Financing
Be a Free Man: Dump Your Lease
Well, perhaps "Dump" is not the right word. But what if you could easily upgrade, as it were? Yep, that’s right. You can transfer your car lease. You don’t even have to sing us a sad song about finances or how that new Ford has caught your eye. You can let someone else take over your car lease. If only all relationships were so easy.
A lease trade or lease swap is a process by which someone takes over (assumes) the lease of another. The lease changes hands and the new lessee simply begins making the same monthly payment as the original lessee under the same lease agreement.
But you must keep in mind that a lease transfer is a legal procedure for which there is no turning back, and some leasing companies require the original leaseholder to retain some liability for the vehicle, even after it is transferred. Therefore, you will want to make sure that the person who wants to assume your lease has good credit.
Nevertheless, regardless of the risks involved in a lease swap, it represents a potentially fantastic solution for both parties. For someone who wants to buy a cheap car, becoming a new lessee represents the possibility of acquiring a late model automobile at the lowest possible cost without the hassles of a new lease. For you, it would mean avoiding the penalties of an early termination of your lease contract in a relatively cheap and easy way.
Sites like www.leasetrader.com and www.swaplease.com can help you get started.
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