters. There you will find people posting their lease take-overs complete with the terms of the remaining lease, the interest rate and in some cases there are incentives offered by the person who is trying to get out of their lease.

Once you have found the vehicle you want, contact the person and get the details of the lease (ie; terms, interest rate, payment, kms currently on the vehicle). If it sounds good then take the next step, go and look at the car. Take it for a test drive and make sure it will meet your needs and fit within your lifestyle.

Check the vehicle and make sure that it is free from scratches, dings, dents etc, because when YOU go to return this vehicle at the end of the term, you are on the hook. Ask if they had any sort of damage protection (ie: WearCare is Volvo and Ford’s, WorryFree XS is Chryler’s, etc). This added coverage is good to know because it will provide you with up to $3500 in damages.

Make sure you verify what the allowable kms at lease termination is as well. You don’t want to be taking over a lease when the kms are close to being maxed out. You want to make sure that you take your driving habits into account and make sure that the amount of the kms remaining are going to cover you. If you don’t then you are on the hook for the excess kms that you have racked up when it comes time to turn the car in.

As mentioned above, sometimes a leasee will offer some sort of an incentive so that they can get out of their lease as soon as possible. Any sort of incentive is an arrangement between you and the person you are dealing with, it doesn’t have anything to do with any car dealership or with the manufacturer. So, if the person has offered to pay the first month’s lease payment, has offered some sort of cash incentive, has agreed to pay the lease transfer fees, etc … those details are between you and that person.

Taking over a lease isn’t a complicated transaction and in a lot of ways can prove to be beneficial, in that you can find some excellent lease payments out there. Just take your time and do your homework!

So, you have the car, you have worked out all the details with the person whose lease you are taking over … next is getting the paperwork rolling and we’ll cover that one next!

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