If you have to keep your name on the lease, it’s generally better to transfer the lease to someone you know well. That way, if something does happen, that person will be less likely to leave you in the lurch.
If they’ll be responsible for paying a turn-in fee at the end of the lease, you may want to let them know that as well. If they’re not familiar with your car, they may want to look at it before they consider taking over your lease.
Generally, the person you transfer a car lease to will need to have good credit and adequate income to cover the monthly lease payments. It’s a good idea to talk to the person before you go to make sure they aren’t caught off guard. Let them know what the basic credit and income requirements are. For example, you could tell them what your credit score and income was when you entered the lease.
At that point, you’ll be free to look for another car, if that’s what you want. However, if you still have ultimate responsibility for the car, you probably don’t want to take on too much additional responsibility for another vehicle until the lease is up.
Swapalease (https://www. swapalease. com/) and LeaseTrader (https://www. leasetrader. com/) are two of the most established lease-swapping websites with the best reputations. Before you choose a website, research the website’s reputation carefully online. If the website has a lot of complaints, it may not be the best site to use.
Fees vary among websites. Generally, you can expect to pay anywhere from $60 to more than $500. For example, you can get a one-photo ad on Swapalease for $59. 95, as of 2019. If you’re connected with a buyer, you’ll also pay a $150 “success fee. " You have to pay this fee regardless of whether the transfer actually goes through.
The website typically will charge you an additional fee if your listing succeeds. You and the buyer may agree to split this cost.
Some websites will help you arrange shipment of the vehicle. Depending on where the other person lives, you may also need to arrange vehicle inspections.
You can use a pull-ahead program to avoid early termination fees or penalties if you’re close to going over your mileage. Contact the dealer to see if a pull-ahead program is available. You can also check the automaker’s website to see what promotions they have available. However, keep in mind that some manufacturer’s programs and incentives may not be available at all dealers.
There may only be particular vehicles that are eligible for the pull-ahead program, if you have the opportunity to take advantage of one of those programs. The dealer will let you know what your options are.
If you have additional lease payments and early termination fees rolled over into your new lease, it’s probably a good idea to go for a car with a lower lease payment. That will keep you from getting in over your head financially.
The dealer will assist you with getting new tags and registration for your new vehicle. You’ll also have to add the new vehicle to your insurance. Your old car will remain at the dealership.
