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3 min read Published October 13, 2022
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of borrowing money to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their readers feel confident to manage their finances with concise, well-researched, and well-studied information that breaks down complicated topics into bite-sized pieces.
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As the car market struggles to keep up with the shortage of inventory and a lack of cash, taking over lease payments can be a viable option to get behind the car. Third-party websites can assist you connect with someone looking to end their lease early. But since lease contracts generally last about two or three years you may need to purchase the car — or give it back to the dealer — before you’re in a position to do so. Do you think a lease takeover is the right choice?
Based on your situation depending on your circumstances, taking over someone else’s car lease can be a smart choice as a lease may have lower monthly expenses and a wider range of vehicle options to purchasing.
Benefits of a lease takeover assuming a lease is a good option for those who want to take a test drive in a brand new car for a short period. Car availability: With car buyers keeping their new cars for the amount of 6.5 years, as per the most recent figures from and leases usually lasting two or three years, it can be difficult to find an affordable price on the latest model of car that’s not the current model year. However, it’s likely that you’ll be able to get a relatively new car through the lease assumption. A short-term lease whereas the typical lease agreement lasts for two or three years, a lease assumption ends earlier. It allows you to try out a car without the need to sign an extended-term contract. It is rare to get this kind of timing through traditional leasing outlets. Cash incentives A lot of drivers are eager to get their car off their hands in a lease assumption scenario. It is not unusual for the initial lessee to provide an incentive in the form of cash. They could also agree to cover any transfer fees the leasing company has to charge that could help you save hundreds of dollars. Talk with the leasing company to secure the best deal possible. Lower monthly payments If the lessee in question has great credit and has made a substantial down payment, it is likely that their monthly installment isn’t too high. Since you’ll be taking on the monthly payment in the same way, you will benefit from the terms. Advantages of a lease assumption The low car payment and the flexibility of a short-term car lease may seem appealing, but before you assume the lease, be aware of the possible pitfalls. No renegotiation The lease you sign becomes the contract you receive. You will not 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 forced to pay a higher monthly payment than you would have received getting the lease yourself. You may also have an increased lease-end price than what you’d otherwise pay. A limited mileage lease means that you need to stick to the mileage limits originally set on the car lease agreement. Going over this limit could be costly -Overages can vary from 10 to 25 cents per mile. Estimate the number of miles you will drive prior to the lease expiring to ensure you don’t have to pay a penalty. Of course, you must make sure the original lessee hasn’t already incurred charges for mileage overage. High wear-and-tear expenses if the previous driver didn’t keep the automobile in good condition, you’ll be responsible for the wear-and-tear fees. Similar to any used car take the vehicle to inspect it personally and get it examined before you agree to take to the leasing. If there is substantial wear, ask if the original lessee will cover the fees in the course of your transfer. Additional charges There are three primary fees associated with a lease takeover lease transfer as well as credit application . According to Swapalease, you can expect these fees to cost anywhere from $395-$895. Be sure to find out the exact details of these charges before agreeing to the lease assumption. How to take over a car lease When you’ve taken the decision to take over the lease, you have many options available. Lessees looking to turn over their leases turn to websites such as Swapalease, LeaseTrader and QuitALease to find someone who can take on that role. You can also reach out to the leasing company. They may be able to give recommendations or even help in establishing a relationship with a potential lessee. While the lease’s terms will already determine by initial credit of the lessee, your credit will still be assessed. You should be prepared to discuss with the lessee any cash bonus opportunities and bonuses. The bottom line If you choose to accept a lease, bear in mind that the liability that you take on is higher than that of a typical auto lease because of the history of the original driver. You will be responsible for the rest of the charges on the car and any damage or charges incurred by the original lessee. Look around and evaluate different options before signing any agreements. Learn more
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely borrowing money to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers feel confident to control their finances through providing clear, well-researched data that breaks complex topics into manageable bites.
Auto loans editor
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