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3 minutes read. published on October 13, 2022.
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of taking out loans to purchase the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers to take control of their finances with concise, well-researched, and well-studied information that breaks down otherwise complex topics into manageable bites.
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As the car market struggles to catch up with supply issues 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 meet someone who is looking to terminate their lease earlier. Since leases generally run for up to three years, you may need to purchase the car — or give it back to the dealer before you’re ready. Is a lease takeover a good idea?
If your circumstances permit the possibility of taking over someone else’s car lease is a good move because a lease could offer lower monthly fees and more options for vehicles compared to buying.
Advantages of a lease takeover Assuming a car lease is a good option in the event that you want to drive a newer model vehicle for a brief period. Car availability: With car buyers keeping their new cars for the average of 6.5 years, according to the most recent figures from and leases usually last for two or 3 years, it may be difficult to locate the best price for the latest model of car that’s not the model year of the current year. It is possible that you’ll be able to get a relatively new vehicle with a lease assumption. Short-term leases While the average leasing contract lasts two or three years and a lease assumption is typically sooner. This allows you to test drive a car without signing an extended-term contract. It is rare to find that timing available through traditional leasing outlets. Cash incentives A lot of drivers want to take their vehicle off their hands when they are in a lease assumption situation. It is not unusual for the initial leaseholder to offer cash incentives. They could also agree to pay for any transfer fees the leasing company has to charge that could help you save hundreds of dollars. Negotiate with the lessee to secure the best deal. Reduced monthly payments If the initial lessee has excellent credit and has made a significant down payment, it is probable that the monthly cost isn’t too high. Because you’ll be taking on that monthly installment it is possible to take advantage of their terms. Advantages of a lease assumption The low car payment and the flexibility of leasing a car for a short period of time could be appealing however, before you sign a lease, be aware of the potential dangers. A no-renegotiation lease The lease you take over is the lease you sign. It is not possible to negotiate lease conditions that the initial lessee had agreed to. That means that if your credit score was poor and you were unable to negotiate, you could be stuck with a higher monthly payment than you would have received getting a lease yourself. It is also possible to have an increased lease-end price than you would otherwise get. A limited mileage lease means you need to stick to the original mileage limits stipulated in the car lease contract. Going over this limit could cost you a fee — overages are between 10 and 25 cents per miles. Try and estimate how many miles you will drive before the lease expires in order to make sure you won’t have to pay a fine. Of course, you must make sure the original lessee hasn’t already incurred mileage overage fees. High wear-and-tear expenses if the previous driver didn’t take care of the car, you’ll be liable for wear and tear costs. Just like any used car visit the vehicle on the spot and ask to have it examined before you sign a contract to take on the lease. If you notice significant wear, see whether the original leaseholder will pay for the costs as part of your transfer. Additional fees There are three major charges that are associated with a lease takeover leasing transfer or credit application . According to Swapalease it is possible for the cost to range between $395 and $895. Make sure you are aware of the exact details of these charges before committing to an assumption of lease. How to take over a car lease If you’ve made the decision to assume the lease, you have many options available. Lessees who wish to hand over their leases can use websites such as Swapalease, LeaseTrader and QuitALease to find someone who can take on that role. You can also reach out to the company that leases. They may be able to give recommendations or even help in establishing a relationship with a potential lessee. Although the lease’s terms will depend on the original lessee’s credit, your credit will still be assessed. You should be prepared to negotiate with the lessee for any potential cash bonuses as well. The bottom line If you decide to take over a lease, bear in mind that the responsibility you are taking over is higher than that of a typical auto lease due to the history of the original driver. You will be responsible for the remaining charges on the car as well as any damages or fees that were incurred by the initial lessee. Shop around and compare different options before signing any agreements. Learn more
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of taking out loans to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping their readers to manage their finances through providing precise, well-studied facts that break down otherwise complex topics into manageable bites.
Auto loans editor
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