With the price of vehicles rising, the duration of automobile leases are getting longer and it has become more difficult in recent years to find a short term auto lease, such as 24 or 30 month leases. Most new leases currently in Canada last from 36 month term and even go up to 60 months so finance companies can keep the monthly payment low. Over the past several years, lessees have also gotten used to these long leases. However, there are also many situations that call for a short term lease, which is typically considered a lease with less than 36 months. It is possible to enjoy a short term lease with anywhere between 1-24 months remaining by assuming a pre-existing lease.
FreeLease is Canada's auto lease marketplace for the a lease assumption of short term auto leases. The popularity of FreeLease enables the site to offer a broad selection of short leases on late model vehicles with no down-payment or taxes.
In a short term lease, it is not necessary to pay a down payment, a security deposit or an freight charges, since these fees have already been paid by the original lessee.
In order to secure a low monthly payment on a vehicle, it is necessary to either sign a long term lease or put a lot of money down up-front. By assuming a short term lease, the new lessee benefits from the down payment and the long lease term originally set out in the lease which is now near completion.
Sellers looking to for a automobile lease transfer within a short period of time oftentimes offer a cash incentive to the new lessee for a lease assumption. This is to make the lease payments more appealing to potential drivers and make it easy to be transferred. This makes sense as such incentives often costs less than the early lease termination penalty.
A lease assumption allows drivers to avoid the long term commitment of a standard lease and provides them with flexibility of a short-term lease. This means you have the opportunity to drive many more different automobiles than if you were to lease through a dealership. Short term auto leases are a great way to drive a new vehicle with a low monthly payment for a short period of time and FreeLease can help you to secure a short term auto lease on the vehicle of your dreams.