Assume Car Lease to Save Money

Can you assume a car lease to save money? The answer is yes, but in limited cases and only after careful research.

The only way it makes sense to assume a lease is when the person you are taking the car from has a very low payment due to getting a good deal, has taken exceptional care of the car and the remaining miles on the contract are enough so that you will not have to pay a penalty. If someone wants a "down payment" to take over a lease, walk away. They owe the remaining payments on the lease whether they drive the car or not.

Remember to take the car to a qualified inspector to check for any previous accident damage. If you assume the lease on a car that has been improperly repaired you could be on the hook for the damage.

When you assume a lease, you are taking full responsibility. Your credit is now on the line. There are always great deals on new models, but only assume a lease that is providing you with a truly amazing deal. Never assume a lease without the proper paperwork from the leasing company. Do you homework and save money and headaches later.