To assume an auto lease is to take over an existing auto lease from the current lessee. It is also to take on the responsibilities associated with the lease including monthly payment, driving within KM limits and maintaining the vehicle within excess and wear condition.
Drivers assuming a lease can benefit in many ways including a the ability to drive a short term lease, no upfront fees, no down payment, lower monthly payments, and even receive cash to drive away a lease. FreeLease has helped many drivers assume a auto lease in Canada, saving many of them thousands of dollars and providing them flexibility to change vehicles more often.
Those looking to assume an auto lease should first look for a vehicle on FreeLease. The vehicle search can be performed in numerous manners including by make, model, category, location and can furthermore be sorted by payment, months remaining, location and many more. Then you will need to register as an FreeLease user to make direct contact with the lease seller. User registration is on FreeLease is free. It is a good idea to look into multiple vehicles at once, since some vehicles may be sold by the time you contact the seller.
If you want to contact the seller directly through their personal e-mail address or phone number, you will need to register as an FreeLease user. This registration is a simple process giving you access to as many sellers as you would like.
When contacting sellers, there are a few issues you should take note of.
1. VIN to ensure the automobile corresponds with the lease contract.
2. The condition of the vehicle. Need to note this because the new lessee will be responsible for excess wear and tear at lease end. Examine for dings, scratches, rips in seats, or window cracks.
3. Know the current KM so you understand how many KM are remaining.
4. Exact payment and conditions.
5. Incentives the seller may be offering. This may include cash, shipping fees, or security deposit.
Negotiating with the seller is an important part to assume a auto lease. Negotiating with the seller is easy to do and can be done through e-mail if you are uncomfortable negotiating over the phone or in person. Typically it is not unreasonable to ask the seller for incentives (most often in the form of cash at signing) if the deal is not already below market. Sellers with vehicles listed for a long time or in urgency to end their lease are oftentimes more flexible in this respect.
Fee may be required by lease companies to perform a credit check before qualifying you for the automobile lease transfer.
Fee charged by the finance company to handle the paperwork for the lease transfer. The payment of this fee is negotiable with the seller. Varies between $100 to $450.
Fee to transfer or obtain new license plates at your local ministry of transportation.