If you are looking to swap a lease, then you may be wondering how to go about it. It can be a very daunting process for those who have never done it before, so take the time to be prepared and learn the steps you will have to complete in order to take over car lease agreements from someone else. This option is a pain-free process where you can assume the payments of an existing lease for the period of time left on the lease. This is commonly referred to as a short term lease. The length of time can be for 6 to 18 months.
Whatever your reasons for wanting to take over the lease, the process will be very similar, so don't think that just because you want to take over someone's car lease for a different reasons than those of others that you will not have to go through the same steps.
Take Over a Car Lease: A Step by Step Walkthrough
A take-over of a car lease could be beneficial to both you and the dealer who is looking to move inventory off their lots. Their desire to deal may prove to be a tremendous opportunity for you to reach terms that are mutually beneficial. Here are some steps to follow:
Review the Lease Terms
Before entering into the lease arrangement, you should review the terms of the lease with the dealer. Understanding any mileage caps and other usage limitations up front are important in determining whether the car will meet your driving needs.
Any details in the lease or terms that are unclear to you should be reviewed and clarified with the dealer. If necessary, consult a trusted advisor or other third party to clear up any lease terms.
Have the Seller Contact the Company
It is always better to have the seller of the lease contact the lease company themselves and notify them of your intent to take over the lease.
Inspect the Car
You should conduct a thorough inspection of the vehicle after you have read the lease terms. Look for any hidden damage or cover-up that may have been done to any part of the car. Ask for a vehicle inspection report. If the dealer is unable to provide this, take the vehicle identification number or VIN and request a free car history report online.
The VIN appears either on the back taillight or in the front dash and is 17 characters. The VIN does not include the letter I, O or Q; if you encounter these characters or less than 17 characters, the VIN has been altered and you should not take possession of the vehicle.
Negotiate the Remaining Lease Terms
Once the vehicle has been inspected, check to see how many miles have been used in the current lease year. You may request that the lease reflect the prior use and if the amount of miles is beyond the amount it should be for the month you take over the lease, ask that extra miles be added. You would not want to be in a situation where you are penalized for someone else's usage. The terms of the lease should reflect your usage, not that of a previous owner.
A take-over of a lease for a car can be a good opportunity to get the vehicle you want. Be cautious in your selection process to ensure that you are getting what you want and that there are no hidden problems that could create an adverse situation for you.
Start Making Payments
Begin making the payments on the assumed lease for the remaining period of time. After the contract is expired, return the car to the original dealership.