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| A : A lease assumption or transfer allows one person to assume an existing lease from another person. For example, if your neighbor had 18 months left on his car lease, and you wanted to take over his lease, you would simply assume his lease and start making the payments each month for the remaining 18 months. At the end of the term you would turn the car into the leasing company just as you would if you had leased the vehicle new. The process itself is relatively easy to understand and can provide a great deal of benefit and financial incentive if you use a lease assumption to your advantage. |
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| A : The lease seller usually contacts his or her leasing company and initiates the lease assumption process. Once a buyer has agreed to take over the lease, the buyer must submit a credit application with the seller's lease company. Once approved by the lease company, the lease company will forward a new leasing contract package to the lease buyer for signature and return. The lease company will notify the lease seller when the lease has been successfully assumed. The seller can then hand over the vehicle to the new lease buyer. |
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| A : It's relatively easy! The entire transfer process can take anywhere from several days to a few weeks depending on the lease company and the time it takes to receive mail. |
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| A : Yes. A consumer interested in placing his/her vehicle for lease transfer should become familiar with their leasing company's transfer restrictions. We've placed information on the most commonly asked questions below. |
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| A : When you take over car payments to acquire a short term auto lease you do not have to put any money down. When you assume an auto lease you agree to effectively finish the lease on the vehicle for someone else. |
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| A : Like most of the fees involved in the assumption process, the lender transfer fee can be negotiated between the Buyer and Seller. |
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| A : Terminating your lease before its expiration can be a costly. Technically, you are responsible for all remaining lease payments. In order for you to get out of your lease early without penalties, you would need to find either an individual willing to assume the remaining portion of your lease or someone to buy your vehicle outright for the close out amount at your intended time of termination. In most cases, the residual value in your lease will produce a close out amount that is higher than market value and any negative equity would have to be absorbed by you. It is recommended that before you decide to enter into a vehicle lease, you make certain that you are comfortable with the lease terms. You should pursue the shortest term within your budget. That's why it makes sense to use TakeMyPayments.com to find someone to assume your lease. |
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| A : Finding lease specials is easy. Simply click the Search Vehicle button to browse our database of vehicles. We have hundreds of lease specials available for transfer, trade or assumption. |
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| A : Visit the Lease Company Section of our site to see the specific transfer details of most companies. Familiarizing yourself with fees or policies (such as geographic restrictions) can save you time by not pursuing a vehicle that you cannot assume. |
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| A : TakeMyPayments is an automotive lease transfer company designed to facilitate the assumption of a car lease or by having a lease swapped between two parties. The company was founded in March 2000 and has completed hundreds of lease transfers since. In addition, the company has expanded its lease transfer services into Canada. |
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| A : The difference is night and day. TakeMyPayments is a lease transfer marketplace and assists consumers to transfer their leases with the approval of the original seller's lease lender. The lease contract is re-written in the new buyer's name and he/she then takes full responsibility for the remaining lease term. We never recommend that a seller give up his vehicle to any organization that promises to find someone to continue making their lease payments without the seller's lease company's approval. Doing so may be a violation of the lease contract and can have legal consequences in the event of an accident.
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| A : Early car lease termination can result in overcharges and thousands of dollars in termination fees.
That is why having someone to assume your auto lease is the cheapest way to exit your lease without incurring penalties and fees. By using the lease transfer option in most lease agreements, you can have someone take over your lease legally with the approval of your lease lender. At the end of the lease term, the vehicle is then returned to the dealership.
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| A : It used to be that to break a lease was very difficult, and sometimes impossible with lease lenders which held the lessee financially responsible for any negative equity, or any remaining payments for the vehicle. Fortunately, TakeMyPayments.com has developed a simple and inexpensive process for breaking a vehicle lease. This process involves vehicle lease assumptions or transfers in which the liability on a lease transfers from one individual to another with the approval of the lease lender. |
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| A : Lease Trading is a great way for a consumer looking to end a lease or trade a lease before the contractual lease end date. With a nationwide audience, TakeMyPayments has been able to assist consumers with hundreds of lease trades making it a win-win for both the seller and buyer.
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| A : That depends on your lease contract and lender. Assuming that your lender allows a lease transfer, the only concern is the lease contract. For example, if you agreed to 12,000 miles per year and you're at 15,000 on your first year of the lease, the extra miles could be costly both to you or to the potential new leasee. Offering a cash incentive toward the excessive miles could entice someone to assume the lease knowing the extra miles are being paid for. |
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| A : Yes. Most of the USA lease companies also allow lease transfers in Canada. To view our Canadian lease company information page with requirements and restrictions, etc., please Click Here |
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| A : The lease contract from most lending companies require you make each remaining lease payment in full until the end of the term. So breaking your lease can be costly. However, lease trading is a solution for most, if not all, sellers seeking to break their lease without penalties. |
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| A : Yes. TakeMyPayments is a Nationwide auto lease swap marketplace designed to assist sellers to swap out of their auto leases. Registration is quick, Free and only takes a few minutes to list a vehicle for assumption. |
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| A : Probably, but not like you think. If you owe a few payments on your old lease, the dealer will make the payments (he'll also try to add them to your new lease), and simply return your car to the lease company. The lease company will send you a bill for any damages, extra mileage, and any disposition fees. If you owe more than just a few payments on your old lease, you are probably not in a "positive equity" situation such that trading will be beneficial to you. |
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| A : Most lease contracts are not designed to be easily terminated before the normal end date. However, one of your best options may be to transfer your lease to someone who would like to pick it up and take it off your hands — known as a lease assumption. The advantages of this method is low cost (no penalties, no payoffs), and easy exit. Register today and exit your vehicle lease now.
