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FAQ's for the Seller

 
How to list my vehicle with LeaseTrader
How to find my listing?
How to change information on my vehicle listing or account?
How to properly take photos of my vehicle?
What does offering an incentive mean?
How to extend my vehicle listing?
How to cancel my vehicle listing?
How to contact a LeaseTrader Representative?
What is the most effective way to post an ad?
Keep your ad current and information up to date
Make your vehicle ad stand out
Use the comments section wisely
Contacting buyers
Showing your vehicle
Can I back-out once I advertised my car?
How long does the lease transfer process take?
What are the costs to get out of your car lease?
What if the interested person is in a different state?
What are my chances of transferring my auto lease?
What role does my financing company play?
What documentation do I need to sign?
What guarantees do I have?
Transfer fees by Financial Institution
Does my leasing company support Transfers?

FAQ's for the Buyer

 
What are the steps to follow for the buyer?
How to search for a vehicle on LeaseTrader.com?
How to register?
How to get pre-approved to assume a lease?
How to use the wishlist?
How to change or add alerts to wishlist?
How to get my user id and/or password information?
Contacting sellers
What to do when you find the vehicle you want?
Do I have to give a down payment?
What if the interested person is in a different state?
What are the costs to take over a car lease?
Once I start the process, can I back out?
Who pays for the transfer costs?
I would like to take over a lease, what do I do now?
Where do I return the vehicle?
After the car lease is over, can I buy the vehicle?
Can I extend this car lease?
How long does the process take?
What is the difference between a taking over a car lease and regular leasing?

Lease Transfers FAQ

 
How the lease transfer process works
How to find information about my leasing company
How to handle long distance lease transfers
How to get the vehicle inspected by a third party

Transferring Process FAQ

 
What to expect during the lease transfer
Finalizing the transfer
Handing over the keys
License plates

General FAQ

 
What is LeaseTrader.com?
How does the Lease Trader process work? 
How long does the lease transfer process generally?
Who can use LeaseTrader to transfer or assume a car?
Can I be both a lease seller and a lease buyer with LeaseTrader? 
How does Lease Trader protect customer information?
How often are listings updated?
Are leases on the website Open or Closed End Leases?
Are any of the vehicles listed on LeaseTrader offered by Dealers?
Do Leasing Companies allow lease transfers?
What if I am in a different state?
Can I use LeaseTrader in Canada?
When I search on the LeaseTrader website and I like a car, what do I do?
What are the costs in taking over a car lease?
Do I have to give a down payment?
Once I start the transfer process can I back out?
Who pays for the transfer costs?
Where do I return the vehicle?
After the lease is over can I buy the vehicle?
Can I extend this lease?
What do I do if I forget my user ID and or password information?
Configuring Internet Explorer security level
Internet Explorer 6 support
Make sure email goes to your Inbox Folder
Why take over a lease?
What does regular leasing involve?
Is it possible to terminate a lease prior to the full term of the contract?
How does assuming or transferring a lease work?
What are my chances on transferring my lease?
How can I find information on my Leasing Company?
What happens to the security deposit when a lease is transferred?
What role does my Finance Company play?
What happens to the security deposit when a lease is transferred?
At lease end who is responsible for potential charges?
Are buyers and sellers free to negotiate any of their own terms concerning lease transfers?
How long does the lease transfer process take?
When is the lease transfer final?
Is it possible to transfer a lease to an individual who resides in a different state?
Can the vehicle be inspected if the buyer and seller are in different states?
Where is the vehicle returned at lease end?
How do sellers benefit from using Lease Trader?
Am I still held liable once the lease has been transferred?
What are the fees involved in a lease transfer?
What are my options if I want to end my lease?
What are my responsibilities and options at the end of the lease?
What are my responsibilities for vehicle maintenance?
What are my responsibilities for vehicle insurance?
Am I responsible for personal property tax on my leased vehicle?
Who is responsible for moving violations?
What happens when I drive more miles than is stated in my Lease Agreement? 
How do I get license plates?
Who pays for license plates?
Can I take my leased vehicle out of the continental United States?
What happens if tax rates change?
What happens if I move out of state?
What happens if my vehicle is wrecked but not declared a total loss?
If I decide to return my vehicle at the end of my lease, who do I contact?
What do I do if I haven't received a payment booklet?
Are foreigners or international students able to take over someone's leased vehicle?
My credit is questionable. Can I still take over a lease?



How to list my vehicle with LeaseTrader
 
Listing your vehicle on LeaseTrader.com is simple; all you need to do is click on Post A Vehicle on the top menu from any page on the site. From there you will be led through a simple three-step listing process where your car information, basic lease information, and your contact information are provided. At the end of the 3 step listing process, then you can select from one of 3 simple listing options. Once the credit card is entered and verified, you will be able to add additional information about your car. For example accessories, features, and have the ability to upload actual photos of the car.

If you have any questions or complications during the listing process, please contact us for assistance. LeaseTrader will actively advertise your leased vehicle in places where people looking to lease or buy cars regularly check. For example Google, Yahoo, MSN, BING, and LeaseTrader.com

Before listing your auto lease, you will be required to have the following:

1. Information about the vehicle which include year, make, model, style, features, current mileage.

2. Details on the lease which include monthly payment, lease end date, leasing company, (lease contract and monthly statements are good sources for these details).

3. Contact information Buyers will need to communicate with you which include your name, phone number, and email address.

Tip:
Remember to think like a buyer when posting your vehicle. Buyers are only interested in taking over a lease on a vehicle that fits their needs. Analyze your current lease and emphasize the benefits of your deal to others. For example, if you have a low monthly payment, special features, low mileage or low months remaining on the lease deal, make sure you highlight those points to get the buyers attention.

Communicating with the Buyer:
When a potential buyer contacts you, be sure to respond in a timely manner. There are lots of great deals on LeaseTrader.com, and if you are slow to respond, you run the risk of a buyer finding a vehicle from a different seller. Once the transfer process is initiated, a LeaseTrader transfer specialist will be assigned to you. The specialist will be available to assist you throughout the process.

How to find my listing
 
There are various, simple ways for a Seller to find their vehicle listing.
You may search for your vehicle by clicking on Search Listings on the top menu from any page on the site and fill out some information about your vehicle. Another option is to go on your Seller Central and click on the View My Ad link to go directly to your ad. To go to your Seller Central, Sign-In with your email address and password you chose when creating your account.

How to change information on my vehicle listing or account
 
You can edit your listing or update your contact information when you Sign-In with the username and password chosen when creating your account. Once on My LeaseTrader go to Seller Central and click on the Edit Vehicle tab. Simply change any details and press on the submit button at the bottom of the page. The process follows the same steps you followed when you first entered your information.

To update your contact information, go to the Profile section in My LeaseTrader and make any changes required and click on save. Remember always to press on the save button below so that the changes are saved.

