Short-Term Car Lease Deals

short term car leaseAs you might know, many car leases have a minimum of 24 month terms, with 36 and 39 months being the most common. Even 24 month leases are difficult to find.

If you want a shorter term, say 9 months or 18 months or 24 months,  you won’t find it at a new-car dealer but there is another way that most people are not aware of.

It’s called a lease assumption, or lease takeover.

Imagine someone who is currently leasing a new car for 36 months and has found themselves in a difficult financial situation after only 14 months — and needs to get out of their lease. They discover that to end a lease early can be very expensive. They look for an alternative that gets them out of the lease at a much lower cost.

What they discover is that there are a handful of companies, such as Swapalease, that list cars that are available for lease takeovers. “Sellers” post their cars  with pictures and descriptions, monthly payment, and remaining lease months. Some even offer a cash incentive to make the deal more attractive to “buyers.”

For “buyers” who are looking for a short-term lease on an almost new car, with low mileage, still covered under the manufacturer’s warranty, a lease assumption can be the answer. Simply go to the Swapalease.com web site and look for cars in your area that meet your requirements.

In particular, look for cars that have the number of remaining months that will work for you, and the remaining mileage that fits with your driving habits. Don’t select a car with too few remaining miles or you’ll end up paying for extra miles at lease-end. You always have the option to purchase the car at lease-end if you like it and want to continue driving it.

Once you’ve selected the car you want, Swapalease will connect “seller” with “buyer” and arrrange the transfer with the seller’s lease company. It’s simply a matter of approving the buyer and changing the lease contract. There’s usually a modest transfer fee involved — about $75-$150, depending on the lease company.

Taking over a lease is a great way to get a low-mileage new car for the least amount of money. Unlike an original lease, there is no down payment, no up-front sales tax, no junk fees, and no dealer hassle. In many cases, you actually get cash back. What a deal!

Just a reminder: In order to qualify for a lease takeover, the lease company will check your credit and approve you based on your credit score. If you don’t know your most recent credit score, we suggest you get it before you go for one of these lease deals. It’s easy enough to get. What’s your FICO score? Find out now when you check your credit report for $1 at Experian.com!

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