Learning about how Lease Assumptions Work for Buyers and Sellers
What is a lease assumption?
A lease assumption is the process of transferring one's existing lease car to another person while in the middle of the lease. In this process, a lease seller, who is looking to transfer out of a car lease early, can have a lease buyer assume the lease car and remaining lease responsibility, with the original lessee removing themselves from the lease. The lease assumption is performed with the full knowledge and approval of the lease company and the contract responsibility and payments changes from the original to the new lessee. The lease assumption process is simple and straight-forward and is the most cost effective way to get out of a lease prior to the lease termination date.
How many lease assumptions has LeaseTrade.com enabled?
To date we helped thousands of people successfully get out of their lease through a lease assumption.
Why should I use LeaseTrade.com instead of one of your competitors?
Our company's core competencies revolve around providing a superior customer experience for getting into or out of a lease be that through improvements in technology, top customer service, or value for your advertising dollar. We offer the the highest assumption success rates in the industry. We offer more value for your ad dollar as well as a comprehensive educational resource about lease assumptions to help buyers and sellers learn what a lease assumption is all about. We enable this capability with a simple and easy to use website packed with technology. And in the end, we offer our customers the comfort and trust to go the distance.
As a Seller, what is the step-by-step process to get out of my lease?
1. The first step is to post your vehicle ad on LeaseTrade.com. Our Sell a Lease page provides a list of the various ad packages that we offer.
2. Respond to inquiries from prospective buyers that contact you through our secure email form or by phone.
3. Negotiate with buyers and agree to an assumption deal. Here are some seller tips for things to keep in mind to get you started.
4. Begin the lease assumption process. Contact your lease company to begin and complete the lease assumption transaction.
5. Once the lease transfer is complete, hand over your keys and walk away!
As a Buyer, what is the step-by-step process to get into a lease?
1. Use our Find a Lease search to find a lease vehicle to your liking.
2. Contact the lease seller directly by phone or through our secure email form.
3. Negotiate directly with the lease seller and agree to assume the lease. Here are some buyer tips for things to think about to get you started.
4. Fill out the lease assumption paperwork provided to you by the lease company and return them in a timely manner.
5. Arrange to pick up the vehicle, have the seller sign the lease assumption contract, and enjoy!
How is the lease assumption process initiated?
Once a lease buyer has agreed to assume a lease, the lease seller should contact the lease company to initiate the lease assumption process with the lease company. At this time, the seller provides the buyer's contact information to the lease company.
Once a buyer has agreed to take over the lease, the buyer will be asked to submit a credit application to the lease company. Once he or she is credit approved, the lease company will forward a new lease contract to the buyer to proceed with the assumption.
Are there any fees involved in a lease assumption?
To advertise your vehicle on LeaseTrade.com, we charge an ad package fee to advertise your vehicle on LeaseTrade.com. For more information on our various ad packages, please visit our Sell a Lease page.
Lease companies often charge a small fee for handling the lease assumption. These fees typically consist of a buyer credit application fee as well as a lease assumption processing fee. The cost is normally a few hundred dollars and fee amounts vary between lease companies. For more information about fees for your lease company, please visit our Lease Company Policies or contact your lease company directly. Who pays the lease transfer fees is normally a negotiable item between the buyer and seller, although the seller tends to cover these costs.
When is the lease assumption final?
The lease assumption process is final when the lease company receives any transfer fees that may be required, the buyer is credit approved, the new lease contract is signed by both the buyer and seller, and the vehicle is delivered to the buyer.
What if my lease company doesn't allow lease assumptions?
While the majority of lease companies allow lease assumptions, there are still a number of them that don't. These lease companies are in the minority but if you're in this situation and still need out of your lease, then the LeaseTrade.com ReLease Program may be right for you.
I have more questions. Who can I speak with to get more information?
Our staff is standing by to answer your questions about lease assumptions and the LeaseTrade.com process. Our Learning Center is a great place to start to learn the basics. If you have additional questions, please do not hesitate to Contact Us. We're here to help.
What would you like to do next?
Return to the Learning Center
Post a vehicle ad
Search for a lease car