How to properly take photos of my vehicle
 

Take photos of your car from different angles including the interior. You should also take photos of the vehicles wheels, bumper, steering wheel, door, and backseat to give the buyer a better idea of what the vehicle they might be taking over looks like.
You're more likely to get responses by posting more than one photo.

You may upload up to 15 photos to your listing. Ads with actual, updated photos are more likely to get a response.


Choose quality photos.
A close-up photo is much more appealing than a blurry or far-away image. Take the time to take a clear, well-lit picture.
Photos are subject to rejection or removal.
If you have received an email that your ad or photos have been rejected, please make sure you review the Listing Agreement. Our most common reasons for rejecting ads are:

Ad text contains personal contact information, a first and last name, email address, or a link (URL)
Ad text contains obscene, offensive, or adult-oriented language
Ad solicits for a commercial service

If you need assistance determining why your photos were rejected, you can click here to contact us. Please note that due to the high volume of submissions it may take several days to receive a response to your inquiries. Our most common reasons for rejecting photos are:
.Photo is blurry or otherwise unclear
.Photo contains obscene or adult-oriented material
.Photo contains personal contact information
.Photo is upside-down


What does offering an incentive mean?
 

If your lease payment is too high, there’s a good chance that after seeing your payment information, a potential buyer will overlook you ad. This is where you would offer an incentive so that your car lease payments are competitive with other cars in the market. If you are paying $835.00/month for an entry level Mercedes-Benz C-Class, everyone knows that you’re paying way too much. To make your ad more appealing, you can offer your vehicle for a more attractive lease payment by offering an incentive to your buyer. Let’s say you have 10 lease payments remaining on your lease contract at $835.00/month, and you offer $4,360.00, your LeaseTrader ad will then show your vehicle advertised lease payment as $399.00 with an incentive of $4360.00. Who can resist that!?


How to extend my vehicle listing
 
Depending on the listing package you purchased, it will either automatically renew at no charge or at the renewal fee stated on your chosen package.

How to cancel my vehicle listing
 

To deactivate, cancel or remove your listing, Contact us.
Please reference your name and vehicle ID when emailing.


How to contact a LeaseTrader Representative
 
Customer service is our main priority at LeaseTrader. You can contact us by phone or email with questions, concerns and/or feedback. Please see the Contact Us page for a complete listing of phone numbers and email addresses.

What is the most effective way to place an ad?
 

It is very easy to place an ad on LeaseTrader. The more accurate and complete your listing is, the higher the likelihood that the buyers contacting you will be serious about taking over your vehicle.

  • Have your lease contract and monthly statement handy when listing your vehicle. Those documents contain important dates and details that will make the listing process easier.

  • Include the Lease-end Buyout or "Residual Value" in your listing. The cost of purchasing the vehicle at lease-end is an important consideration for buyers (if you are unsure about the amount for lease-end buyout, your leasing company can provide this information)

  • Compare your lease deal with others on the site; make sure your ad is competitive with others.

  • Make sure you have all the information handy when you first list your ad. If you do not, be sure to update your listing with the missing information.

  • Check for information on your Leasing Company's particular policies by contacting your leasing company or by clicking Leasing Company Information. Some leasing companies do not support lease transfers and some allow a transfer but continue to hold the original lessee liable for future payments. Familiarizing yourself with any restrictions, fees or policies (such as geographic restrictions) can save you time by not pursuing a buyer who cannot qualify for your lease. If you have any questions, LeaseTrader would be happy to answer them.

As always, if you have difficulties or questions at any time during the listing process, please Contact Us and we will be very happy to assist!


Keep Your ad current and information up to date
 

Keep your listing current by using your Seller Central to update mileage and your lease information.


Make your vehicle stand out
 

Your vehicle is one of several choices a prospective buyer may have for their next vehicle.
Make your vehicle as attractive as possible.

Keep your vehicle in top running condition.
Make all required service checks and take care of any service needs.

Keep your vehicle exceptionally clean.
A great appearance helps sell your car.

Increase your ad's exposure

Explore the many listing exposure options that can help your ad stand out from the crowd. Visit LeaseTrader's Marketing Tools to see what you can do differently for your ad to be seen as much as possible.  We have a programs that are successful in getting leases transferred quick!! To take a look at these amazing marketing options Click Here.


Use the Comments Section Wisely
 
Be clear and descriptive. Your comments should include anything that was not included in the questionnaire you filled out when posting your ad. If your vehicle has any special features, this is where you should include that information. Buyers interested in taking over a lease with special features will be attracted to your vehicle.
Think as a buyer. Include information about your vehicle that attracted you as a buyer.

Contacting buyers
 

In order to contact a seller and take over a lease, buyers must prove to LeaseTrader that they PASS the minimum credit requirements. It is extremely important to PASS the credit verification process. If a buyer does not have the minimum credit requirements that it takes to lease a vehicle, and begins communicating with a seller, at the end of the day when their leasing company does not give them a PASS, then they simply wasted their time, as well as the seller’s.

  Registered and Potential Buyers
These buyers have registered with LeaseTrader and have not yet joined one of LeaseTrader's buyer subscription programs. 

  Active/Subscribed Buyers 
These are buyers that joined one of LeaseTrader's buyer subscription programs. Subscribed Buyers will use the LeaseTrader internal e-mailing system to contact sellers for early stage questions about the vehicle. For example: Is this a non-smoking vehicle? Has the vehicle ever been in an accident? Sellers will be able to answer directly via message center.

Buyers that PASS the minimum credit requirements gain access to the sellers name and phone number.


Below are 4 different possible subscribed buyer statuses:

http://www.leasetrader.com/img/question_red.jpgNot Yet Verified: Buyer has not yet submitted his application to LeaseTrader for verification of credit. Please request buyer to prove that he has the ability to take over a lease, not all will qualify.

Save time, energy, aggravation and money and only deal with Credit Verified buyers.

http://www.leasetrader.com/img/clockglass_16.gifUnder-Review: Buyers credit verification is under review, status will update within 24 business hrs.

http://www.leasetrader.com/img/ico_check.jpg PASS: Buyer passed the minimum credit requirements established by LeaseTrader.com
Independent from LeaseTrader’s and approval; Leasing Company must approve buyer as part of their lease transfer process.

http://www.leasetrader.com/img/Warning-icon.jpg FAIL: Buyer failed to meet the minimum credit requirements established to take over a lease.
Leasing is not for everyone, not all will qualify. 
Possible causes and solutions: 
1- Lack of credit history. 
Solution: Re-applying with strong co-signer/guarantor
2- Derogatory credit on being reported on credit report. 
Solution: Resolving credit issues with credit reporting agencies directly. 
3- Balances to credit limits too high. 
Solution: Pay down on Balances (it could take up to 60 days to update). 
4- A Combination of the above causes.

