1. Do I have to give a down payment?
2. What if I am in a different state?
3. What are the costs to take over a car lease?
4. Once I start the process, can I back out?
5. Who pays for the transfer costs?
6. Where do I return the vehicle?
7. After the car lease is over, can I buy the vehicle?
8. Can I extend this car lease?
9. How long does the process take?
10. What is the difference between a taking over a car lease and regular leasing?
Do I have to give a down payment?
No. That's the nice thing about taking-over a car lease. You simply continue paying the monthly car lease payments until the expiration of the car lease.
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 throughout the US. You can negotiate with the person taking over the car lease as to who pays any costs involved. Check out our Service Partners for more details.
What are the costs to take over a car lease?
Membership fee: from $39.95 to $139.95
Credit application fee: $29.95 (one time verification included in membership)
Transfer initiation fee: $149.95 - $249.95
LeaseTrader charges the buyer (you) a one time transfer initiation fee once you and a seller agree on stating the lease transfer process, it is your responsibility to notify and pay LeaseTrader your transfer initiation fee at the initiation of a lease transfer process.
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 and are paid directly to the Finance Institution (e.g. Mercedes Benz Credit).
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.
Once I start the 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 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 like this car, what do I do now?
Easy!! Click on the "CONTACT SELLER" link. Next, if you are a registered user, you need to log in. If you are not a registered user, you need to create a New Account. OK, you've logged in! Now you need to complete a credit application and submit it. You will be contacted within 24 hours with the status of your credit application. Once you are approved, we will put you in contact with the person (SELLER) transferring the lease/s you are interested in. Once you and the SELLER have decided to move forward with the transfer you will need to contact our LeaseTrader Transfer Dept. so that we may assist you with a vehicle inspection and vehicle condition report. If necessary, a transportation quote and transportation arrangements will be made. Please note that once you COMPLETE your Credit Application you may communicate with the SELLER via our Message Center.
Where do I return the vehicle?
In most cases you can return the vehicle once the car lease is up at a dealership in YOUR area. 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 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 send a message to the seller using the Buyer Central.
Can I extend this car lease?
You can extend most car leases. For more details please contact the finance company listed as the lessor with this car lease.
How long does the process take?
From the time the transfer starts, it can take between 10 days to as long as six weeks for the leasing company to complete the transfer paperwork. This is mainly due to paperwork and mail going back and forth between buyer, seller and the finance company.LeaseTrader offers services to expedite the lease transfer.
What is the difference between a taking over a car lease and regular leasing? Why take over a car lease?
Save thousands of dollars - You simply take-over someone else's monthly lease payments for the time remaining on the car lease. No down payments required. E.g. someone gave a $3500 down payment on a BMW lease to lower the lease payments to $349 per month. When you take-over the car lease, you simply continue paying the $349 until the end of the lease. You do not have to pay the $3500 down payment.
More car more often. Taking over a car lease gives you flexibility to lease a vehicle for a short amount of time. Even for a year if you like without the long term commitment.
Regular Leasing involves:
A longer term commitment, usually 36, 48, or 60 months (5 years). A Down payment, in most leases there is usually a down payment involved which you do not get back when the car lease is over. 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. This is something that a lot of us try to stay away from.
In both cases of leasing and taking-over a car lease, the lease can generally be extended and you have to make sure not to exceed the mileage allowance on the lease and not exceed normal wear and tear on the vehicle.