Tips On How To Assume A Car Lease

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November 9, 2016

If you are looking for a good car without having to put down a lot of money, or enter into a lengthy commitment, then look at the opportunity to assume a car lease.

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Search for People Looking to Give up Lease

The easiest way to assume a car lease is to find someone who is looking to get out of their current lease. This will help you make the transition much easier.

Check over Car Thoroughly

Before making any decisions on assuming a car lease, check the overall condition of the car. Once you assume the lease, you also assume any of the problems with the car. If they are excessive, you will be held responsible for them when the lease expires.

Contact Leasing Company

Have the current lessee contact the company and notify them of your intention of assuming the car lease. They will contact you with an application to fill out. Complete the application and send it back quickly.

Sign Contract and Take Possession

Once your lease is approved, you will then sign the contract for the remaining term of the lease. It is the same agreement that was existing so make sure you know what is going to be required as far as penalties, mileage, and end agreement. Once the contract is signed, you can take possession of the car and begin making the monthly payments.

Related Questions and Answers

Is PCP Car Leasing Different from Normal Car Leasing?

PCP car leasing (Personal Contract Purchase) is a hybrid type of car lease that ends up somewhere between an outright purchase and a standard close-end lease that allows you to purchase the vehicle for its residual value at the end of the lease term. In other words, PCP leasing and standard car leasing is pretty much identical, although there is a tacit understanding between you and the dealer that you will purchase the vehicle come lease term end. If you do not intend to do that, then your lease would be considered a PCH (Personal Contract Hire) where you just drop the keys off and walk away. This is the traditional closed-end car lease.

Can You Change the Terms of a Car Lease Agreement?

Short of rewriting the entire car lease agreement, you cannot change the original terms of a car lease agreement, as it is a contract between you and a car dealer. Of course, you can revisit the lease itself and then go through the process of rewriting the terms of the lease to cover your changed circumstances. However, unless you opt for the rewrite with a written request, you cannot simply amend or change the terms of a car lease agreement. If you have a closed-end or "walkaway" lease, the dealer will not be likely to reopen your lease under any circumstance, because the residual and payments are also set, so it makes no sense.

Is It Possible to Do an Auto Lease Trade and Assume the Lease of the New Car at the Same Time?

Yes, it is possible to do an auto lease trade and assume the lease of a new car at the same time. However, to ensure the process goes as smoothly as possible, you should verify that you meet the credit requirements for the lease you intend to assume. For example, your personal credit history may not let you have two open auto leases at one time, so it would be necessary to trade your current lease and get it off your credit report before you continue the process to assume the lease of a new car. Additionally, you should make sure the person who wants to trade, meets the credit requirements as well.

Are there any Credit or Other Financial Requirements to Assume an Auto Lease Other than Having the Money?

Yes, there are credit and financial requirements that must be met at the time you assume an auto lease. The exact requirements vary between lenders. In order to assume an auto lease, you must meet the credit requirements of the finance company on which the lease is written. The credit requirements are typically the same as those imposed on a traditional lease. In addition to credit requirements, a lease transfer fee may be due in order to put the lease in your name. You must also budget for the annual fees related to the lease, which include your license plate and registration.

What is the Quickest Way to Get Out of a Car Lease?

The quickest way to get out of a car lease is to walk into the car dealership with a cashier's check in hand for an agreed amount that will let you out of the lease. Normally, car leases are written so that after a certain period the dealer or the customer has the option of continuing or ending the lease relationship. You can speed up the process of ending the lease by working out an agreeable figure with your dealer, dropping off the keys and walking away. This is the ultimate "closed-end" lease. Legitimate reasons for ending the lease include the fact that you no longer need the vehicle, the business for which it has been leased is out of business, or you have reached the upper mileage limit and don't want to pay penalty miles.

What is Car Lease & Contract Hire

Car lease and contract hire are leases for a specific purpose. Normally, a car lease is for a specific number of miles to be driven and for a specific number of years to be paid. It is based on an "intrinsic value" that projects what your car will be worth in the future. Normally, you just walk away from this "closed-end lease", as it is known. A contract hire is an "off-the-books" lease that allows you to run up the mileage on a vehicle quickly. It is used when the vehicle will not be held long by the lessee and tends to be rather expensive. A car lease, or a contract hire may be for a specific event, and you then return the vehicle to the dealer.


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