How Do I Take Over a Car Lease?

If you are considering car lease vs buying a car and have started your shopping process, you may 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, if you are set on leasing there is the option and that is taking over someone’s current lease.

You can get some great lease payments out there and on a wide variety of cars. It is a matter of knowing what it is you want in terms of the car that will meet your needs and fit within your lifestyle and of course budget. So, the big question is where you find people who are leasing and looking for someone like YOU who is will to take over a car rent.

There are a few sources you can check out… places like:

  1. Craigslist
  2. Kikiki
  3. Maybe Auto Trader

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The one main source to go to first though is, Lease Busters. Lease Busters have postings for people who are wanting to find someone to assume their lease. It costs these people money to post their cars, so you know they are serious. You can search through the site and find the cars that appeal to you. The car details are there including, how the car is equipped, current kms on the car as well as the allotted kms left with respect to the terms of the lease. The car lease payment is there before and after taxes and in some cases there is mention of a cash incentive for assuming the lease from the customer.

Once you have gone through your searches via Lease Busters, call and ensure the car is still available and make arrangements with the client to take a look at the car and decide from there if it is going to meet your needs and fit within your lifestyle. Keep in mind when you are searching for a car about location, in terms of being able to take a look at the car and of course when the paperwork has to be completed at the dealership. When you have found your car, then you will have to 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. There is a lease transfer fee and in some cases the dealership will also charge an additional transfer fee. It depends on the brand and the policy within the dealership itself. You will have to work out who is paying these fees with the person whose lease you are assuming.

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Once your credit application has been approved it will take a few days for the dealership to prepare the paperwork. Once they have it they will be calling you and the current leasing customer to make arrangements to do the transfer paperwork.

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