Car lease agreements are generally available for long time periods
, usually from three to six years. Not everyone would require a car lease for such a long time. Generally, in the below mentioned circumstances individuals would require a car lease for a shorter duration:
If you are visiting a country or a city for a few months then it doesnt make sense purchasing a car or going for a traditional long term lease.
If you have flexible requirements then you should not take a long term car lease since you might be later stuck with a car you do not require for a very long time.
If you cannot afford to make a down payment on a new car lease or if you find the monthly installments on them too high then a take over lease can be affordable for you.
A take over lease allows you to take over a lease from someone who already has a car lease for the remaining period of the lease agreement. This type of an agreement is beneficial to both the parties, since it allows the seller to get out of his lease agreement early without having to pay a hefty penalty and it allows the buyer to get a car lease for a shorter duration and for a lesser monthly payment.
The below mentioned steps would help you to understand how to take over lease from another individual:
The first step would be to find an individual who would want to transfer their lease to you. The best way to do this is to get listed with a lease busting company or a lease swapping website. These help in bringing together both the parties.
Once you find a seller, you need to check the car and ensure that it is in a good condition. If you are satisfied and want to continue, the seller needs to contact his existing lease company and let them know you are interested to take over lease from the seller.
The next step would be to fill up a credit application for a transfer and submit it to the lease company of the seller.
Once the credit application is submitted, the lease company will make a new contract and send it across to you. Check all the details in the contract and sign it and send it back to the lease company.
The lease company will then inform the seller that the lease has been transferred and you can then get the car from the seller.
Once you get the possession of the car you would be responsible to make the agreed monthly payment to the lease company. You would also be required to keep the car in a good condition.
At the end of the lease period the car has to be returned to the lease company.