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How to Take Over Car Lease Payments
Just a few years ago many companies were still reluctant to allow taking over of car payments. Nowadays, businesses offering assistance in car lease assumption are flourishing since many customers prefer to take over someone else's car payments, attracted by the opportunity to save thousands due to the lack of initial fees and down payment.
Why Would Someone Want to Take Over Car Payments?
To start with, car lease companies don't offer leasing for a short period of time. The shortest term you can get is 24 months. Therefore, your only option of leasing a car for less than 2 years would be to take over someone else's lease car payments.
There are many reasons to look for a short term lease: you may need a car for just a short period of time, you may have a temporary job assignment, you may be a grad student, you may not have enough money for the down payment and fees, etc.
How Does Taking Over Car Payments Work?
Basically, one party takes over the lease from another party by assuming the monthly payments and all other responsibilities till the end of the original car lease term. When the car lease ends, the buyer (the one who has assumed the lease) is responsible for turning back the car or buying it.
Car payments are not everything the buyer takes over. If there are any excessive damages or mileage, the buyer will be charged for them when the car is returned. Yet, sometimes car lease companies will keep the seller responsible if the buyer defaults on the car lease.
How to Take Over Someone Else's Car Lease Payments
Have in mind that you cannot simply take over car payments. The lease company of the selling party should first approve and change the contract.
The best way to approach lease assumption is to visit one of the many lease transfer companies on the Internet. Such companies specialize in matching up lease buyers with lease sellers and have lists of assumable leases waiting for someone to take them over.
The lease transfer companies will help you with the whole lease assumption process and the required paperwork. Of course, they will charge you a fee for this service but the fee will be certainly much smaller than early termination costs or the initial lease down payment.
Taking over car lease payments with the help of a lease transfer company is a relatively simple process since such companies work directly with the car lease companies and handle all the details.
The information and interactive car payment calculators that are provided on this site are made available as general assistant guidance in regards to car loans and payments. We do not guarantee that any information or calculations will be accurate or applicable to your personal financial situation, circumstances, or objectives. Accordingly, before making any final decisions we encourage you to consult a qualified professional and get personalized advice.
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