How to Get a Private Lease for a Vehicle

A private car lease or auto lease assumption is the process where the lessor allows the lessee to exchange or transfer the remainder of the car lease to a third party. Auto lease assumptions are typically handled by agents or companies who specialize in this process. This guide will provide you with the general steps needed on your end if you want to take over an auto lease.

Difficulty: Moderate

Instructions

Taking Over an Auto Lease

1. Research different makes and models of cars you wish to lease and make a list of your top choices.

2. Search for different companies online that specialize in auto lease assumptions and auto lease transfers. Once you find an auto lease transfer company or companies, search their database(s) for car the lease you wish to take over. Select the car you are interested in from the listings.

3. Review the car details and any lease information available such as rates and discounts.

4. Submit your interest for the car or cars you wish to assume the lease on.

5. When required, provide your social security number and other personal information needed to perform a credit check.

6. Sign all required documents to finalize the transaction if approved.

Tips & Warnings

• Check your credit report and score before you attempt to assume a lease to find out if you need to clear up any discrepancies. Compare rates from different auto lease transfer companies to find the best deals. Be on the lookout for listings that offer discounts, cash back or other types of incentives that you can take advantage of.
• Taking over someone's lease is not an alternative for those with poor or bad credit who are unable to obtain a lease on their own. The lease company will still check your credit report and score to determine if you can be relied upon to keep up with the payments.

Resources

• Auto Lease Breakers
• Lease Trader
• Swapalease