What is a lease assumption?

A Lease Assumption is the transfer of a lease contract from one person to another. A lease assumption allows another party to assume the legal rights and responsibilities from the original lease holder. Lease Assumption provides many benefits for the individual such as lower monthly payments than buying a car, low up-front costs, and a solid warranty that covers the vehicle during the term of the lease. There are several advantages to lease assumption. The first and foremost is that it allows the individual to get a short-term lease, which are very hard to come by. With a lease assumption it is possible to assume an in-process lease with as many or as little months remaining as the person wants. Additionally, a lease assumption allows people to get into a vehicle with no down payments, no security deposits, low mileage and into a car that they may not have been able to otherwise.

While it is possible to assume an in-process car lease from another person, each leasing company has their own policies surrounding lease assumptions. However, the practice has become increasingly more popular throughout the last few years and if your leasing company doesn't allow it, there are resources that can help you find another company to assume the lease so that your name is completely removed from the old lease. Many of these resources can be found right here online and with the power of the Internet, it allows for the lease assumption process to go quickly.


How does the process work? [For original lease holder]


1) Call leasing company, find out restrictions and fees

2) Place add with PriceaLease.com,

3) Buyer will contact you of interest

4) Have your leasing company contact buyer for credit application

5) Buyer and seller sign transfer documents

6) That's it


Why would a qualified buyer take over a lease?

1) Zero down, since the original lease holder already paid the down payment

2) Short-term lease

3) Remainder of manufacture warranty

4) Cash incentives from original lease holder