Contacting buyers


Respond quickly to all inquiries
Immediate responses to all questions greatly increase your chances for success.
Check your e-mail on a daily basis for messages from interested buyers.
Please be courteous in your responses.


Showing your vehicle
 

Once you've been contacted by a registered or credit verified buyer, the following are tips to help transfer your vehicle successfully.

  • Vehicle Condition
    Just as with any product, a clean vehicle inside and out will give a great first impression. Your vehicle should be kept in ready-for-sale condition.

  • Lease Agreement and Service Records
    Have copies of your lease agreement and service records available for buyer inspection.

    This helps keep the buyers mind at ease knowing that the vehicle was well maintained and the paperwork is in order.

    Remember, most dealerships and service centers can provide your records at no cost.

  • Long Distance Transactions
    Inspection and transportation services are available. Contact us if you need help finding a transportation or inspection service.

Can I back-out once I advertised my car?
 

You can do as you please until the lease transfer documentation provided by the finance company is signed.
Note: Bank fees as well as LeaseTrader fees are non-refundable.

How long does the lease transfer process take?
 

Once you've been contacted by a buyer, the lease transfer process can take up to 4 weeks.

What are the costs to get out of your car lease?
 

LeaseTrader fees are simple and very affordable. There is an upfront adveryising cost when you list your vehicle of about $99.95 and a commission of $249.95 when the lease is transferred. An $100 instant commission rebate is available to those who pay the commission when the transfer process begins. 

Note: In addition to LeaseTrader fees, you may have the following expenses:

  • Bank transfer fee: Some financial institutions charge the buyer (not you) a fee $0 to $600 to process the car lease transfer paperwork. This fee varies and is payable directly to the finance institution (e.g. Mercedes Benz Credit).

    Refund Policies:
    All of the memberships, credit verifications, transfer initiations, and all other fees collected by LeaseTrader are NON-REFUNDABLE.

What if the interested person is in a different state?
 

A great number of transfers are between people in different states. We work with third party inspection companies and with a national transportation company that can deliver your vehicle to any state in the US. You can negotiate with the person taking over the auto lease as to who pays any costs involved. For more information, a LeaseTrader representative can assist you.

What are my chances of transferring my auto lease?
 

Although advertising a vehicle offers no guarantees, we have a constantly updated waiting list of individuals looking to take-over auto leases. Sellers tend to receive various applications for their vehicle. The moment you put up your vehicle, LeaseTrader's system automatically notifies all the people who requested your vehicle that it has been put up.

What role does my financing company play?
 

All auto lease transfers require the approval of the finance company involved in each particular lease (e.g. GMAC)(Independent of LeaseTrader's pre-screening process and credit verification). Finance companies charge separate fees when transferring a lease. The buyer taking over your auto lease typically pays these fees. These fees range from $0- $600.00.

What documentation do I need to sign?
 

You need to sign the paperwork provided by LeaseTrader and the paperwork provided by your finance company. From the time a suitable candidate is found, it could take as long as three weeks to process the transfer paperwork. This is mainly due to mail going back and forth.

What guarantees do I have?
 

Although advertising a vehicle offers no guarantees, we have a constantly updated waiting list of individuals looking to take-over auto leases. Sellers tend to receive various applications per vehicle. Nationwide, people are constantly searching our listings and filling out Wish Lists. LeaseTrader's system automatically notifies all the people who requested your vehicle the second you put it online.

Transfer fees by Financial Institution
 

Bank Transfer fee: Financial institutions charge the buyer a fee of $0 to $600 to process the car lease transfer paperwork. This fee varies and is payable directly to the finance institution (e.g. Mercedes Benz Credit).

Does my company support Transfers?
 

Most companies today allow car lease transfers but, you should always call your leasing company to confirm their lease transfer policy. If you have any doubts, call LeaseTrader and we'll be more than happy to help you.

FAQ's for the Buyer

What are the steps to follow for the buyer?
 
Register: Provide basic personal and contact information that will later be used for credit approval, the lease transfer, and for sellers to contact you. Being a registered buyer gives you access to your own "Buyer Central" which includes having "Wish Lists" and "Favorite Listings".

Buyer Program: By joining any of the 60-day buyer programs, you will gain access to contact sellers via the message center, and once credit qualified, you will have access to direct communication (Via Phone) with sellers. A (one-time) credit verification is included in all buyer programs, this is done to make sure you are able and eligible to take-over a lease. Once approved the credit verified status is good for up to 360 days.

Find a Vehicle: Search through the advertised leased vehicles available on LeaseTrader.com via "Search Listings" on the menu bar of the website. You can search by factors that are most important to you like, Year, Make, Model, Payment, Location, and Months Remaining. The results given are vehicles that include the important features you entered in the Search Listings page. You can then click on each specific vehicle for more detailed information.

Contact Seller: Once you find a vehicle(s) of interest, click on the CONTACT SELLER button on the Vehicle Detail page.

Start the Transfer Process: Once you have communicated and or negotiated the term of transfer with the seller, you may then proceed and initiate the transfer process. Click on the Start Transfer Process button located in your "Buyer Central" next to the specific vehicle you wish to initiate the transfer with or simply pick up the telephone and contact LeaseTrader for assistence. A lease transfer specialist is available to assist you in initiating, processing and finalizing the transfer.

Drive home in your new leased car!!

How to search for a vehicle on LeaseTrader.com
 
There are various ways to search for a vehicle.

1. Click on Search Listings from any LeaseTrader page on the top menu bar and use either the simple or advanced search options.
2. Use the "Featured Listings" or "Hot Deals" module in our Home Page.
3. Use the "Search by Category" or "Search by Make" located in the Search Listings module.

How to Register
 
Click on the "First-time user" Register Now button on the Home Page and follow the instructions. If you want to begin your registration now Click Here

How to get pre-approved to assume a lease
 
If you are looking to assume a lease, this is something you want to consider doing. When sellers look at the list of contacts we provide, they will be able to see the rating you received. This could potentially increase your chances of getting the car lease you applied for. To get pre-approval Click Here to submit a credit application or log in, then click on "Credit Application" on the navigation bar.

How to use the Wish-List
 
If you were unable to find exactly what you were looking for, make sure you use this feature. The "Wish-list" is designed to automatically let you know when the car or cars you are looking for are posted on our website. To begin using the "Wish-list" Click Here or log in and click on "Wishlist" in the navigation bar.

How to change or add alerts to Wish-List?
 
If at any point in time you feel you need to change or add more cars to your wish list, you need to log in and then go to "Wish-list" in the navigation bar.

How to get my user id and/or password information
 
From the Sign-In area, you can click on Forgot Password? and request your username and/or password. Enter the email address you included in your LeaseTrader account, and your username and password will automatically be emailed to you. If you have any difficulty obtaining the username and/or password, please Contact Us.

Contacting Sellers
 

To contact sellers simply Click on the "CONTACT SELLER" link on any of the ads you are interested in, if you are already a registered user, you just need to log in. If you are not a registered user, you will need to register and create a new account.

