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3 minutes read. published on October 13, 2022.

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely using loans to buy a car.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances with concise, well-researched, and well-studied facts that break down complex subjects into digestible pieces.

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In a time when the market for cars is struggling to keep pace with the shortage of inventory and a lack of cash, taking over lease payments could be a good option to get behind the car. Third-party websites can help meet someone who is looking to end their lease early. Since leases typically last for up to three years, you may need to purchase the vehicle — or return it to the dealer before you’re prepared. Is a lease takeover the right choice?

Depending on your circumstances depending on your circumstances, taking over someone else’s car lease could be a wise choice as a lease may come with lower monthly costs and expanded vehicle options compared to purchasing.

Benefits of a lease takeover A car lease is a good option for those who want to purchase a more modern vehicle for a short time. The availability of vehicles With car owners keeping their new cars for the typical 6.5 years, according to the most recent data from and leases generally lasting two or for three years. It could be difficult to locate an affordable price on a newer car that isn’t the model year of the current year. But it is likely you’ll find a reasonably new vehicle through the lease assumption. A short-term lease whereas the typical lease agreement lasts for two or three years, a lease assumption ends sooner. This allows you to test drive a vehicle without the need to sign an extended-term contract. It’s not often you can get this kind of timing through traditional leasing services. Cash incentives A lot of drivers want their vehicle off their hands in the event of a lease assumption. It is not unusual for the initial leaseholder to offer a cash bonus. They could also agree the possibility of covering any transfer fee that a leasing company may charge that could reduce the cost by hundreds of dollars. Negotiate with the lessee to negotiate the best deal possible. Reduced monthly payments If the lessee in question has great credit and has made a significant down payment, it is probable that the monthly cost is low. Since you’ll be taking on the monthly payment as-is, you will benefit from their conditions. Advantages of a lease assumption Car payments that are low and the flexibility of the short-term lease on a car may be tempting, but before you assume a lease, be aware of the potential dangers. A no-renegotiation lease The lease you take over becomes the contract you sign. You will not be able to negotiate lease terms the original lessee agreed to. This means that if their credit score was low it could result in you being in a position to be paying a greater monthly payment than you would have received when you signed a lease yourself. It is also possible to have a higher lease-end purchase price than you could otherwise receive. Limited mileage : Taking over a lease means that you need to stick to the original mileage limits stipulated in the car lease contract. Going over this limit could be costly — overages range from 10 to 25 cents per mile. Try and estimate how many miles you will drive before the lease expires in order to ensure that you don’t need to be penalized. And of course, make sure the original lessee hasn’t already been charged charges for mileage overage. Potentially high wear-and-tear costs If the previous driver did not keep the automobile in good condition, you will be liable for wear and tear fees. Similar to any used car, see the vehicle in person and have it checked prior to signing to the leasing. If you notice substantial wear, ask if the original lessee will cover the fees in the course of your transfer. Additional fees There are three major fees that come along when you take over a lease: lease transfer or credit application . According to Swapalease, you can expect these fees to cost anywhere from $395 to $895. Make sure you know the specifics of these fees before committing to the lease assumption. How to take over a car lease If you’ve taken the decision to take over an agreement to lease, there are many options available. Lessees looking to turn over their leases turn to websites such as Swapalease, LeaseTrader and QuitALease to find someone to assume this role. You can also contact your leasing firm. They could be able give recommendations or even help in establishing a relationship with a potential lessee. Although the lease’s terms will determine by original lessee’s credit but your credit will be considered. Be prepared to discuss with the lessee any potential cash rewards in addition. The final word: If you choose to accept the lease, bear your mind in the forefront that the responsibility you are taking over is greater than a typical auto lease due to the history of the original driver. You will be responsible for the rest of the charges on the car, including any damage or costs due to the original leasee. Shop around and compare different options prior to signing any contracts. Find out more

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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of borrowing money to purchase a car.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers gain the confidence to manage their finances by providing precise, well-studied data that breaks complicated topics into bite-sized pieces.

Auto loans editor

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