Taking over an existing car lease may seem like a great deal – but the devil is in the details. If you don’t know what to look for and aren’t careful, you could be in for an unpleasant surprise or two.
With that in mind, before you take over any car lease you should look at the:
Monthly payments
Check the monthly payments that you will have to make and compare them against that of a new lease. Be sure to factor in the total monthly payment that you will have to make, including insurance, tax, and other payments.
If the monthly payment is the same as a new car lease, you should consider whether or not the deal is really worthwhile. That will depend largely on the incentives that are offered, and the duration left on the lease.
Transfer fees
In order to take over a car lease there will be some fees involved and you need to clarify any that you need to bear. If possible you should ask the seller to take on any fees associated with the transfer.
Available mileage
Most car leases have a maximum mileage and will charge a fee for anything beyond it. If you are taking over an existing lease you must check how much available mileage is left, otherwise you could end up paying quite a bit.
It helps to look closely for any signs of odometer fraud or tampering.
Lease contract restrictions
Since you’re going to have to sign the lease contract, you should check any restrictions that may be present. That includes restrictions on future lease transfers, or buyouts.
It is important that you fully understand all the restrictions of your lease. If you don’t you could end up inadvertently violating one or more of them and having to pay a penalty fee.
Location
After you take over the lease you’ll need to have the car transported to you – which may be a bit tricky if its location is far away. Typically the seller is responsible for transportation and fees, but you should check to be sure.
Vehicle condition
It is important that you fully inspect the condition of the car before you sign to take over the lease. Any existing dents, scratches or other damage should be documented – otherwise the leasing company may hold you liable.
It is particularly important that any damage by the original lease owner is documented. If you can’t inspect the car yourself or are unsure you should ask the seller for an independent inspection.
Incentives
One of the main reasons why lease swaps are attractive to buyers is the fact that they often include various incentives. To make sure you get a good deal, you should carefully scrutinize the offer itself and look at the type of incentive that is being offered and how much value it provides.
It is best to look at this alongside the monthly payments and any other fees that you may incur before deciding whether or not it is a good deal.
Any time you think about a lease swap or taking over a car lease, you should carefully look at each of the items listed above. It is easy enough to find deals for lease swaps, such as the Chevrolet Corvette lease deals that you can locate online.
At the end of the day you should think of it as the homework that you need to do before a lease swap. In the long run the more thorough you are, the less risk you’ll be exposed to once you take over the lease.