You will need to enroll in a buyer program which will allow you to communicate with sellers via LeaseTrader's Message Center.

To gain open communication with the sellers and ultematelly take over a lease, buyers must prove to LeaseTrader that they PASS the minimum credit requirements. It is extremely important to PASS the credit verification process. If a buyer does not have the minimum credit requirements that it takes to lease a vehicle, and begins communicating with a seller, at the end of the day when their leasing company does not give them a PASS, then they simply wasted their time, as well as the seller’s.


  Registered and Potential Buyers
These buyers have registered with LeaseTrader and have not yet joined one of LeaseTrader's buyer subscription programs. 

Registered Buyers

 Some have submitted a credit application, so after it has been reviewed, you will be able to see their buyer status as a good take-over candidate.

  Active/Subscribed Buyers 
These are buyers that joined one of LeaseTrader's buyer subscription programs. Some have submitted a credit application for review but have not yet been confirmed as a Credit Verified Buyer. These buyers have the ability to contact and communicate with sellers with LeaseTrader's internal e-mailing system for early stage questions about the vehicle. For example: Is this a non-smoking vehicle? Has the vehicle ever been in an accident? Sellers will be able to answer directly via message center.

Credit Verified Buyers gain access to the sellers name and phone number.

Below are 4 different possible subscribed buyer statuses:

http://www.leasetrader.com/img/question_red.jpgNot Yet Verified: Buyer has not yet submitted his application to LeaseTrader for verification of credit. Please request buyer to prove that he has the ability to take over a lease, not all will qualify.

Save time, energy, aggravation and money and only deal with Credit Verified buyers.

http://www.leasetrader.com/img/clockglass_16.gifUnder-Review: Buyers credit verification is under review, status will update within 24 business hrs.

http://www.leasetrader.com/img/ico_check.jpg PASS: Buyer passed the minimum credit requirements established by LeaseTrader.com
Independent from LeaseTrader’s and approval; Leasing Company must approve buyer as part of their lease transfer process.

http://www.leasetrader.com/img/Warning-icon.jpg FAIL: Buyer failed to meet the minimum credit requirements established to take over a lease.
Leasing is not for everyone, not all will qualify. 
Possible causes and solutions: 
1- Lack of credit history. 
Solution: Re-applying with strong co-signer/guarantor
2- Derogatory credit on being reported on credit report. 
Solution: Resolving credit issues with credit reporting agencies directly. 
3- Balances to credit limits too high. 
Solution: Pay down on Balances (it could take up to 60 days to update). 
4- A Combination of the above causes.

Note: Buyer registration is accessible for multiple vehicles. Buyers may contact several vehicles at once, and If the initial vehicle doesn't work out, you don't need to re-register with LeaseTrader, simply contact another seller.


What to do when you find the vehicle you want
 

You've found the vehicle that fits your needs. Now what?

Follow these easy steps and you'll be on your way to a successful experience: As a buyer, you will be assuming a lease contract.
The first thing you'll need to do is to contact the Seller to arrange a meeting at a mutually convenient time and place to view the vehicle, the lease contract, and the service records. You should allow 45 minutes to an hour for this meeting; make sure when you call the Seller, you ask that they bring the lease contract to the meeting.


The Lease Contract: All your rights and obligations are specified in the Lease Contract, so it's important that you understand the lease contract before finalizing a deal.

The Basic Terms of the Lease: Check the sellers contract for the ending date (the date the lease agreement ends), the total miles allowed, the cost per mile of additional miles beyond the standard allowance, the monthly payment, the end-of-lease terms including the buy-out value (buying your leased auto at the end of the lease can be attractive), any end of lease disposition fees, excess wear and tear provisions and security deposit requirements.

The Vehicle: As with any auto purchase, take a good look at the condition of the vehicle. You will be responsible for the condition of the vehicle at lease end. Unless you're mechanically inclined, we recommend you get the car checked by a third party. Contact LeaseTrader if you would like a recommendation for an inspection service. Verify that the current mileage on the odometer matches what you were told by the seller.

Additional Questions to Ask the Seller: If you haven't already, now is the time to discuss any other questions that may be important to you, including confirming which person will pay the transfer fees, how you will handle security deposit transfer, etc.

Once you're ready to move forward, and agreed with the Seller on a transfer, the Seller will contact LeaseTrader to let us know about your deal.

LeaseTrader will contact you to verify that you do indeed want to proceed. After you verify that you do want to proceed, LeaseTrader will submit your credit information to the financial institution for their credit decision.

Remember, if you have any questions during the process, you can e-mail or call LeaseTrader; we're here to help you!


Do I have to give a down payment?
 

The amazing thing about taking-over a car lease with us is that no down payment is required. You simply continue paying the seller's monthly car lease payments to the leasing company until the expiration of the car lease term.


What if the interested person is in a different state?
 

A great number of transfers are between people in different states. We work with third party inspection companies and with a national transportation company that can inspect and deliver your vehicle to any state in the US. 


What are the costs to take over a car lease?
 

Membership Subscriptions : Click on link for Buyer Subscription Options

Credit verification: (1 credit verification is included in all memberships) $29.95 each additional credit verification

Commision Fee: * $149.95 (after rebate)
In addition to the membership, a $249.95 Non-Refundable transfer initiation fee is due once the buyer and seller agree to initiate the 2 to 3 week long (on average) lease transfer process.

*Rebate: $100.00
LeaseTrader offers the buyer an instant Transfer Rebate of $100.00 to be applied automatically towards the commision if the payment is made on-line at the initiation of the lease transfer process.

Note: Failure to pay the transfer initiation fee at the initiation of the lease transfer process will result in forfeiting any and all discounts and rebates offered by LeaseTrader.

Note: In addition to LeaseTrader fees, you may have the following expenses:

Bank Transfer fee: $0-$600

Most financial institutions charge a fee to process the car lease transfer paperwork, these fees collected by the Finance institution directly (e.g. BMW Financial Services).

Registration fees: $50 to $200
Contact your local DMV office for an exact amount.

Local sales taxes:
Contact your local DMV office for information.

Other costs you may have:
If you are in a different state, there may be transportation and optional third party vehicle inspection costs. Check out services available for more information.

Refund Policies:
All of the memberships, credit verifications, transfer initiations, and all other fees collected by LeaseTrader are NON-REFUNDABLE.


Once I start the process, can I back out?
 

Until the final transfer documentation is signed by both parties you can back out at any time. Note that any fees collected by most banks and LeaseTrader are non-refundable.


Who pays for the transfer costs?
 

You can negotiate with the person transferring the car lease as to who pays any costs involved.


I would like to take over a lease, what do I do now?
 

To take over a lease is easy!

