Buying a new car these days is an option most people are avoiding. Leasing is more affordable and you have the benefit of getting the particular model you want. However, you might find yourself in an emergency and the lease might not look appealing any more. Early termination might be a quick option but you will end up paying lots of money. This however does not mean you should be stuck with a car you don’t want forever.
Lease Transfer: An Easy Way Out
Lease transfer makes a lot of sense in this case. If you have been looking up options of getting out a lease you might have come across terms like lease takeover, lease swap and they all refer to giving up the remaining lease term. There are many buyers out there looking for lease swaps and for many reasons including:
- Looking for a car for a short while.
- If they are looking to avoid a hefty down payment
- If a buyer is looking for particular model at a short notice
The process need not be complicated if you have the relevant information. Here is what to know about quitting your lease to make the process less hassle free:
- Ask your lender: Most car owners don’t even know that lease transfer is possible. As such they get stuck with car models they hate. Talking to your lender is the first step in initiating the lease transfer process. You can also confirm this by visiting the company’s website.
- Identify a car lease transfer company: You don’t need to go through the hassle of marketing your car because there are companies that have built a large network of buyers and sellers. At leasequit.com you can list your car with all details to improve the chances of a quick transfer deal. The beauty of these platforms is that they have a huge flow of traffic which increases the chances of a quick deal.
- Negotiate: Once you have identified a potential buyer it is time to start negotiation. Most of the items on the contract including monthly payments and term remaining cannot be changed. However, you need t agree who will pay for the transfer fees and transportation cost.
- Talking to your bank: This is where lease transfer experts from the transfer platform come in handy. They understand how to negotiate with bank or leasing company. They will contact the bank and agree on the swap. At this point you must ensure you have the VIN and once their application is processed the deal is done.
Trying to go it alone in a lease swap is a daunting task. You will have to single handedly market your car and this is quite difficult. While there might be fees involved in the transfer from the leasing company the deal is still better than early termination penalties.
If you are looking for a quick car deal for well-maintained car it is time to lookout for lease transfer deals. These cars are in mint condition because owners appreciate there will be an inspection before the lease ends.