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| A : First, notify your lease company of your move. Because sales tax rates may be different between your old location and your new one, the tax portion of your monthly payment may change — up or down. This should only amount to a small change in your total payment, unless you move into a state, such as Texas, in which taxes are required to be paid, in total, up front. Registration and property taxes may also be different. |
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| A : Typical lease terms are set by lease companies at a minimum of 24 months. And because most of a vehicle's depreciation happens in the first year, a shorter new-car lease would be very expensive. A better solution is to "assume" an existing lease from someone who wants to get out and only has a year or few months remaining. These are very often good deals. TakeMyPayments provides listings of such deals.
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| A : TakeMyPayments.com is the expert that works helping helping consumers break their car leases. If you want to break a lease, you've come to the right place as breaking a Lease the right way, will save you thousands of dollars in dealer fees!
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| A : Yes. Is it possible to Swap my car Lease Agreement early?
It is possible to Swap a car Lease prior to the scheduled end date. However, there are normally significant financial implications to the lessee when doing so. Each leasing company has their own policies, but most will charge some form of early termination penalty. It is not unusual for these charges to be in excess of several thousand dollars.
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| A : Auto Lease Transfer is the same for every leasing company. The individual wishing to assume the lease submits a credit application to the leasing company. The leasing company will make a decision on the credit worthiness of the applicant. If approved, lease transfer documents are prepared and signed by the original and assuming lessees. The transfer is complete when the signed documents are returned to the leasing company and processed. There are variations in the fees and details for each leasing company. The TakeMyPayments car lease transfer team can assist with these variations and details as you navigate through the transfer process. |
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| A : While the concept is the same, not all lease swap out sites are the same. TakeMyPayments has been assisting consumers transfer out of their leases since March 2000. Many of the newer swap out sites have attempted to mimick our innovative marketing techniques without succss. With thousands of transfers since our inception, why use any other company? |
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| A : Your should contact the seller. He/she will provide details about their lease. In addition, contact the participating leasing company for their transfer details. The leasing company contact information can be provided by the seller. |
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| A : No! We will never charge additional or hidden transaction, transfer, or processing fees on TakeMyPayments.com |
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| A : The lease transfer process is final when the lease company receives all required lease transfer documents and fees for the transaction. |
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| A : When a long distance separates the buyer and seller, specific arrangements can be negotiated to inspect the vehicle and deliver it to the buyer. There are many different arrangements that can work. Most often, a buyer and/or the seller drive or fly to meet each other, have the vehicle inspected and sign the lease assumption papers once they are happy with the vehicle. After that, the buyer can drive the vehicle home or have it transported by a vehicle shipping service. If you are interested in getting your vehicle inspected or having it shipped, please visit our partners that can assist you with these services. |
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A : Before listing your vehcle, you will want to have the following information:
1. Contact information you will use for communicating with lease buyers - Including name, phone number, and email.
2. Information about the vehicle - Including year, make, model, color, features, and current mileage.
3. Details of the lease - Including the lease company name, base monthly payment, lease-end date, lease-end purchase option, lease allowable miles per year, and the excess mileage fee, if any. |
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A : For lease companies that allow transfers, when a lease is transfered from seller to buyer, the liability of the lease also transfers with the vehicle to the buyer. This allows the lease seller to completely remove themselves from the responsibility of the lease car as well as the financial terms of the lease itself.
However, there are some companies that retain the original lessee as a secondary guarantor. This is an unpopular policy for a number of reasons, but if your lease company has this type of policy, there are some things you should know:
1. When somebody assumes the lease, they become the primary guarantor. Meaning that they are first in line for payment responsibility on the lease contract.
2. The original lessee stays on the contract as the secondary guarantor.
3. In the event that the vehicle is vandelized, totalled, or stolen, the current lessee's insurance will cover the expense. Lease companies are very particular about the required insurance limits and verify insurance coverage regularly, so this is an important safeguard.
4. In the event that the lessee's insurance does not cover the full payment amount, the lease companies utilize 'gap insurance' to cover the amount between the insurance payout and the full payment value. You can see this lease feature on the back of your lease contract.
The bottom line is that being a secondary guarantor is safer than you might think. As a disclaimer, always verify these details with your lease company as policies do vary between companies.
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| A : Send your question(s) to TakeMyPayments.com.com support and we will answer your question directly! Go to Contact Us. |
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