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Pros and cons of taking over car lease payments Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing objective and original content, by enabling you to conduct your own research and compare data at no cost — so that you can make sound financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies that compensate us. This compensation may impact how and when products are featured on the site, such as for instance, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage and home equity products, as well as other home loan products. However, this compensation will have no impact on the information we publish, or the reviews that you read on this site. We do not contain the entire universe of businesses or financial offers that may be open to you.
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3 minutes read. 13th October, 2022.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely taking out loans to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers feel confident to manage their finances with precise, well-researched and researched data that breaks complicated topics into bite-sized pieces.
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In a time when the market for cars is struggling to catch up with inventory issues and the need to take over lease payments might be a viable option to get behind the car. Third-party websites can help connect with someone looking to get their lease terminated early. Since leases typically last for up to three years, you might need to buy the vehicle — or return it to the dealer before you’re prepared. Would a lease-to-own takeover be a good idea?
If your circumstances permit depending on your circumstances, the option of taking over someone else’s lease could be a wise move because a lease could offer lower monthly fees and expanded vehicle options compared to buying.
Advantages of leasing a takeover Assuming a car lease is a good option in the event that you want to take a test drive in a brand new vehicle for a brief period. Vehicle availability With car buyers holding onto their new vehicles for the average of 6.5 years, as per the latest data from , and leases usually last for two or for three years. It could be difficult to locate an affordable price on a newer car that isn’t the current model year. It is possible that you’ll be able to get a relatively new vehicle through an assumption of lease. A short-term lease whereas the typical lease agreement lasts for two or three years and a lease assumption is typically earlier. This lets you try out a car without having to sign a longer-term contract. It is rare to find that timing available through traditional leasing outlets. Cash incentives Many drivers want to take their car off their hands when they are in a lease assumption situation. It is not uncommon for the first leaseholder to offer an incentive in the form of cash. They could also agree to cover any transfer fees that a leasing company may charge and could help you save thousands of dollars. Talk with the leasing company to secure the best deal. Reduced monthly payments If the original lessee has excellent credit and has made a substantial down payment, it is likely that their monthly installment is not as high. Since you will be taking on the monthly payment in the same way and will be able to benefit from the conditions. Disadvantages of a lease assumption Low car payments and the flexibility of a short-term car lease may seem appealing but prior to signing a lease, be aware of potential pitfalls. There is no renegotiation of the lease. The lease you take over will be the one you get. It is not possible to negotiate the lease terms the original lessee agreed to. If their credit score was low it could result in you being in a position to be paying a greater monthly payment than what you could have received if you had signed an agreement to lease your own. You may also have the option of a higher purchase price at the end of your lease than you could otherwise receive. A limited mileage lease means you need to stick to the original mileage limits in the lease contract. Overstepping this limit can cost you — overages vary from 10 to 25 cents per miles. Estimate the number of miles you’ll drive before the lease expires to make sure you won’t have to pay a fine. Also, be sure to be sure that the lessee hasn’t already incurred charges for mileage overage. Potentially high wear-and-tear costs If the previous driver didn’t take care of the car, you’ll be stuck with the wear-and-tear charges. Similar to any used car, see the vehicle in person and have it checked before you sign a contract to take on the lease. If there is substantial wear, ask whether the previous lessee will be able to cover the cost as part of the transfer. Additional fees There are three main fees that come along when you take over a lease: lease transfer as well as credit application . According to Swapalease it is possible for these charges to cost anything between $395 and $895. Make sure you are aware of the exact details of these charges prior to signing an assumption of lease. How to assume a car lease If you’ve decided to take on a lease, there are several options to choose from. Lessees who want to hand over their leases can use websites such as Swapalease, LeaseTrader and QuitALease to find someone to assume the responsibility. It is also possible to reach out to the company that leases. They might be able to offer suggestions or connect you with a potential lessee. Even though the terms of the lease will already depend on the original lessee’s credit but your credit will be taken into consideration. You should be prepared to discuss with the lessee any potential cash bonuses in addition. The final word: If you decide to take over a lease, bear your mind in the forefront that the responsibility you’re taking on is higher than that of a typical auto lease because of the past of the initial driver. The lease will be liable for the remainder of the payments on the car as well as any damages or charges due to the original leasee. Shop around and compare different options prior to signing any contracts. Learn more
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the details of using loans to buy an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers to manage their finances with clear, well-researched facts that break down complex topics into manageable bites.
Auto loans editor
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