Why should I take over a car lease?
Taking over, or assuming, another person's car lease is an inexpensive way to get yourself into an almost-new vehicle, with no downpayment. When a consumer leases a new car they pay all the upfront costs and fees associated to the lease (usually several thousand pounds). For a consumer seeking to take over a lease, they simply continue making the monthly lease payments.
Additionally, some motivated consumers who are seeking to break their lease by transferring it, may be willing to offer the consumer a substantial cash incentive that may end up covering one or two month's worth of payments!
Consumers who lease vehicles may have various reasons for wanting to terminate their lease payments, and transfer the lease to another consumer. Lease terms are typically 2-4 years, and people can't predict the future, so numerous situations may arise for people wanting to transfer their lease e.g. New baby, new home, starting a business, relocating, lost their job, etc. Without this option consumers with leased cars would face stiff penalties from the leasing companies for breaking their lease early if they had to return the car back to the leasing company. Often these penalties, called Early Termination Fees, run into the thousands.
Finding a willing buyer for their lease is the simplest way to avoid paying further lease payments without breaking the lease contract. You stand to gain from this opportunity!
Run by the UK’s leading car rental comparison company, motormart.co.uk allows you to search new and used cars anywhere in the UK. There is also an active forum where users can interact and talk car lingo.