 

  1. Click on the "CONTACT SELLER" link on any of the ads you are interested in, if you are already a registered user, you just need to log in. If you are not a registered user, you will need to register and create a new account.
  2. You will need to enroll in a buyer program which will allow you to communicate with sellers via LeaseTrader's Message Center.
  3. Fill out a credit application and submit it for review which can take up to 24 hours. Once you are approved, you get access to seller's direct contact information.
  4. Once you and a seller reach an agreement to move forward with the transfer, click on the Start Transfer button located in your buyer central or contact LeaseTrader's transfer department for assistance. If necessary, an inspection and/or transportation services will be arranged.

Where do I return the vehicle?
 

In most cases you can return the vehicle to a dealership in YOUR area once the lease is over. This is the case even if you take-over a car lease from a different state.


After the car lease is over, can I buy the vehicle?
 

Yes, most car leases have a lease end purchase option. The amount to be paid (Lease End-Buyout) will be specified on the ad placed by the seller and on the lease contract (residual value or lease end buy-out). If this info is not displayed in the listing, you may request it from the seller.


Can I extend this car lease?
 

Some lease contracts can be extended. For more details please contact the leasing company directly.


How long does the process take?
 

From the time the transfer starts, it can take between 4 days to as long as six weeks depending on who is the leasing company, to complete the transfer paperwork. This is mainly due to the transfer process the leasing company has in place. Paperwork and mail will be going back and forth between buyer, seller and the finance company.


What is the difference between a taking over a car lease and regular leasing?
 

WHY TAKE OVER A LEASE?

    1. No down payment. Continue making the monthly lease payments to the leasing company until the end of the term.
    2. Shorter term leases: Simply take over the remaining of the lease. Its a short-term commitment.
    3. Save thousands of dollars: No down payments required. E.g. someone gave a $3500 down payment on a lease to lower the lease payments. You do not have to pay the $3500 down payment.
    4. Get more cars more often: Taking over a car lease gives you flexibility to lease a vehicle for a short amount of time; therefore allowing you to repeat this action many times.
    5. Mileage benefit: Benefit from the unused miles from the original lessee.

 

REGULAR LEASING INVOLVES:

1. A long term lease commitment, usually 36, 48, or 60 months (5 years).

2. A down payment: In most leases there is usually a down payment, which you do not get back when the car lease is over.

3.Negotiating with a dealer: You have to negotiate the purchase price of the vehicle, the term of the car lease, the excess mileage charge, and the interest rate included in the lease payment.

These are things a lot of us try to stay away from.

In both cases of leasing and taking-over a car lease, you have to make sure not to exceed the mileage allowance and not exceed normal wear and tear on the vehicle.

 

Lease Transfers FAQ

How the lease transfer process works
 

There are 6 easy and simple steps in the process:

Step 1: A Seller will list their vehicle on LeaseTrader.com
If you are looking to trade out of your car lease, register with LeaseTrader and create your listing on the LeaseTrader website. This is a quick process that involves providing Buyers with information about your vehicle and your car lease. It helps to have a copy of your car lease and lease statement handy before posting your ad.

Step 2: The Buyer selects a vehicle that they would like to take over
Buyers join a 60-day buyer program and immediately start communicating directly with sellers who advertised their leased vehicles via the message central. Once the vehicle listing they would like to take over is chosen, the buyer must prove that he has the credit required to take over a lease.

Step 3: The Buyer will need to verify that he/she is credit verified
Part of the very important service provided by LeaseTrader is the verification of credit of buyers looking to take over a lease. This service is included in all of the buyer programs and is required to obtain communication with Sellers advertising their vehicle on LeaseTrader.com .

Step 4: The Buyer and Seller communicate directly with each other
Sellers and buyers communicate with each other. The seller knows and understands that the buyer's credit has been verified by LeaseTrader. Once all questions and/or concerns are addressed and answered, the seller and buyer are both ready to move forward with the transfer.

Step 5: Once the Buyer and Seller agree to transfer, the transfer documents are sent to both parties to sign to complete the transfer
Documentation Transfer:
Once approved by the Finance Company, the transfer documents are sent to both parties to sign to complete the transfer. These are official contractual documents that finalize the transfer of the car lease. The documents usually go to the seller first, who signs them and then forwards them to the buyer. The buyer then signs the transfer documents and sends them back for processing. The completed transfer documents will then be sent to the seller and the buyer. The buyer needs to take part in the signing of these documents because he/she will need to pick up license plates and other registration items from their local Department of Motor Vehicles (these processes vary by state).

Step 6: Vehicle Transfer: Once the documents are completed, the Seller may now hand over the vehicle to the Buyer and the transfer is done!
The buyer can now take possession of the car and the deal is done! If the buyer and seller are not located near each other, the vehicle can be transported using one of LeaseTrader's shipping partners.

How to find information about my leasing company
 
LeaseTrader has provided the basic lease transfer policies for many leasing companies. Search Leasing Company Information to view this information. If the company you are looking for is not listed, please Contact Us, and we'll be happy to get you more information.

How to handle long distance lease transfers
 
When long distance separates the Buyer and Seller, normally, arrangements to inspect the vehicle and get it to the Buyer are worked out between the parties involved. We have seen many different arrangements work, ranging from the Buyer and Seller driving to meet each other and having the vehicle inspected by a dealer or mechanic and having the vehicle transported by a shipping service. If you are interested in getting your vehicle inspected and/or having it shipped, you can contact us via phone or email and we will set you up with these services. For more info, go to the services page.

How to get the vehicle inspected by a third party
 
If you need to have the car inspected by a third party you can go into our Services section where you will find a company that we recommend.

Transferring FAQ

What to Expect During the Lease Transfer
 
Now that you have agreed to move forward with the registered buyer, the following are some tips on what to expect:

LeaseTrader Support
Our dedicated and experienced staff can be reached by e-mail or phone to assist you with expediting the transfer process. Let us know how we can help.

Documents Involved
Every leasing company has different policies and paperwork required for their transfer process. The typical documents involved are:
The Lease Transfer Agreement
The Odometer Statement
The Insurance Verification
The Registration Forms
or others, depending on the individual circumstances

Finalizing the Transfer
 

Each Leasing Company has their own policies regarding finalizing the lease transfer process. Some will require your signatures notarized; others may require you to meet at an auto dealer or bank branch. LeaseTrader helps guide you through the process to make it as easy as possible.


Handing Over the Keys
 

Once the Seller and Buyer have completed the Leasing Company requirements for the lease transfer (i.e. signed the appropriate transfer documents, buyer has provided proof of insurance, both parties have paid the appropriate fees, and any other specific requirements of the leasing company), the Seller is now able to hand over the keys to the new lessee.

We recommend that the Seller ensure all transfer documents are completed and are properly forwarded to the leasing company. It's also imporant to be on top of the leasing company to make sure they received and processed the transfer two weeks after you forwarded the documents.

