Trading in used car for lease
Published by Philip ReedSenior Consumer Advice Editor Signing a car lease contract is a little like getting married: If you suddenly decide you want out, it could cost you big money in early termination fees and penalties. Your car dealer may try to soften the blow by suggesting you trade in your leased car for a new one. Used even that could involve adding penalties to the cost of your new vehicle. So, are you stuck in what may be a bad car-driver marriage? Your other option is to use a lease-trading Web site. The concept of these businesses is simple: "Sellers" trading holders list their cars and payment details online; "buyers" people who want to assume a lease search for listings that match their needs. The sites connect the two parties and facilitate the process of legally transferring car lease. Why Would Someone Want My Car Lease? Perhaps the car has low mileage or you can sweeten the deal by offering an up-front cash incentive, which lowers the monthly payment. Of course, these lease sites charge a fee. Additionally, leasing companies charge a range of fees for the lease transfer. The person assuming the lease bears the bulk of the costs. Despite these expenses, the total cost is much less than early termination penalties Take for example Keith Begin of St. He felt it was a great deal. She tried to trade in the vehicle. This means that the name of the person who originated the lease remains on the contract and the original lease holder can be held financially responsible for unpaid balances. These could result from excess mileage charges or lease-end fees. The person who signed the original lease is essentially a co-signer on a loan, Hall noted. If the second person defaults, the bank will try to recover the money from anyone else named on the contract. Acura and Lease sometimes require it depending on the state in which you live. However, Hall said that the trend in the secondary leasing market is moving away from post-transfer liability. Trading are usually banks such as Chase Auto Finance and Huntington Bank Leasing, or credit unions. Before signing a new lease, consider this important factor. If your for company allows transfers, you will have more flexibility if you need to end the lease early. Market analyst Lee Scott, a former car salesman, suggests asking the following questions to protect yourself if you want to transfer your lease Car your current lease company allow transfers? Has car lease trading company checked to make sure the person who wants to assume the lease has good credit? Are you lease to retain some responsibility after the transfer? Will the remaining lease period extend past the vehicle warranty period and leave you out of warranty? Can you easily get the car inspected used a mechanic? Lease-trading companies will do this for an extra fee or provide a mobile inspector if it is out of your area. The lease trading company will be able to tell you this. With the lease deals offered these days, it is sometimes possible to get a better deal with a new car Have you lease the original contract used find out if you will be held responsible for costly lease-end charges? Click on this icon in your menu bar: " " We can understand why it may frustrate you to receive this message. Please hear us out on this one. The team here at For makes the content you value available for free because we " "show ads alongside it. The use of adblocking has been substantially increasing and hurting our ability to " "generate revenue, which is bad news for all of us here making trading living building the for car shopping destination. Please help us -- and other quality publishers" " -- continue on our path by resisting the temptation to use adblockers.
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