An auto lease assumption may offer several money-saving benefits, such as a lower down payment, a cheaper monthly payment or a shorter term than a new lease. If assuming a lease, the original lessee has already provided a down payment and paid applicable lease fees, so you may not have to. Compare the price differences between a lease take-over and a new lease to determine which offers a more affordable option.
Comparison Resources
To compare the costs of new-car leasing and lease assumption, such as down payment requirements, mileage allowance, monthly payment amount and term, visit the websites of manufacturers and lease assumption companies. LeaseTrader.com and the SwapaLease website offer lease assumptions; you'll find various makes and models of available lease transfers. If you want a specific vehicle, you may not find it available for assumption. If you're flexible, you might find a past model year that suits you and saves you money.
Down Payment Requirements
When reviewing manufacturer lease offers, note any down payment requirements. Often, you'll have to provide thousands of dollars in addition to taxes and fees to achieve the advertised monthly payment. A lease assumption doesn't usually require a down payment aside from motor vehicle or state fees. Most people looking to transfer a lease have already paid the lease down payment or fee requirements and want to terminate their contract despite the loss. Some leasing banks charge a transfer fee, but the cost is much lower than new car lease down payment requirements.
Mileage Allowance
If you pursue a brand new lease, you can choose your mileage allowance, usually between 10,000 and 18,000 miles per year. Carefully review the mileage left on an available lease assumption to ensure you can stay within the mileage that remains. alease assumption websites advertise remaining mileage for available leases. If you need to drive 12,000 miles per year, a 10,000-mile-per-year lease isn't going to work for you. A new lease might be a better option. Leasing banks charge up to 20 cents per mile over the contracted mileage allowance, which can prove expensive.
Considerations
If you can find a vehicle that you want to lease by assuming another person's contract, you are likely to save money and enjoy a shorter term. However, you are responsible for excess wear-and-tear fees and vehicle repairs. Before you assume another person's lease, have a mechanic check the vehicle over. If the vehicle hasn't been maintained well, you may have to pay repair costs that aren't covered by the manufacturer's warranty. Also, ensure that the vehicle's body is in excellent condition. If damage exists on or in the vehicle, have the owner fix the issues or plan to fix them yourself. Otherwise, you'll end up paying for damages once you return the leased vehicle.
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