The Buyer should expect to begin receiving monthly lease payment statements. If you don't receive your monthly statement by a week before the payment due date, please call your new leasing company to ensure your statement is being processed properly. Remember, it is your responsibility to make the lease payments.


License Plates
 

Typically the license plates on the vehicle are the property of the leasing company and should remain on the vehicle. For the specifics of your states policies and for cross-state transfers, please contact your local Department of Motor Vehicles office or your leasing company.


General FAQ

What is LeaseTrader.com?
 
LeaseTrader.com is the first full-service online auto lease transfer marketplace of vehicle leases. We match individuals who are currently leasing vehicles and wish to get out, with individuals who are looking for short-term leases with attractive payments and no money down.

 


How does the LeaseTrader process work?
 
LeaseTrader allows lease Sellers to post their leases online where potential lease Buyers can view them and make contact with them to eventually take-over their lease. Visit How it Works for a detailed step-by-step process.

 


How long does the lease transfer process generally take?
 

Some leasing companies can complete the process in as little as one day, while others may take several business days. How long it takes depends on a few things.

1. Credit application approval process which generally takes 24 to 72 hours.

2. The creation and processing of the required lease transfer documents, which generally takes 3 to 5 business days.

3. Mail and paperwork must also be taken into consideration. Typically, it takes between 7 to 14 business days to complete the entire process. If you'd like information on the typical time frame for a specific leasing company, please Contact Us and we will be happy to share our experiences with you.


Who can use LeaseTrader to Transfer or Assume a Car Lease?
 
As a Seller: Anyone who is currently leasing a car, truck, van or SUV's, whose leasing company allows car lease transfers or car lease assumptions, can use LeaseTrader to "transfer" their lease. If you have any questions about whether or not your leasing company allows lease transfers, you may verify your leasing company information at this site, calling your lease company directly or by Contacting Us, and we'll be happy to assist.
As a Buyer: Anyone looking for a great short term car lease on a late-model used car, can Search LeaseTrader.

 


Can I be both a Lease Seller and a Lease Buyer with LeaseTrader?
 
By being both a Buyer and a Seller with LeaseTrader.com you can take full advantage of what we offer. You can monitor all of your account activity in one place, using a single username and password. A good place to start is in MyLeaseTrader. From there you may go to Seller Central, Buyer Central or Profile, to view, edit and manage your accounts.
 

How does LeaseTrader protect customer information?
 

LeaseTrader protects customer information by using state of the art 128-bit Secure Socket Layer (SSL) encryption supplied by Verisign or others SSL providers.


How often are the listings updated?
 

When Sellers list their vehicles, they appear immediately on the website. When Sellers make any changes or add information to their listing, it appears as soon as they press the save button. 


Are the leases on the website Open or Closed End Leases?
 

Most leases, if not all of the vehicles listed on LeaseTrader.com are closed-end leases, reflecting a residual value.


Are any of the vehicles listed on LeaseTrader offered by Dealers?
 

Most of the vehicles listed on LeaseTrader.com are being offered by the original lease holders looking to transfer out of their lease.


Do leasing companies allow lease transfers?
 

Most leasing companies allow car lease transfers. However, very few do not and some have specific restrictions.

Call a LeaseTrader Transfer Specialist or your Leasing Company to find out their policies regarding car lease transfers or lease assumptions.

Nearly all leasing companies allow car lease transfers; however none of them actively promote or advertise this service. Time and costs associated with the car lease transfer to the leasing companies is one of the reasons why some companies decide not to allow lease transfers.

LeaseTrader does not advocate subleasing in any way whatsoever, and the LeaseTrader Marketplace is not to be used for the advertising or seeking of subleases. LeaseTrader's lease transfer is a true transfer of equity, done by the leasing company, with full contractual coverage by all of the parties involved.

 

Very Important:
Lease transferring or a lease assumption is NOT �Subleasing� since a sublease is NOT allowed by leasing companies and is in fact illegal in many states.

 


What if I am in a different state?
 

A great number of transfers are between people in different states. We work with a national transportation company that delivers the vehicle to your location. You can negotiate with the owner as to who pays any costs involved.


Can I use LeaseTrader in Canada?
 

Due to the high volume of interest from Canadian lessees and lease buyers, we are pleased to inform that we are now accepting Canadian listings. 


When I search on the LeaseTrader website and I like a car, what do I do?
 

Click "Contact Seller" if you would like to make an offer on the lease or if you would simply like to assume the lease. If you are a registered user log-in, or create a new account. Complete the credit application if you would like to get pre-approved. You will be contacted within 24 hours with the results.


What are the costs in taking over a car lease?
 

Buyer Programs and Credit Verification Fee: The cost to join our buyer programs varies from $34.99 to $59.94.
The buyer programs include 1 credit. All buyer programs are for 60 days of membership and include having your credit verified once.

The buyer program provides you with tools and information to enhance, facilitate and expedite your lease transfer experience. LeaseTrader is available to assist you throughout the entire lease transfer process.
In addition to the buyer programs, at the initiation of the lease transfer process LeaseTrader charges the buyer $149.95* after rebate.

Leasing fees: Most financial Institutions charge a fee to process the car lease transfer paperwork. This fee varies from $0-$650 and is payable directly to the Finance Institution (e.g. Mercedes Benz Credit). You can negotiate with the person transferring the lease as to who pays any fees involved.

Other: If you are in a different state, there may be transportation and optional third party inspection costs. You can negotiate with the person transferring the car lease as to who pays these fees. For more info on this, visit our Services section.


Do I have to give a down payment?
 

One of the advantages of taking-over a car lease is that you simply continue paying the monthly car lease payments until the lease term ends.


Once I start the transfer process can I back out?
 

Yes, up until the final transfer documentation is signed you can back out at any time. Note that any fees collected by LeaseTrader are non-refundable.


Who pays for the transfer costs?
 

You can negotiate with the person transferring the lease as to who pays any costs involved.


Where do I return the vehicle?
 

Once the lease is up, you can return the vehicle to a dealership in YOUR area. This is the case even if you take-over a lease from a different state.


After the lease is over, can I buy the vehicle?
 

Yes, most leases have a lease end purchase option. The amount to be paid will be specified in the contract (residual value or lease end buyout). If this info is not displayed in the listing, you may contact the seller for additional information.


Can I extend this lease?
 

Most leasing companies will let you extend the lease term. However, it all depends on the original lease agreement and what the leasing company decides to do. For more details please contact the leasing company directly.


What do I do if I forget my user ID and or password information?
 

From the Sign-In area you can click on Forgot Password? to request your username and password. Just enter the email address you have included in your LeaseTrader account, and the username and password will be emailed to you. If you have any difficulty obtaining the username and/or password, please Contact Us.


What happens if I do not receive emails from Leasetrader.com?
 
Some of the public email providers are blocking or routing your emails as spam. Please follow these simple instructions for assistance.
 
