Save money by taking over a lease!
Taking over an existing auto lease can be a great way to save money on a car. Often called "lease assumption" or "lease transfer", taking over an auto lease can easily save you money.
You simply initiate a lease transfer to take over the lease payments from the current leaseholder and the car is yours!
Here's how you save:
- You make no down payment — the current leaseholder has already paid it! This is where you realize the majority of the savings. Many down payments on leases are thousands of dollars, so you effectively save this amount on the lease.
- The term of the lease is shorter because a portion of it has already been paid.
- You'll often find cash incentives because the leaseholders are anxious to get out of their lease. Many will pay your first month's payment, cover the transport charges, or just pay cash.
One thing to pay special attention to: the mileage remaining on the car for the term of the lease. For instance, if there are 24 months remaining on the lease but only 18,000 miles left before mileage penalties begin, you can average only 750 miles per month for the balance of the lease. It pays to know how many miles remain on the lease.
Also of course, you'll want to verify the condition of the car. A car currently under lease is still a used car, and should be approached as such. Before taking over a lease, be sure to jot down the car's VIN number and get a used car history report. Also, inspect the car yourself or with a mechanic.
To sum up, taking over a lease is a wise move for those who want to:
- Invest in a used car that isn't TOO used or old
- Avoid paying a down payment
- Lease a car for a relatively short period of time
- Invest in a car that might otherwise be too pricey
Lease takeover is a prudent and frugal move, provided you check out the vehicle beforehand. Save that down payment and put it towards something more important, like retirement, a college education, a vacation, or a gift for a loved one. Look into taking over a lease today.
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