Lease Transfer

Trading in your leased vehicle

If you're leasing a vehicle and find that you're not happy with it, or simply want something different before your lease agreement is up, in most cases it's possible to transfer your lease to another person so that you can shop for something else.

Lease transfers are great for people looking to get rid of a vehicle and for those looking to lease one. As the current leaser, a transfer means you're able to get out of your agreement and perhaps find a vehicle that's more suitable.

It can also end up saving you money, because you can avoid any fees or charges that may be incurred with the lease end or the early termination of a lease. This is especially important if you find you're having difficulty keeping up with your lease payments.

As a person looking to lease a vehicle, taking over someone else's lease is a great option - you can avoid all the hassle and cost involved in initiating a lease agreement.

Transfers are also beneficial if you're looking for a short-term lease. On average, a lease agreement will span at least three years, so if you're only interested in using the vehicle for a year or so, you can grab the tail end of another person's lease.

However, because each lease agreement is different, make sure that yours allows for transfers before you commit to one.

Where to Find Leased Vehicles

It's easy to find people looking to transfer their leased vehicles - there are a number of websites that specialize in connecting people looking to transfer or take over a lease agreement, and many dealerships also offer an advertising service and will share your information with their customers.

The Fine Print

Leasing a vehicle tends to involve extra fees that aren't involved when you purchase. Charges such as security deposits, down payments, lease insurance or extra mile insurance might not be refundable if you choose to transfer your lease. You may also find that the lease company expects you to pay these fees and charges if you take over someone's lease.

The key to an inexpensive and efficient lease transfer is to be well aware of the regulations of your lease agreement, and involve the lease company in the transaction - get informed before you sign on.

It used to be we could depend on the reputation and reliability of North American cars to meet our standards - but could it be the times are changing? Here in the U.S., overseas models are continuing to rise in popularity. Find out why!

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