 
 
AOL
 
AOL software:
1. Go to AOL� Keyword: Spam Folder.
2. Select the e-mail you want to retrieve, then click the This is Not Spam button.
 
AOL Mail on the Web:
1. Go to http://webmail.aol.com.
2. Enter your screen name and password, then click the Sign On button.
3. Click the Spam link.
4. Click the box next to the e-mail you wish to retrieve to place a check mark in it.
5. Click the This is Not Spam button.
 
 
 
Gmail
 
1. Go to your Spam mailbox.
2. Tick the box next to the sender's name.
3. Click "Not Spam" at the top of your Spam mailbox.
 
 
 
MSN Hotmail
 
1. Go to your Junk E-mail folder.
2. Open the message you want to retrieve.
3. Click the "Not Junk E-mail" button at the top of your mailbox.
 
 
 
Yahoo
 
1. Go to your Bulk Folder.
2. Open the message you want to retrieve.
3. Click the "Not Spam" button.

Internet Explorer 6 support
 

Internet Explorer 6 was released 8 years ago and it doesn't support the same features as today's modern browsers do. Continuing to support Internet Explorer 6 prevents us from delivering improvements that would benefit the majority of our users who use modern web browsers. We feel that the release of Internet Explorer 8 makes this a good time to start phasing this ancient browser out and stay up-to-date with the current browser improvements in order to give you the best online experience.


Why take over a lease?
 

Save thousands of dollars - You simply take-over someone else's monthly car lease payments for the time remaining on the lease. No down payments required. E.g. Someone gave a $3500 down payment on a BMW lease to lower the car lease payments to $349 per month. When you take-over the lease, you simply continue paying the $349 until the end of the lease. You do not have to pay the $3500 down payment.
More cars more often - Taking over a lease gives you flexibility to lease a vehicle for a short amount of time, therefore allowing you to switch cars often. 


What does regular leasing involve?
 

A long term commitment.
Regular lease terms are usually 36, 48, or 60 months (5 years).
Down payment.
In many lease contracts, there is usually a down payment involved (which you do not get back when the car lease is over).
Negotiating with a car salesman.
You have to negotiate the purchase price of the vehicle, the term of the lease, the excess mileage charge, and the interest rate included in the lease payment. This is something that a lot of us try to stay away from.
In both standard auto leasing and taking over a car lease, your lease can usually be extended. You have to make sure not to exceed the mileage allowance and not exceed normal wear and tear on the vehicle. 


Is it possible to terminate a lease prior to the full term of the contract?
 

Yes, it is possible to terminate most car leases prior to the scheduled end date; however there are normally significant financial implications to the lessee when doing so. Each leasing company has their own policies, but most will charge some form of early termination penalty. It is not unusual for these charges to be in excess of several thousand dollars. This makes transferring a car lease through LeaseTrader such a valuable service.


How does assuming or transferring a lease work?
 

The car lease transfer process is almost the same for all leasing companies.
The individual wishing to take over the lease submits a credit application to the leasing company. The leasing company will make a decision on the credit worthiness of the applicant. If approved, lease transfer documents are prepared by leasing company and signed by the original and assuming lessees. The transfer is complete when the signed documents are returned to the leasing company and processed. There are variations of fees and details for each leasing company. The LeaseTrader Team is on board to assist with these variations and details as you navigate through the car lease transfer process.


What are my chances of transferring my lease?
 

Although we cannot give any guarantees, we have a constantly updated waiting list of individuals looking to take-over leases. We tend to receive various applications per vehicle. People nationwide search our listings and constantly fill out Wish Lists. LeaseTrader's patent pending system automatically notifies all the people who requested your vehicle the second you put it online.


How can I find information on my leasing company?
 

For the most up to date leasing company transfer policy information we recommend that you contact the leasing company directly or for your convenience LeaseTrader has included the basic lease transfer policies for many leasing companies within Leasing Company Information.


What role does my Finance Company play?
 

Independent of our pre-screening process, all of the lease transfers require the approval of the finance company involved in each particular lease (e.g. Wells Fargo Finance). Most finance companies charge separate fees in connection with transferring a car lease. The individual taking over your car lease typically pays these fees. These fees range from $0- $650.00. To this end, since we usually receive various applications per listing, we require candidates to undergo a pre-screening process to determine who is the most suitable to take-over candidate for your lease. These candidates may undergo a credit check and pay a $29.95 to LeaseTrader.


What happens to the security deposit when a lease is transferred?
 

Each leasing company has their own policy for how to handle security deposits during a lease assumption. Most transfer the security deposit to the assuming lessee, while others return the deposit to the original lessee and require a new deposit from the assuming lessee. Some of them did not require a security deposit to begin with. Information on how leasing companies handle security deposits is included within Lease Company Information.


At lease end who is responsible for potential charges?
 

The individual assuming the lease will be responsible for the lease-end terms as stated in the original lease contract. Lease-end charges may include disposition fees, excess mileage fees and excess wear & tear assessments. All potential lease-end charges will be outlined in the original lease document. The Lease Buyer would be responsible for any termination charges, or disposition fees at lease end.


Are buyers and sellers free to negotiate any of their own terms concerning lease transfers?
 

Normally the terms of the lease, including monthly payment amount, mileage allowed and lease-end date remain fixed and are controlled by the leasing company. However, the Buyer and Seller of a lease are free to negotiate the details of the car lease transfer, as long as they do not interfere with the rules set forth by the lease agreement or are in violation of any laws. A common example of a negotiable item is who will pay the leasing company's transfer fees, transportation fees, inspection fees etc. These agreements are made between the individual Buyer and Seller; therefore LeaseTrader does not have any control over the items being negotiated and assumes no responsibility for such agreements.


How long does the lease transfer process take?
 

The lease transfer process generally takes on average between 4 days and three weeks to get all the documentation processed and completed, note that to some of the slower leasing companies could take up to 7 weeks. LeaseTrader is available to assist in the lease transfer process. Contact our LeaseTrader transfer team to find out more about this service, at 1-800-770-0207 Mon-Fri 9 AM to 6:00 Pm EST.


When is the lease transfer finalized?
 

The lease transfer process is final when the leasing company receives all required lease transfer documents and fees for the transaction and completes the transfer process by notifying each of the parties involved. LeaseTrader is available to assist you on how and when to complete the necessary documents. LeaseTrader will be happy to share our transferring experience with the procedures of all major leasing companies, please Contact Us with any questions or concerns you may have.


Is it possible to transfer a lease to an individual who resides in a different State?
 

A great number of transfers are between people in different States. Some restrictions on lease transfers are set by the particular leasing company involved. Restrictions for each leasing company may be included in Lease Company Information.
You can negotiate with the person taking over the lease as to who pays any costs involved in transporting the vehicle to another state.


Can the vehicle be inspected if buyer and seller are in different states?
 

