A Lease Take-Over is when a person takes over the payments of a leased vehicle with the approval of the original lease company, assuming the rights and responsibilities under the current term of the auto lease agreement.
- The first step is to search our listings to find the ideal vehicle, payment and lease term.
- Take note of expiry dates. How much time is left on the lease?
- Take note of a down payment or potential cash incentive. Will our client pay you to take-over their lease or is there a down payment?
Once you've narrowed down your choice, please feel free to contact us directly to answer any questions, arrange to see the vehicle or to negotiate the terms of the lease take-over. You can reach us via e-mail or call us at 1.800.760.4815. Please be sure to ask for the Contact which is listed on the particular vehicle. Great, now what?
- We will confirm who pays for lease transfer fees, license transfers, etc.
- As each Lease Take-Over varies, we will also confirm if you have to pay for a security deposit or if the existing one is being transferred to you as an incentive.
- You will need to fill out a credit application through Four Star Auto Lease for credit approval.
- We will process all necessary paperwork and make arrangements to finalize the lease transfer.
- That's it! You drive away in your new lease.
Taking over someone else's lease is a great way to lease a near new vehicle and get a great deal at the same time. 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 up front fees associated with a new lease, you can simply take over the payments from there. That would be good deal, right? What if there were other incentives to take over the lease? Now that's a great deal. That's what a lease Take-Over is all about.
A lease Take-Over can save you thousands of dollars on your next vehicle lease. In a vehicle lease takeover, all up-front fees have been paid for by the original lessee so there is no freight, air conditioning tax, prep fee, etc. Some lease sellers even offer new drivers an incentive to take over a lease as they too are faced with huge early lease termination expenses that could easily get into the thousands of dollars.
Besides the ease of finding a vehicle and the avoidance of up-front costs of getting into a new lease, here are some other advantages:
Reduced Time Commitment:
It is hard to predict life’s changes over the duration of 3 to 4 year car leases. Most of us would prefer to lease a car for a shorter period of time but we need to enter into these long-term leases in order to lower the monthly payments. By taking over a lease, you can lease for as long as you want and pay the long-term discounted rate.
Assumption of Potential Equity:
The lease you take over may very well have a residual value at the end of the term which is lower than market demand. This means that you would benefit directly from this positive equity situation as you have the option of purchasing a vehicle for less than the market value. You do however always have the choice to re-lease the vehicle, buy it out or simply hand in the keys at the end of the term. See our home page for more details on how leasing works.
Limited or No Down Payments:
Example: 24 months ago, the original lessee of a vehicle put down $3,000 to lower the monthly lease payments on a 36 month lease. By taking over the lease, you simply continue paying the current lease payment for the remaining 12 months. You benefit from the low month payments from the down payment. Imagine how much it would cost to lease the same car for the same period upon setting up a new lease.
Receive Incentives:
Some drivers may provide an incentive for you to take over the lease in the form of cash, security deposit, transfer fees, or even monthly payments.
What are you waiting for? Have a look through our current list of lease Take-Overs.
People want or need to get out of their leases for hundreds of different reasons. Getting married, getting divorced, losing a job, getting a new job, getting a company car, moving out of the country, want a new vehicle, relieving their payment commitment, etc. The list is endless.
Early lease termination is now permitted by many leasing companies. Lessees only have to find another driver with an approved credit rating to transfer the car lease. Most people who try to get out of their lease would normally be faced with huge early lease termination expenses that could easily get into the thousands of dollars. We have the ability to help our clients to avoid these expenses by finding other clients to assume their leases thus minimizing the termination expenses.
One of the services we provide here at Four Star Auto Lease is to work for you if you find that you need to get out of your current Four Star Auto Lease.
If you are a current Four Star Auto Lease customer who wishes to break out of their lease, please feel free to contact us directly to answer any questions and arrange to have your vehicle listed here. You can reach us via e-mail or call us at 1.800.760.4815.
Toll-Free:
1.800.760.4815
Fax:
604.468.9007
Address:
2575 Barnet Hwy
Coquitlam, BC
Canada
