So, you want to upgrade your car. For that, you are available with several options. You can buy another car, lease a car, or go for a car lease takeover that lets you assume someone else’s car lease. Now, let’s take a look at each of them:
Buying a Car: When you choose to buy a car, you end up paying upfront; something not everyone like doing. Also, the down-payment is usually a substantial amount. But in the end, you own the car. There are no limits on mileage, and you can modify your car whichever way you want.
Leasing a Car: While leasing a car, both the down-payment and the monthly installments are lower. The warranty covers the repairs and other expenses. With a car lease, you can switch your cars more frequently. But you would find yourself stuck in a cycle of endless payments.
Car Lease Takeover/Car Lease Swapping: On the other hand, with the help of car lease takeover/swapping, you can assume a car lease and pay for the remainder of the lease term. It is inexpensive, and you get to upgrade your car. It is a great option if you want to quit your car lease early and drive another one.
Car leasing has garnered a reputation for itself, and more people prefer to go with leasing rather than buying a car. On the other hand, car lease takeover has become a prevalent trend too with lease trading platforms like QuitALease that make it easy for the people to drive the car of their dreams and switch between the latest models more frequently.
Today we are going to take a detailed look at how car lease takeover works at QuitALease. It is an online platform to connect car lease buyers and sellers. Car lease sellers can find buyers for transferring their car leases. And those who want to get hold of a car fast, nothing works out better than car lease swapping. You would come across a wide range of leasing options here.
Before we delve into why QuitALease could be the ideal option, here is what you should know about car lease takeover and why it has taken the car leasing industry by storm:
Car Lease Take over
The process is simple. A car lease takes over entails that you negotiate a deal with someone who has the car you have been meaning to get for yourself. And that person wants someone else to continue the payments and quit the lease.
Numerous platforms allow you to do this. But QuitALease has earned an image for itself in a short span. It has a wide range of options to choose from.
Car Lease Takeover – What are the perks?
Well, for starters, everything goes home happy. A car lease takeover is beneficial to all. The seller can quit the lease, and the buyer can get hold of a car in excellent condition for a fraction of what they would have paid the lease company directly.
Here are some of the perks you can enjoy:
No Down payments (mostly):
Now with car lease takeovers, the initial costs are lower. You don’t need to pay the down payment if that’s agreed upon between you and the original lessee. Since this part of the negotiation has nothing to do with the original lease terms (which are unchangeable), both the buyers and sellers of the lease can come to a common.
Lower Monthly Payments
With a car lease takeover, there are no large monthly payments involved. You have to pay for the depreciation of the car only and the duration it is going to be in your use.
In some cases, car lease sellers may offer extra incentives to the lease-buyer. Why? Maybe they are in dire need of cash and want to get rid of the car lease as soon as possible. To do that, they are willing to offer the lease buyer cash incentive to make the offer more attractive. They might bear the lease transfer fees the leasing company would charge.
Market vs. Residual Value
If at the end of the car lease, the car ends up with higher market value than the residual value, chances are you might be able to sell it off for profit once you have bought it at the end of the term.
Acquire the Leasing Rights
When you take over a car lease, you also acquire the leasing rights that were part of the original car lease. The first one is warranty coverage. Most brand new cars come with a solid 36,000-mile warranty for 3 years. This implies that the car manufacturer covers labor, spare parts, and repairs. If someone opts for car lease swapping, during the 3-year window of the warranty, he won’t have to pay for any of the expenses.
Also, there are a few lease-end options. After the expiration of the car lease, the lessee has a few options, which the person who has done the car lease swapping with him, can enjoy.
Best Terms without Best Credit Score
The first thing that any car leasing company looks at is your credit rating and you must have an impressive credit score to be able to lease a car. You’ll still require a good credit score but not as good as leasing a new car.
So, car lease takeover sounds quite the option for car lovers, right? Having said that, let’s see how you can make the most of the car lease takeover at QuitALease.
QuitALease – The Car Lease Takeover Process
If a car lease seller wants to exit a car lease instead of terminating it, he can transfer the car lease to someone else. QuitALease helps in doing just that. The option of transferring a car lease to someone works out in the seller’s favor as it relieves him from the burden of paying the cancellation fees – which is not a small amount. Also, as stated above, the person who is taking over the car is free from the trouble of down payment.
QuitALease allows the former and the new lessee to engage on the same platform, negotiate, and finalize a deal that works out in the best interests of both parties. This way, it is a win-win situation for both the buyer and seller of the car lease.
If you are looking for a car quickly and that, too, in your budget, choosing QuitALease could be your best bet. Whoever wants to get a car surely has done their homework. At QuitALease, you have the option to look for a car within your area. Also, you can search for cars by their make, model, color, accessories, interior, body styles, and even fuel types. No other online platforms grant users with these many options. After you have customized your specifications, QuitALease would assist you in finding your perfect car match.
What’s more? There are a few filter options, too. You could use fuel efficiency, mileage, and type also. Once you take over a car lease, you can easily look for your favorite wheels in your area. Once you find an interesting lease takeover deal, you can get in touch with the other party and finalize it.
That’s how QuitALease works. Here is a step-by-step tutorial to help you through the process:
How to use QuitALease
Step #1: Visit Quitalease.com
Step #2: Go to the Search tab and type in your preferred choice.
As stated earlier, you can choose from plenty of filters to narrow down your research and research according to make, model, color, etc.
Step #3: Browse and Make your Pick
The site would display the list of available options according to your search criteria and display it on your screen. Read the list and make your pick.
Step #4: Start the Process for Car Lease Takeover
Talk to the seller. You can directly message the original lessee. Once you both have come on terms and struck a deal, you would have to send a credit application to the leasing company. The company would then assess all the provided information and decide whether you are eligible for a car lease takeover.
If the company approves, it would then prepare the necessary documents and send it to both the parties.
Step #5: Getting the car keys
Now, you can get the car keys from the original lessee. From now onwards, you have to continue the remaining lease payments of the car.
So, summing it up…
Buying a car lease from QuitALease is a quick way to get a car, and you might help out someone out from a financial fix. Since you can get in touch with the original lessee directly, you can discuss and settle on a deal that is beneficial to both of you.
But there is a certain limitation you need to bear in mind. For example, normally, there is a limit of 12,000 miles per year. Also, you cannot modify the car in any way. If you do so, you would have to pay for their removal at the end of the lease term. But if you end up buying the car at the end of the lease term, that is another matter. If you want to get a vehicle, fast and within your range, a platform like QuitALease could be of tremendous help to you. People have found a buyer for their car lease within weeks! Also, the payments are for the short term. Car leasing comes with a vast variety of benefits. You get the car of your choice which you would not have had the benefit of if you had decided to buy a used car.
Choosing QuitALease to become a car owner is a decision you will not regret, and chances are, you would find your preferred set of wheels!