Lease Swap Questions.
Thread Starter
Super Member
Joined: Aug 2006
Posts: 526
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From: Texas
Corvette
Lease Swap Questions.
Hi guys,
Can you explain to me about lease swapping? Is there still a TT&L fee when swapping? What other charges are they? What do they check for wear and tear. I was thinking of taking over a lease but have never leased before. Also if someone has an account on Swaple*se please pm me.
Thanks.
Can you explain to me about lease swapping? Is there still a TT&L fee when swapping? What other charges are they? What do they check for wear and tear. I was thinking of taking over a lease but have never leased before. Also if someone has an account on Swaple*se please pm me.
Thanks.
Newbie
Joined: Oct 2006
Posts: 7
Likes: 0
Jeep
Hello,
Lease swapping, lease trading, or just a simple lease trade, are all different names for what it correctly called a 'lease assumption'. A lease assumption is the process of transferring one's lease car to another person prior to lease expiration (i.e. getting out of your lease). In this process, a lease seller, who is looking to transfer out of a car lease early, can have a lease buyer assume the lease car and remaining lease responsibility. This lease assumption is performed legally and with full knowledge and support of the original lease company. The lease assumption process is simple and straight-forward and is often the most cost-effective way to get out of a vehicle lease early.
During the lease assumption process, the secondary lessee (also known as the lease buyer) will have their credit evaluated by the lease company. Once credit is approved, the lease company will then draft a new lease contract with the remaining terms (e.g. payment, months remaining, end of lease purchase price, etc.) and have the buyer and seller sign the contract. Once the buyer and seller sign the contract, the seller hands the vehicle over to the buyer.
The primary benefit for lessees is that lease assumptions can save thousands of dollars in lease termination penalties. Another benefit is that this is looked at as a positive on your credit report (the successful beginning and ending of an extension of credit) rather than a 'voluntary repossession' which may reflect negatively on your credit report.
As with anything, their are possible limitations to what is allowed by each lease company but in general, this is becoming a very popular tool for people that want to get out of their lease prior to the lease expiration date.
For more information, please feel free to browse the Learning Center at LeaseTrade.com here: http://www.leasetrade.com/learning_center/
Lease swapping, lease trading, or just a simple lease trade, are all different names for what it correctly called a 'lease assumption'. A lease assumption is the process of transferring one's lease car to another person prior to lease expiration (i.e. getting out of your lease). In this process, a lease seller, who is looking to transfer out of a car lease early, can have a lease buyer assume the lease car and remaining lease responsibility. This lease assumption is performed legally and with full knowledge and support of the original lease company. The lease assumption process is simple and straight-forward and is often the most cost-effective way to get out of a vehicle lease early.
During the lease assumption process, the secondary lessee (also known as the lease buyer) will have their credit evaluated by the lease company. Once credit is approved, the lease company will then draft a new lease contract with the remaining terms (e.g. payment, months remaining, end of lease purchase price, etc.) and have the buyer and seller sign the contract. Once the buyer and seller sign the contract, the seller hands the vehicle over to the buyer.
The primary benefit for lessees is that lease assumptions can save thousands of dollars in lease termination penalties. Another benefit is that this is looked at as a positive on your credit report (the successful beginning and ending of an extension of credit) rather than a 'voluntary repossession' which may reflect negatively on your credit report.
As with anything, their are possible limitations to what is allowed by each lease company but in general, this is becoming a very popular tool for people that want to get out of their lease prior to the lease expiration date.
For more information, please feel free to browse the Learning Center at LeaseTrade.com here: http://www.leasetrade.com/learning_center/
Last edited by mattmcg; Oct 28, 2006 at 06:11 PM.
Newbie
Joined: Oct 2006
Posts: 7
Likes: 0
Jeep
For more information concerning lease assumptions, visit our newly updated learning center at http://www.leasetrade.com/learning_center/
We have added a lot of new content to cover various topics of importance for lease assumption buyers and sellers. Enjoy!
We have added a lot of new content to cover various topics of importance for lease assumption buyers and sellers. Enjoy!
