How Do Lease Take-Overs Work?
Why would I want to take over a lease?
Taking over someone else's lease is a great way to lease an almost new car and
get a great deal at the same time.
Remember, when you lease a new car, it's only new on the first day. Therefore
if you can find a deal where someone else has paid all of the upfront fees associated
with a new lease (commonly $1000-$3000) and simply take over the payments from
there, that would be good deal, right? What if that person would be willing
to give you 1, 2, 3 or more payments for free? Now that's a great deal. That's
where Lease
Busters
comes in.
Why would someone want to pay me to take over their lease?
People want to get out of their leases for many different reasons. Getting married,
getting divorced, losing a job, getting a new job, getting a company car, moving
out of the country etc.. The list is endless.
Until Lease
Busters
came along most people would be faced with huge early lease termination expenses
that could easily get into the thousands of dollars. These people would rather
give you 1, 2 or 3 payments free than have to deal with the potential of thousands
of dollars in early termination expenses.
How does it work?
- Go to "Lease Take-Overs
" to find your ideal vehicle and lease term.
- Click on the photo of any of the vehicles to see all of the details.
- Take note of expiry dates. How much time is left on the lease?
- Take note of kilometre limits. How many km's will you put on the vehicle?
- Take note of the down payment or cash incentive. Will the person pay you to take-over their lease or is there a down payment?
- Who will pay the lease transfer costs? See the comments area.
- Is there a requirement for a security deposit? See the comments area.
Once you've narrowed down your choices, feel free to contact the lease owner directly to answer any questions, arrange to see the vehicle and to negotiate the terms of the lease take-over. Great, now what?
- Confirm that the information is the same as the actual lease contract.
- Confirm that all required service is up to date.
- Confirm who pays for vehicle inspections, lease transfer fees, license transfers etc..
- Do you have to pay a security deposit or is the existing one being transferred to you?
- You will need fill out a credit application and submit it to the original selling dealer and/or leasing company for credit approval.
- They will process all necessary paperwork and make arrangements to finalize the lease transfer.
- That's it!
Sounds simple enough, right?
To get started now, go to "Lease
Take-Overs"
to find your ideal vehicle and lease term.
Used Car Classifieds 
Ontario Canada
