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3 minutes read. Published October 13, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of taking out loans to purchase an automobile.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers to manage their finances through providing clear, well-researched information that breaks down otherwise complex subjects into digestible pieces.









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As the car market struggles to keep pace with inventory issues and the need to take over lease payments could be a good alternative to take the car. Third-party websites can help you meet someone who is looking to terminate their lease earlier. But since lease contracts generally last two or three years, you might need to buy the vehicle or return it to the dealer before you're in a position to do so. Would a lease-to-own takeover be a good idea?
If your circumstances permit, the option of taking over someone else's lease is a good option as it could come with lower monthly costs and a wider range of vehicle options to purchasing.


Advantages of leasing a takeover assuming a lease is a good option when you are looking to take a test drive in a brand new vehicle for a brief period. Vehicle availability With car buyers holding onto their new vehicles for the typical 6.5 years, according to the latest data from , and leases typically lasting two or for three years. It can be difficult to locate an affordable price on a newer car that isn't the model year currently in use. However, it's likely that you'll find a reasonably new vehicle with an assumption of lease. A short-term lease whereas the typical leasing contract lasts two or three years, a lease assumption ends earlier. It allows you to test drive a car without having to sign an agreement for a longer period of time. It is rare to discover this type of timing at traditional leasing companies. Cash incentives A lot of drivers want to take their vehicle off their hands in the event of a lease assumption. It is not unusual for the initial leaseholder to offer a cash bonus. They may also offer the possibility of covering any transfer fee the leasing company has to charge, which can reduce the cost by many hundreds. Discuss with the leasee to negotiate the most favorable deal. Pay less monthly if the lessee in question has great credit and made a large down payment, it's probable that the monthly payment is low. Since you'll take on that monthly payment in the same way and will be able to benefit from the terms. Advantages of a lease assumption Low car payments and the flexibility offered by a short-term car lease may be tempting but prior to signing the lease, be aware of potential dangers. There is no renegotiation of the lease. The lease you take over is the lease you sign. You won't be able to negotiate the lease terms that the original lessee signed. That means that if their credit score was low it could result in you being stuck with a higher monthly payment than what you could have received if you had signed a lease yourself. It is also possible to have an increased lease-end price than you could otherwise receive. A limited mileage lease means that you will be required to adhere to the mileage limits originally set in the lease agreement. Going over this limit could cost you -the penalties vary from 10 to 25 cents per miles. Try and estimate how many miles you'll drive before the lease expires to ensure you don't have to pay a penalty. Of course, you must make sure the original lessee has not already paid costs for mileage overage. High wear-and-tear expenses if the previous driver didn't maintain the vehicle, you will be responsible for the wear-and-tear charges. Like any used vehicle visit the vehicle on the spot and ask to have it inspected before you sign a contract to take over the lease. If there is an excessive amount of wear, check if the original lessee will cover the fees as part of the transfer. Additional charges There are three main fees that come along with a lease takeover: the transfer of lease or credit application . According to Swapalease the possibility is that these charges to cost anything from $395-$895. Make sure you know the details of these charges before agreeing to an assumption of lease. How to assume the car lease taken the decision to take over an agreement to lease, there are a few options available. Lessees looking to turn over their leases can use websites such as Swapalease, LeaseTrader and QuitALease to locate someone who will take on the responsibility. It is also possible to contact the company that leases. They could be able give recommendations or even help to connect you with a prospective lessee. Although the lease's terms will determine by original lessees' credit however, your credit will be taken into consideration. Make sure you discuss with the lessee any cash bonus opportunities in addition. The bottom line If you decide to take over a lease, bear in mind that the liability that you take on is greater than a typical auto lease because of the past of the initial driver. You are responsible for the remainder of the costs of the vehicle and any damage or fees due to the original leasee. Shop around and compare different options before signing any agreements. Find out more


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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely taking out loans to purchase an automobile.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances by providing clear, well-researched data that breaks complex subjects into digestible pieces.






Auto loans editor




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