If you’re considering leasing vs buying a car and have started your shopping process, you can definitely find that leasing a car isn’t as advantageous as it once was. Many manufacturers have changed gears a little and are offering better rates for buying vs leasing a car. However, should you be set on leasing you have the option and that of which taking over someone’s current lease.
You will get some great lease payments out there and on a multitude of vehicles. It’s a matter of knowing how it’s you want in terms of the vehicle that will fit the bill and fit within your lifestyle and lastly budget. So, the big question is where do you find those people who are leasing and looking for someone like YOU who is will to take over a lease.
Usually there are some sources you can check out… places like:
3. maybe AutoTrader
The one main source to become first though is, Lease Busters. Lease Busters have postings those of you that are wanting to find someone to assume their lease. It costs these people money to post their vehicles, so you know they are serious. You can search through the site and find the vehicles that suit your needs. The vehicle details are there including, how the vehicle is equipped, current kms on the vehicle as well as the allotted kms left with respect to the terms of the lease. The lease payment is there before and after taxes and sometimes there is mention of a cash incentive for assuming the lease from the customer.
After getting gone through your searches via Lease Busters, call and ensure the vehicle is still available and make arrangements with the client to consider the car and decide from there if at all going to elegant and fit within your lifestyle. Take into account when you are searching for a vehicle about location, concerning to be able to check out the vehicle and lastly when the paperwork needs to be completed at the dealership. Once you have found your vehicle, then you should call the dealership who has the lease and make arrangements with them for the credit approval. They will explain what their process is and what they require. You will find there’s lease transfer fee and in most cases the dealership will also charge an additional transfer fee. It depends on the brand and the policy within the dealership itself. Studying work out who is paying these fees with the person whose lease you are assuming.
Once your credit application has been approved it will take a short time for the dealership to prepare the paperwork. Once they have it will have them calling you and the current leasing customer to make arrangements to do the transfer paperwork.
How to get over a lease is easy. Make sure however, to know what the additional fees are and what you will be responsible for before you enter into an agreement with anyone, so there isn’t any misunderstanding.
Dennise Ryder is the Business Manager at Volvo of Durham in Pickering, Ontario. Have questions about cars in Canada for Sale? Contact her and have your questions answered!