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Lease Assumption | Exit Auto Lease Early
With the recent rise in gas prices and people driving fewer miles a new car lease or short term auto lease assumption may make sense for some people. You get more bang for your buck when you lease a car or take over a short term auto lease. Did you know you can take over a car lease from someone who is looking to exit their car lease? You can assume a car lease for as few as 3 months. The advantages of assuming a lease are little to no down payment and possibly a lower monthly payment then the original lessee signed for. You save when you assume a lease because the original lessee has already made the initial down payment towards leasing the car. Typically people exiting their car leases offer an incentive to take over a car lease. The incentive will offset the monthly cost of the lease saving you even more money. If you are someone who likes to drive a new car say every 3 months to 12 months then a lease assumption / lease transfer may be just the thing for you. There are several sites that help facilitate in the process of exiting a auto lease early. You can contact the bank who is leasing your automobile to you to see what is involved in exiting your lease early by means of a lease assumption / lease transfer. There are two fees involved when you exit a lease early by means of lease assumption / lease transfer. The first would be the application fee for the person wishing to take over the lease. Typically free. The second fee would be the lease transfer fee. Lease transfer fees vary depending on the bank. Another thing to consider when exiting a lease early is some banks hold the original lessee responsible for the car after they have transfered the lease. Assuming an older lease outside of the manufacturers warranty coverage could lead to added costs in the event a mechanical issue arises and you must repair the car.
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