Are you looking for a new car but don’t want to pay exorbitant costs? If the answer is yes, then a lease takeover is the perfect solution that won’t break the bank. Lease takeovers are a great way to keep on changing your vehicles and keep up with the latest trends in motor culture without causing a dent in your credit score.
If you find this intriguing, we have even more in the works for you. In the next 10 minutes, we’ll compare the 3 best lease takeover marketplaces where you can get your hands on the best deals. But let’s start with the basics first.
What Is Car Lease Takeover And How It Benefits?
A car lease takeover is a matchmaking service for people who want to get out of their car leases and those who are on the hunt for a short-term car deal without committing to a long-term lease or buying a brand-new car.
The seller wants to end their lease term contract early so they are looking for someone who can take over the lease term along with their vehicle. It can be for any reason – maybe their commute changes, or family size shifts, and suddenly their current car doesn’t quite fit their needs. Instead of being stuck with a lease that no longer suits them, a lease takeover platform steps in to save the day.
So you, the lease buyer, would take over the pre-existing conditions of the lease (and of course the vehicle). Depending on the lease terms, the vehicle’s current condition, the contract time, and the terms the lease selling party is offering, a lease takeover can end up being the most economical way to end up with a great car.
Other benefits of car lease takeovers include:
- Initial Costs: You don’t need to make a down payment in lease takeovers and usually, your initial investment is lower when you take over a car lease.
- Lower Monthly Payments: You don’t have to pay huge monthly payments that come with a standard car loan. But when it comes to a lease, you only have to pay for the vehicle’s value, for the time duration you are using it.
- Lease Incentives: Lease sellers can also sometimes offer additional incentives to the potential lease-buyer.
- Market vs. Residual Value: You can even sell the leased car you buy for a profit t at the end of the term. This happens if the car ends up with a higher market value than the residual value at the end of the lease period.
- Termination Cost: The termination cost is also avoided by getting a lease transfer. In many instances, your initial fees are also waived. Both sides ultimately make money.
3 Best Platforms For Car Lease Swap
If you’re looking to get out of your lease or take over a lease, you can get help from these 3 car lease takeover platforms.
Quitalease is a pretty solid lease exchange platform that is extremely easy to use. Simply explore the lease transfer section of the website, register for the car lease finder site, and search the platform for cars offering lease takeover agreements.
Quitalease has a large inventory of vehicles. Whether you’re looking for a sporty convertible, a family-friendly SUV, or a fuel-efficient commuter car, you’re likely to find many options that match your preferences. This variety makes it easier to find the perfect vehicle to suit your needs and style.
The website displays all the available leasing options that meet your criteria. But once you’ve found a car you like, you can directly contact the seller through the platform’s built-in chat feature. In case of any issues, Quitalease can help you with the process.
The lease transfer can take anywhere between seven days and as long as 21 days depending on you, the leasing company, and the lease seller. The leasing company needs time to approve your application as the potential new lessee because it has to ensure that your credit score meets the requirements.
Quitalease shows several options that require no down payment and include all of the costs as part of the deal in the monthly lease payment. The platform also protects you from extra charges as you don’t have to invest a lot of money in the leasing amount if something happens to the automobile before the lease is up.
Many lease sellers will waive any upfront costs if you use Quitalease, which is another advantage of taking over a lease. Quitalease also guarantees that the lease transfer is done fairly for both parties.
Quitalease enables you to expand your search for all the various variations of your dream car if you’re having trouble finding a suitable lease takeover on a car you prefer. This way, you can find bargains that otherwise would not have been displayed to you.
Quitalease employs an advanced AI system called “LeaseMatch” that expertly matches users with their ideal lease swap partners. This ensures that users find the perfect match for their leasing needs, saving them time and effort.
Sellers on Quitalease often sweeten the deal by offering various incentives to attract potential lease takers. These incentives can include cash bonuses, payment assistance, or even covering transfer fees. These perks can make taking over a lease even more appealing.
Swapalease is another dedicated online platform for people looking to transfer car leases. When you want to swap a lease you must first register for the platform, and post your car and the lease terms.
The platform provides a wide variety of cars to choose from. This enables potential buyers to enter into short-term leases pretty quickly. This is specifically advantageous for those who are looking for a vehicle without having to make a massive down payment that is usually required when taking over a new lease. Swapalease charges both the buyers and sellers on their site. There are three main pricing tiers for sellers:
- Tier 1: For a one-photo ad, the lease seller has to pay $74.95, and a $200 success fee if the lease is sold.
- Tier 2: For the second payment tier, “Swapper’s Club” you have to make a payment of $199.95 for a 12-photo ad (the success fee is included in the package).
- Tier 3: The Swapper’s Club Gold package includes the success fee and an ad that lets you post 36 photos that get featured for 2 weeks for $299.95.
The lease buyer also needs to pay a fee between $34.95 and $79.95. They also have to pay the registration fee and the leasing company’s lease transfer fee, as well as any lease-end fees.
Swapalease has a well-established and standardized lease transfer process. This process typically includes credit checks, lease approval by the leasing company, and proper documentation. This ensures a smooth and secure transfer for both parties involved.
Leasetrader is the third and final lease swap platform on the list today. It is a reliable avenue for people wanting to swap their leases and works similarly to other platforms mentioned on the list.
Firstly, the lease seller who is looking to transfer their lease creates a listing. They provide details about the vehicle, the terms of their lease, and any extra incentives they may be willing to provide the buyer.
The potential buyers navigate through the available listings. They can filter by vehicle make, model, location, or specific lease terms such as pricing, or months remaining to find an ideal deal on a lease they can take over.
Once the buyer finds a potential match that fits all their requirements, the buyer and seller communicate through Leasetrader’s messaging system that is built into their platform. They can discuss the lease transfer terms, negotiate terms, negotiate pricing, and ask any questions.
After both parties have reached an agreement and finalized a deal, the lease takeover process begins. The lease buyer typically submits an application to the leasing company for credit approval.
Once they get approved, the lease buyer takes over the remaining lease term and associated payments and gets to take home the vehicle they chose. After the lease assumption is approved by the leasing firm, the transfer is completed and the lease seller doesn’t have to make any further payments as the lease has been taken over.
LeaseTrader charges leaser sellers for uploading their vehicle listings They have multiple tiers available at different price points. These tiers include:
- $99.95: 15-photo listing
- $199.95: A week of high exposure (social media marketing, prominent listing, suggested results)
- $249.95: 30 days of high exposure
The lease sellers also have to pay LeaseTrader a non-refundable $149.95 flat fee once their lease gets sold. Lease buyers also have to pay money to the platform. There are three tiers. They include:
- $9.99 per month for 6 months
- $19.99 per month for 2 months
- $34.99 for one month
On top of the subscription fee, buyers must also pay a $149.95 commission fee for a successful lease transfer. So the base fee is just for browsing the system, which is why it is the most expensive platform on the list.
QuitaLease is the clear winner today because of its ease of use, a wide variety of car listings, fine-tuned search results, and ability to query in different states and price ranges. Plus the vehicles it offers are quite diverse and are fairly priced according to their condition.