Transferring a car lease is an expensive proposition. It is also, not a risk-free or easy exercise. The entire process gives a lot of tension to those who are trying to quit a car lease early by swapping it. There are host of issues to worry about, while transferring a car lease.
The Major problem is that some of the leasing firms do not allow lease transfers. So first of all you need to go through your lease agreements and all your lease documents tosee the fine print. Find out if your lease contract gives you the right to transfer your car lease to someone else.
Another key area of concern is the liability issue. Several lease companies may allow lease transfer, but believe in holding the original lessee liable for damage to the vehicle or missed payments. This could be pretty taxing as you may have to pay for excess mileage or wear and tear fees for a car you have not been using for months, if the new lessee skips payments.
However, experts believe that today almost 80 per cent of the auto leases can be transferred with absolutely no strings attached. Only 20 per cent of lease firms believe in certain post-transfer liability on the original lessee. A small percentage of these firms do not allow lease transfers at all.
Things to Consider before Transferring Your Lease
Reputed lease quit services often assist you with various aspects of lease transfer including vehicle history reports, vehicle inspections, credit qualification etc. They usually prequalify all potential purchasers and check their credit after an agreement is reached with a leaseholder.
Lease swapping is very much a legal procedure and you must personally go through the specific requirements of the contract. You must consider all financial repercussions and consequences of this transfer before signing on the agreement. Things to ask yourself before you take the final plunge:
· Does the present lease company permit lease transfers?
· Has the lease trading firm verified the new lessee’s credit credibility? Does he have good credit?
· Are you aware of the responsibilities and liabilities post the transfer of the lease?
Visit http://leasequit.com/to learn more about perfect lease swapping.
Lease Transfer Works Best for Automakers and Consumers Alike
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Though initially automakers’ finance firms were pretty hesitant about the idea of lease swapping, they are now comfortable with it. Allowing consumers to transfer their car leases actually makes real good sense especially for high-end auto-makers like BMW and Mercedes-Benz, as they are used to leasing out quite a high percentage of new cars.
Increasingly these reputed companies have come to understand that they can attract customers by letting them quit early and transfer their car leases if the situation demands it. By allowing swapping, these companies are guaranteed a brand new client and also, a new relationship with the existing client. More and more people are now considering leasing cars thanks to these companies that are allowing lease transfers. Those who would not have been interested in leasing a car are now considering it. This is because of the possibility of lease transfer, whenever they desire to come out of the agreement.
Car Lease Transfer: Now a Great Choice
Online auto lease trading companies offer greater degree of liberty to leaseholders than they had ever done in the past. In case you are wondering whether to go for a lease contract or buy a car, remember that a lease agreement that allows swapping is as good as a prenuptial. It is far easier to get into the lease knowing that whenever, you desire, you could quit early without any painful consequences.