Arrangements to inspect the vehicle and get the report to the Buyer are worked out between the two parties involved. The vehicle may be inspected by a dealer or mechanic. If you are interested in getting your vehicle inspected by a third party please contact us via phone or email and we will set you up with an inspection service provider that we recommend. For more info, go to the Services section of our website.
 


Where is the vehicle returned at lease end?
 

Each leasing company has their own return policies. Most of the leasing companies will allow the return of the leased vehicle to your local authorized dealer, others have their own policies. Contact your leasing company for details and up to date information and instructions.


How do sellers benefit from using Lease Trader?
 

Car Lease Sellers can save lots of money by having someone assume their car lease instead of having to pay early lease termination alternatives which are a lot more expensive. LeaseTrader has over 12 years of experience, extensive market penetration and popularity which simplifies the lease transfer process.


Am I still held liable once the lease has been transferred?
 

Almost all of the major leasing companies completely release the original lessee from liability or responsibility when transferring the lease. Very few leasing companies choose to leave the original lessee's name in the lease contract as a guarantor of the lease. You may contact your leasing company directly or you may also find information on the liability policy for many leasing companies within Lease Company Information.


What are the fees involved in a lease transfer?
 

There are two kinds fees involved in transferring a car lease with LeaseTrader.
The fees charged by LeaseTrader are to list and transfer vehicles. T
hose fees are required by the car leasing company that holds the vehicle lease.

 

 


Leasing company fees can include both credit application and lease transfer fees. Each leasing company has their own fee structure which vary broadly from one company to the next. If you'd like to find out the fees for a specific leasing company, go to Leasing Company Information in our site. If the company you are looking for is not listed, contact the company directly.

As with any change of vehicle ownership, there may be vehicle licensing or registration fees required by your state. Policies and fees vary by state. The leasing company that holds the car lease can advise you on how to manage these details, since technically they own the vehicle. Some states may require payment of taxes in addition to the taxes normally included in your monthly lease payments. This is a matter of policy in each state. If you are unsure about your states policies, you can check with the agency that handles taxes for your state or ask a local auto tag agency who should be able to advise you on how taxes are handled in vehicle assumptions or car lease transactions.


What are my options if I want to end my lease?
 

- Purchase the vehicle
- Sell the vehicle
- Trade the vehicle into a dealer.
- Transfer your lease to someone else through LeaseTrader.comLeaseTrader.com (with Leasing Company approval) The option to Transfer out of your lease is the least expensive way to exit your lease. In all of the other options you are satisfying the payoff balance of your lease upfront (Residual Value + remaining lease payments).
 


What are my responsibilities at the end of the lease?
 

- Return the vehicle to your leasing company and pay �disposition fee� if any.
- Buy the vehicle for the pre-negotiated �Residual Value� from leasing company
- Trade the vehicle into a dealer, in which case the dealer buys the vehicle from leasing company or returns it back to the leasing company.
- Extend the lease by calling your leasing company.
- If you choose to return your car to the finance company you may be responsible for excess wear and tear as well as the excess on the mileage allowed by you lease agreement.


What are my responsibilities for vehicle maintenance?
 

You are responsible for all maintenance and you should follow the recommended maintenance schedule as outlined by the manufacturer.


What are my responsibilities for vehicle insurance?
 

You are required to have insurance on your leased vehicle throughout the lease term. Refer to your lease contract for details on the exact coverage required.


Am I responsible for personal property tax on my leased vehicle?
 

Only those in states that assess personal property tax on leased vehicles such as Texas, Missouri, North Carolina, Virginia, West Virginia, etc will be responsible for personal property tax. For information about your state's policy please check your state's website.


Who is responsible for moving violations?
 

By law, you are responsible for all parking/ moving violations you receive.


What happens when I drive more miles than is stated in my Lease Agreement?
 

If you purchase, sell, or trade your vehicle to a dealer or refinance the lease, no mileage charge will be assessed. If however, you choose to turn your vehicle in at lease end, and you have exceeded the allowable mileage stated in your contract, you will incur excess mileage charges. Refer to the section of your contract titled "Standards for Wear and Tear". This section will help you calculate excess mileage charges.


How do I get license plates?
 

In most cases, when you take delivery of your vehicle, the dealer will handle the necessary steps in supplying you with your first set of license plates. In subsequent years you will be notified by the Bureau of Motor Vehicles for renewal procedures.
 


Who pays for license plates?
 

You are responsible for the cost of license and registration fees throughout the lease term. You will receive a bill annually from the Bureau of Motor Vehicles for this cost. In the event that someone assumes your lease then they will be responsible for these costs.


Can I take my leased vehicle out of the continental United States?
 

No, most lenders umbrella insurance will not allow you to take your leased vehicle outside the continental U.S.


What happens if tax rates change?
 

If the tax rate change affects your lease payment, you will be notified of the new rate. Your monthly payment will then be changed to reflect any increase or decrease resulting from the tax change.


What happens if I move out of state?
 

You should contact your leasing company at least 30 days prior to your move so they may take the necessary steps in assuring that your vehicle is registered properly. In addition, some states require additional fees and taxes to be paid when registering in that state.


What happens if I my vehicle is wrecked but not declared a total loss
 

You need to have your vehicle repaired.


If I decide to return my vehicle at the end of my lease, who do I contact?
 

You need to contact your leasing company and inform them where you are planning to return your car lease.


What do I do if I haven't received a payment booklet?
 

If you have not received your payment booklet before your next payment due date, please call your leasing company. Even though you may not have your payment book, you are still required to make your lease payments on time.


Are foreigners or international students able to take over someone's leased vehicle?
 

Leasing to Foreigners or International Students, in order to qualify to take over a leased vehicle, established and in good standing US credit history is a "MUST". Lease transferring is not for everyone, only to those with excellent US credit history reported by one of the three US credit reporting agencies like (Equifax, TransUnion and Experian) Taking over a lease is not in any way like renting a car and it is only available to those US consumers with established and in good standing US credit history. If the foreigner is moving to the US and wishes to establish his/her credit history, a local guarantor with substantial US credit history may add the foreigner to the contract once a US Social Security is obtained.


My credit is questionable can I still take over a lease?
 

In order to qualify to take over a leased vehicle, established and in good standing US credit history is a "MUST". LeaseTrader's credit verification process is very easy way to determine if you have or not what it takes to take over a lease, a credit verification service is included in all of the 60 day buyer programs. Lease transferring is not for everyone, only to those with excellent US credit history reported by one of the three US credit reporting agencies like (Equifax, TransUnion and Experian)

 

Testimonials
"I went to my Lexus dealership to see if they would help me get a different car after my wife gave birth (Boy, 7.9oz). They wanted to roll all my remaining payments (23 months) into the payment of my new SUV. Instead of wasting over $12,000.00 I was able to find someone through LeaseTrader to take over my Lease and I didn’t have to pay off any portion of my Lease"
Steve M. (CA)
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