Leasing a car will usually allow you to make lower monthly payments; furthermore, if you take over a car lease you can save even more money, because you will not have to make a deposit or down payment. Also, if you play it really smart, you can receive a cash incentive from the seller to help them get out of their current lease. Swapalease makes it easy to find a car you like and to assume a short term lease from someone. Here's how you do it:
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Step One - Find a Vehicle
First you'll need to go to the Swapalease website. Then, you can use the Swapalease vehicle search engine to look for vehicles by: the year, make, model, payment, location and or number of months remaining on the lease. The search engine is very easy to use and it will highlight the important terms of each lease. You then simply click on the vehicle listing that interests you, and Swapalease will display more detailed information regarding the vehicle and the current lease. Additionally, you can submit questions anonymously to the seller by using the "more info" option. Continue this process, until you find a vehicle that you like.
Step Two- Register With Swapalease
After you've found out about a vehicle you like, you then need to register as a buyer with Swapalease. In fact, you can register directly from the page of the vehicle you're interested in, or from the Swapalease home page. You will then be required to enter some basic information as well as criteria that will be used to check your credit score and initiate the lease transfer. After you register, you will be able to contact the seller of the vehicle directly. Keep in mind, you will be required to pay a one-time buyer registration fee of $34.95 to $79.95. Swapalease charges this fee for providing access direct access to the seller, customer support and Swapalease messaging services such as a private message mailbox. In addition, Swapalease will help you process all paperwork for the lease transfer.
Step Three - Apply for Credit
Once you register with Swapalease, you will be required to grant authorization for a credit check. This credit check is performed to see if you're eligible to accept the transfer of the lease from the seller.
While your credit check is being conducted, you should contact the seller to discuss any transfer details. You may want to discuss how the vehicle will be shipped or if you will need to inspect the vehicle, before taking delivery. If the seller has not already offered an incentive, this is a good time to ask if the seller is willing to offer one to close the deal. Incentives are always good for the buyout because they can provide upfront cash to help make the first two or three monthly lease payments.
Step Four - Transfer the Lease
After your credit has been approved, and you have agreed to take transfer of the vehicle, Swapalease will help you process the paperwork with the seller and the leasing company. Swapalease almost does everything for you; in fact, you will only be required to sign the necessary paperwork, return it to Swapalease and then arrange for taking delivery of your vehicle. After you sign the paperwork and have taken possession of the vehicle, the deal is now complete. You have now taken over a short-term lease.
Related Questions and Answers
Can You Get Out of Your Car Lease for Reasons other than Financial, Such as Medical?
Yes, it is possible to get out of your car lease for reasons other than financial and medical issues. However, unless you have purchased insurance on your lease that allows you to return the vehicle to the dealership, you must find someone to assume the lease in order to get out of it. If you do not find someone to take over your lease and you can no longer afford it, your account will become become past due and, eventually, the vehicle will be repossessed. To get out of your car lease, verify that anyone who wants to assume the lease meets the credit requirements of the finance company.
Do You Have to Do a Vehicle Lease Transfer if Another Family Member Wants to Take Over?
A vehicle lease transfer is necessary if another family member wants to take over the lease. The family member assuming the lease must meet all credit requirements imposed by the finance company. In such an instance, the vehicle lease transfer results in the lease being taken off of your credit file and placed in the file of your family member. However, if a family member simply needs to drive the vehicle for an extended period of time, but does not want to register the car or truck in their name, a vehicle lease transfer is not necessary, which can save money and possible family disagreements.
What are some Reliable Car Lease Trader Sites?
Reliable car lease trader sites put individuals who need to assume a car lease in touch with those who need to get rid of a car lease for a small fee. Although the car lease trader site is not involved in the transaction beyond making the initial connection between buyer and seller, such sites make it a lot easier to find vehicles that are available for lease trades. Some reliable sites that offer car lease trading include LeaseTrader.com, SwapALease.com and TakeMyPayments.com. Each of these reliable car lease trader sites let you search for vehicles by make and model. You can also search only within your geographic area or extend the search more widely to find specialty vehicles available for lease assumption.