|
|
Automate your search!
Sign up for automatic email notifications in the Lease Wanted section.
|
|
Need out of your lease?
Visit the Sell a Lease page for ad package info and to place your ad.
|
|
|
| Buyer Tips for Assuming a Car Lease
|
Tips for getting the best deal with a lease assumption
Are you looking to assume a lease vehicle? You will quickly discover that lease assumptions are an easy, no money down method to get into a late model car. Often this allows buyers to drive more car for less money. Here are a few buyer tips to help you get the best deal possible.
- Look for vehicles that offer a cash incentive. Seller cash incentives help subsidize the lease payments and effectively lowers the monthly payment. For example, a $300 per month lease with 10 months left and a $300 seller incentive has an effective monthly payment of $270 dollars after accounting for the incentive ($300/mo. x 10 mos = $3,000 - $300 incentive = $2,700 / 10 = $270 effective monthly payment). Seller incentives are the reason that many lease assumptions are much more attractive than leasing a new vehicle.
- Check the number of months remaining on the lease. If the vehicle began as a 60 month lease and 24 months have passed, you have 36 months remaining. Verify that the remaining lease duration fits with your time requirements.
- Review the lease company policies for the vehicle you're interested in. Each lease company is different and policies vary between them. Make sure you understand fully what you may be getting into by assuming a lease vehicle.
- Check the vehicle's Carfax report for any serious traffic accidents or other damage. A Carfax report can help uncover a number of serious issues that may have occured such as reportable accidents. Many sellers include a Vehicle Identification Number (VIN) with the other details of their ad, allowing you to easily access the Carfax report for that VIN number. If a seller hasn't posted his or her VIN number, ask them to update their ad with this information.
- Check the current and total vehicle mileage to ensure that the vehicle has enough miles to accommodate your driving needs. A 'fair lease' normally offers 1,000 miles per month for the remainder of the contract.
- Once you have found a vehicle that you are interested in, ask for a copy of the lease agreement from the seller. The lease agreement will provide all of details of the lease and provide information about all aspects of the monthly payment, mileage allocations, lease-end options, and other relevant information. Make sure to get copies of the front and back as both sides of the agreement usually contain important information and conditions of the lease.
- Ask for copies of any service records that may exist. Knowing the mechanical health of a vehicle before it is assumed can save you from future headaches. Remember that most dealerships and service centers can supply service records at no cost.
- Ask about the vehicle's warranty. Is the vehicle covered for the duration of the lease by the manufacturer's warranty or will it expire before the end of the lease? Is there an extended warranty available? These are good questions to have answers for as vehicles out of warranty become the lessee's responsibility to repair prior to the end of the lease.
- If you don't find the vehicle you're looking for on LeaseTrade.com, keep searching! New vehicles are posted daily by sellers so you're sure to find something if you continue looking at the latest postings. You might also try our "Search Newest Listings" to see vehicles posted in the last 30 days.
What would you like to do next?
Return to the Learning Center
Post a vehicle ad
Search for a lease car
|
|
