QuitALease is an all-in-one online marketplace for matching lease buyers and sellers of in-process vehicle leases. Our purpose is to match lease buyers who want to opt for a short-term lease plan with the lease sellers.
QuitALease is for all those individuals who are either looking for a car lease takeover or want to get out of one. The website simply reflects on the fact how lease transfers are better both for the buyers and sellers of the lease. The buyer is able to get their hands on to some great deal with no down payment and attractive payments while the sellers can protect their credit rating by avoiding a lease termination.
QuitALease allows lease Buyers to list their vehicle on the site while the interested sellers can search for their right vehicle lease using different filters. For a step-by-step guide, visit our “How it Works” page.
QuitALease does the most important job involved in the lease transfer and leases takeover process, i.e. to provide a marketplace for the lease buyers and sellers. Finding a buyer for your car lease is the biggest milestone in a lease transfer which QuitALease makes easy for you. Then, QuitALease also helps you with the transfer process through its extensive guides so you won’t have to do that all by yourself.
QuitALease is not for quitting a lease, but rather about matching lease Sellers with the Buyers.
QuitALease updates users’ listings in real time, so if someone lists their vehicle, it’s automatically updated on the website and available for the potential buyers.
There are many reasons why lease transfer should always be your first choice. With a lease transfer, you can save yourself the hefty termination fee involving a lease termination. Then your credit rating is also saved from going down which is a serious concern for almost every individual.
Lease buyers and sellers are allowed to negotiate only the “negotiable terms” and not the lease terms. For instance, the time of the lease stays the same and so does the lease payments as they were in the original lease terms. However, the seller and buyers have the convenience of negotiating how they want to deal with the down payment by the original lessee or who pays the transfer fees. In many cases, the sellers also offer upfront cash as a part of the deal. However, QuitALease doesn’t control neither holds responsibility for any such agreements.
The buyer of the ongoing lease, the new lessee, will be responsible for taking care of anything relating to that lease. Once the car lease is transferred, it’s not the ex- lessee's lease anymore and so they aren’t liable to pay the lease-end charges either.
Not every car lease includes a security deposit and every company has its own policy of how to treat the security deposits. In most cases, it’s returned to the original lessee and then a new deposit is requested from the assuming lessee, while there are leasing companies that even allow for the transfer of the deposit with the lease. Security deposits are also one of the “negotiable terms” of the lease.
To check for that, we suggest you that you get the vehicle inspected by some third-party company. This is the most reliable way to determine the current mileage. It’s also recommended that you decide the terms as to how you want the seller to use the car during the transfer process (like the miles that he/she can drive or whether you want the car to be used at all!).
QuitALease has been successfully helping the lease sellers in finding the right buyers for their lease. However, how successful a lease seller is in finding a buyer depends on a variety of factors, primarily on the vehicle and the lease being offered. Lease buyers look for leases that come with a reasonable mileage left on the lease and with attractive lease payments. Then some Lease Sellers even improve the value of the lease by providing incentives in addition to the basic deal, like cash payments, paying the lease transfer fee and so on. Then, if there are sellers who want their ad’s visibility to improve, they even opt for the QuitALease "Featured" section.
With QuitALease, lessees can avoid a lease termination that couldn't only affect their credit rating but also inflicts whopping termination fee. In most cases, the lessees only have to pay a transfer fee (negotiable with the buyer) which is just a fraction of the termination fee.
There are many ways to make a lease more attractive for the potential buyers. While you can’t change the terms of the lease, you can try upfront cash payments or agree to pay the transfer fee. If your payment options aren’t competitive or if you don’t have a lot of mileage left on your lease, they things could make your lease a lot less attractive.
When you post your car ad on QuitALease, you can add the incentives by providing those details in the “Additional Information” section.
Once you have found the right buyer for your lease, it’s time for the buyer to submit an application with your leasing company. The leasing company will check for the credit worthiness of the buyer and then process the documents required to initiate the transfer. Kindly contact your leasing company for any further details about the lease transfer.
Whether the original lessee will be liable or not depends on the leasing company involved. However, most leasing companies entirely segregate the lease from its previous lessees. There are some companies who may take you as a guarantor. If the lease is transferred, it’s called “lease assumption” but if the original lessee is still held liable, it’s then called “transfer of equity”. For more information, check with the leasing company involved.
By assuming a lease, the Lease Buyers can get their hands onto a low-mileage model without any down payment. Plus, they can also get subsidized monthly payments because of the original down payment and preceding lease payments.
The lease takes over usually involves the transfer fee and could also include a credit application fee. Depending on the leasing company involved in the lease, these fees vary. Some states may also require you to pay taxes. Lastly, you may also be required to deal with the vehicle registration fee in your state. You can contact your leasing company to get technical help if you are asked to pay the vehicle registration fee because technically, they are the owner of the vehicle.
Leasing companies usually require you to have a “Solid Credit Rating”, i.e. 680 or above. If you want to get more details on your credit rating, kindly visit your GoFreeCredit.com.
When you take over someone’s car lease, you are agreeing to take over the remainder of an existing lease, so the original terms and conditions of the lease stay intact.
Every new listing on QuitALease.com is updated in real time, so if a new vehicle is added by the seller, you will be able to see it immediately.
You can back off from the deal as long as you haven’t signed the lease transfer papers. However, if you have provided any processing fee, it’s usually non-refundable.
The lease buyer isn’t bound to pay the transfer fee. It’s a negotiable term of the lease and you can talk to the lease seller about it.
It depends whether the lease contract is extendable or not. You will be required to contact the leasing company involved for this prior to taking over a lease.
Usually, there’s an option to buy the vehicle but you will need to check the lease contract for any residual value/lease end-buyout The seller could sometimes miss this detail in the ad so it’s always good to ask the seller about it.
A new but cool platform. Easy to filter searches and find a close match for the kind of car lease you are looking for. Found myself a great deal in a week. Thank you!
It was easy to use the website. Took me some time to find the buyer for my car lease, but it was all worth it for all the money I have saved from not terminating my lease.
Just a week ago, I found out that lease transfer is a thing, and just about now, I have already found Quitalease and dropped off my car to the new lessee for my car lease.