Q:

How do you take over a vehicle lease?

A:

Quick Answer

In order to take over a lease on a preleased car, the person wishing to take over the lease must first inspect the car in question, review the terms of the lease and have the seller contact the company that owns the car to have the lease changed, notes CarsDirect.com. The lease must then be changed for the remaining lease terms to suit the new buyer, and the new buyer may begin making payments accordingly.

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Full Answer

Car leases typically last for two to four years depending on the price of the car in question. Lessees may decide they want to end the lease early because they no longer like the car, they cannot afford the payments or they experience a life change that requires a different car, states Bankrate.com. This choice means the original lessee must turn over the rights to the lease in order for a new buyer to assume the payments.

When assuming a lease, the buyer needs to be aware that some companies charge lease transfer fees to cover the advertisement of the car and lost payments, according to KDHNews.com. New buyers may also be charged a registration fee to gain information on preleased cars. However, in most cases, no down payment is required when assuming the new lease.

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