The car lease transfer or swap is when your current auto lease is transferred from one driver to a different responsible party. In addition to taking over the payment terms, the new owner also agrees to pay the running costs of the vehicle.
Vehicle lease transfers are a good option if your financial situation has changed or you want to lease a different car.
Let’s look at the benefits and disadvantages of the lease transfer, as well as how to swap out a car lease.
How to Swap a Car Lease
To start a lease swap, the following steps need to be taken.
With the transfer, the new driver must visit the department of motor vehicles to transfer registration and get new plates if needed.
What to Remember About Auto Lease Transfers?
A Car Lease takeover can be a great arrangement for both the person transferring the auto lease and for the person taking it over. The original lessee gets the lease payment off their hands, and you get the wheels you need — or want — without a long-term financial commitment for your new vehicle.
There are a number of ways to get out of a car lease and avoid early-termination fees. Transferring the contract to someone else can be a particularly appealing choice. Just make sure your financing company allows such transfers before you start the process. Also find out whether you’ll still be on the hook for payments if the other person fails to make them.
Lease transfers that allow for lots of miles to be driven per month are attractive options for many shoppers. Unique or hard-to-find vehicles also do well.
The easiest way to see if your lease can be transferred is by reading the disclosures on your lease agreement. “Transfer of equity” is contract jargon that essentially says you’ll still be financially responsible if you transfer a lease to somebody and the new lessor fails to pay. If your lease allows for a “full lease assumption,” you can transfer your lease to a new user and wash your hands of all responsibility.
A small percentage of leasing companies don’t permit transfers at all. If you think you might want to transfer your lease down the line, find out if the bank that’s handling your lease will allow you to do so.
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No need to deal with the headaches of sitting in a dealership for hours on end and haggling with pushy sales reps. With our robust dealer network, we’re able to get wholesale pricing and guarantee the most competitive lease or purchase price on any new vehicle. We handle all makes and models, so you can be confident that we’ll find the perfect vehicle that fits your needs.
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