How to Take Over a Car Lease

Taking over a car lease is a relatively painless process. It is advantageous to try to initiate the assumption of your car lease instead of terminating the term of the lease early. Assuming a car lease allows you to lease a vehicle with no down payment, you simply take over the payments from the previous leaser and turn the car in when the lease term is complete.

Things You'll Need

• Pen
• Credit application

Instructions

1. Have the seller of the lease make contact with the lease company. Have them inform the company that he is interested in having the lease on his vehicle assumed.

2. Agree with the lease seller to assume the loan at the current payment amount. Fill out, and submit, a credit application to the lease sellers lease company.

3. Wait for a contract to be sent to you by the lease company. Fill out all of the necessary information on the contract. Sign the contract and return it to the lease company.

4. Assume the vehicle lease once the previous lease seller hears from the lease company that the lease has been assumed. Get the vehicle from the lease seller.

5. Take over the payments on the lease until the lease term is expired. Return the vehicle to the party from whom the car was leased.

6. Check the amount of miles allowed from the lease company against the actual mileage used before assuming a car lease. Make arrangements for the lease seller to pay mile overage fees when the car is turned in.