The charges associated with lease takeover are relatively few and affordable. Following are the five different fees that are associated with this process:
• Registration Fee
Classified services such as the ones provided by lease swapping websites. The lease trading websites charge a registration fee to begin the lease transfer.
• Car Inspection Fee
The car inspection fee isn’t necessary, but it is recommended. You can acquire the services of a third party to thoroughly inspect the vehicle prior taking over the lease. It will give you a good idea of the car’s condition. Moreover, the charges for these services won’t cost you an arm and a leg as the charges will be around a few hundred dollars and are worth the investment.
• Transportation Fee
Again, this isn’t something that is necessary because not every lease transfer requires special transportation of the vehicle.
• Credit Application Fee
The leasing firm that you are assuming a lease with may require you to pay a credit application fee that may or may not be refundable. Since it varies from company to company.
• Vehicle Registration
Once the vehicle is with you, you are required to register it. It’s no different than if you are to buy it outright. Get in touch with the local Depart of Motor Vehicles in your area to find out what vehicle registration charges may apply.
Start the Lease Transfer Process
If you are able to strike a deal with the seller, then you will submit a credit application to the leasing firm whom you want to lease with. The company will determine if you are eligible to take over the lease. If the application gets approved, the leasing firm will prepare and send the lease transfer documents to you and the original lessee (seller).
This process can take as little as seven days and as long as 21 days depending on you, the leasing company and the seller. The leasing firm takes its time to approve the application of the potential new lessee because it needs to ensure that your credit score is better or at least as good as the person you are taking over the lease from.
QuitALease.com has dealt with hundreds of lease assumptions and we have never seen a leasing firm lower its credit expectations for lease transfer. Simply because the leasing company wants to ensure that you will prove a good customer.
Once the leasing firm reviews your application, it will directly contact you regarding your status.
Complete the Transfer
As soon as the leasing company approves your request and sends the documents to you and the seller, you are bound to return the papers after signing them. When the leasing firm receives the signed documents, it will hand over the car keys to you and relieve the original lessee from the obligation. Now, it’s your (new lessee) responsibility to take care of the car and make the remaining lease payments.
