Because of the ways our cities and suburbs are designed, many people need a car to commute from place to place in their local area. Cars are very expensive and renting a car every time that you need one is rarely a feasible solution. Some people have found that they are able to save money on the cost of having a car by assuming someone else’s car lease, which allows them to obtain a car with low monthly payments without a down payment. Here are some things that you need to know if you consider assuming an existing car lease to reduce the cost of owning a car.
Why People Give Up Their Car Leases
There are many reasons why someone may decide to let someone else assume their car lease. They may not like the car or the way it handles and want to get something else. They may have lost their job and can no longer afford the lease payments and other costs of owning a car. Another reason may be that they will be unable to drive the car for an extended period of time and see no reason to pay for the car if they cannot use it. Having someone else assume their car lease allows them to correct their situation without incurring significant penalties.
How The Process Works
You can only assume the car lease of another person if the financing company that extended the original lease allows it. Once the lease has be transferred into your name, you are responsible for making the lease payments for the remainder of the lease term. When the lease term is up, you have the option of purchasing the car under the terms of the original lease or releasing the car and obtaining some other form of transportation. Make sure that you do not violate any of the provisions of the lease, such as going over the allotted number of miles or damaging the car, or you will find yourself making a hefty payment to the company holding the lease if you decide not to buy the car.
Where To Find An Available Car Lease
If you do not know anyone that has a car lease available for you to assume, you are not out of luck. There are companies available that match up people that want to get out of their lease with people that are interested in assuming someone else’s car lease, such as LeaseTrader.com and SwapALease.com. In most cases, the warranty that is available for the car through the manufacturer or the dealership is still valid even after the lease is transferred. The company will display a picture of the vehicle available along with the monthly cost of the lease and the number of months remaining in the lease term to make it easy for interested consumers to find the vehicle that is right for them.