“There’s a honeymoon period with a new car” perfectly describes the first months of driving a new auto. You drive off with your brand new car, enjoy its up-to-date features, and later on think about a new car lease deal. Usually, there are a few reasons why people decide to get out of a car lease early and get a car lease transfer or swap.
For instance, a financial situation changed and it makes it difficult to stick to your regular payments. Or maybe you moved to a city, and there is no need for a car anymore. Most people just want a new vehicle. In our guide, we’ve described different ways of ending your lease early. And now we want to tell more about transfers.
Lease transfer or swap may seem an easy way out. However, before you get into searching for a new lessee, you should carefully study your current lease contract. Typically, you may find these types of lease transfers:
A car lease swap, or transfer, is a transaction in which you can get out of your current lease deal to a different driver. Normally, along with taking on the running costs of the car, the new driver puts his name on the contract and takes over the lease on the same terms as the original owner. This includes making the same monthly payment for the remaining duration of the lease and ensuring that the vehicle is returned in an appropriate condition.
If your original contract allows the transfer procedure, you will probably look for somebody to take the lease for you. Depending on your lease, it may be difficult to find a person who wants to take it over. You may need to offer some cash incentives in order to get some candidates. This may be a few hundred dollars or a few thousand, depending on the specific vehicle and lease.
In order to switch the lessees on the contract, there is some administration and paperwork needed. Of course, this paperwork is not free, and you will pay a few hundred dollars in the form of a lease transfer fee or a lease swap fee.
To transfer your lease in the first place you need to dive deeply into the topic and be ready to get lots of hassle. Some websites offer their services to transfer or swap your lease and it’s a kind of expensive pleasure. According to QuitALease to get out of a car lease, you will need to sign up for this website and post your ad. Interested individuals, who are willing to assume a car lease would contact you. The assuming lessee will submit an application for the lease transfer with the leasing company. Once the application is processed, both the assuming and selling lessees sign the documents to mark the deal complete.
Additionally, other similar websites like LeaseTrader or SwapALease have the same approach. And not only as a seller but also as a buyer you will have to spend some cash on these operations. And there are fees associated with trading leases, including credit-check and transfer fees that can range anywhere from $75 to upwards of $500.
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All successful lease transfers carry a transfer commission fee of $149.95. All fees paid to LeaseTrader are non-refundable, regardless of whether your lease transfer is successful or not.
**This fee is charged before the potential lease transfer goes through. If the transfer fails, the fee is reusable for another transfer, but it’s not refundable. All fees paid to SwapALease are non-refundable.
You may think from your point of view and choose what’s best for you, but we also take review into consideration. Most negative reviews claim clients can’t find a suitable transfer, while at the same time have been charged non-refundable fees.
As with any car dealership, remember to do your homework and explore all your options before choosing a lease transfer. Grand Prix Motors can explain transparently all the aspects of the lease transfer and lead you to the right choice for you. Contact your personal expert and get the best lease advice!
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