Help / Faq Lease Transfers, Lease Assumptions and Short Term auto Leases.

There are two methods to contact sellers. You can find these two conveniently placed buttons at the bottom of each auto listing:

Registered Buyers

You may use a LeaseTrader internal e-mail system to contact sellers early in your search, to ask questions that are not answered by the information provided on the listing or about information missing on the listing such as:
What is the current mileage on the car?
What is the Residual value or buyout price of the car?

Credit Verified Buyers

Once you are serious about pusuing taking over a lease with LeaseTrader.
We suggest algo that you submit a credit application so that the seller is able to decide which potential buyer to choose to transfer the lease to as they will see whether or not you are a good take-over candidate.
Note that your Buyer registration is good on multiple vehicles.
If your initial vehicle doesn’t work out, you don’t need to re-register with LeaseTrader, simply contact another seller.

You've found the auto that fits your needs now what?

Follow these easy steps and you'll be on your way to a successful experience: As a buyer, you will be assuming a lease contract.
First thing you'll need to do is to contact the Seller to arrange a meeting in at mutually convenient time and place to view the auto, the lease contract, and the service records. You should allow 45 minutes to an hour for this meeting; make sure when you call the Seller and ask that they bring the lease contract to the meeting.

The Lease Contract: All your rights and obligations are specified in the Lease Contract, so it's important that you read and verify your understanding of the lease contract before finalizing a deal.

The Basic Terms of the Lease: Check the sellers contract for the ending date (the date the lease agreement ends); the total miles allowed, the cost per mile of additional miles beyond the standard allowance; the monthly payment; the end-of-lease terms, including the buy-out value (buying your leased auto at the end of the lease can be attractive), any end of lease disposition fees; excess wear and tear provisions; security deposit requirements.

The Vehicle: As with any auto purchase, take a good look at the condition of the vehicle. You will be responsible for the condition of the vehicle at lease end. Unless you’re mechanically inclined, we recommend you get the car checked by a third party; contact LeaseTrader if you’d like a recommendation for an inspection service. Verify that the current mileage on the odometer meets your expectations.

Additional Questions to Ask the Seller: If you haven’t already, now is the time to discuss any other questions that may be important to you, including confirming which person will pay the transfer fees, how you will handle security deposit transfer, etc.

Once you’re ready to move forward, and agreed with the Seller on a transfer, the Seller will contact LeaseTrader to let us know of your deal.

LeaseTrader will contact you to verify that you do indeed want to proceed. After you verify yes, LeaseTrader will submit your credit information to the financial institution for their credit decision.

Remember, if you have any questions during the process, you can e-mail or call LeaseTrader; we're here to help you!

The amazing thing about taking-over a car lease is that no down payment is required. You simply continue paying the monthly car lease payments to the leasing company until the expiration of the car lease term.

A great number of transfers are between people in different states. We work with third party inspection companies and with a national transportation company that can inspect and deliver your vehicle throughout the US. Check out services available for more information.

Membership: 60 Day memberships start at $39.95


Credit verification: (1 credit verification is included in all memberships) $29.95 each additional credit verification


Applicant Transaction Fee: * $149.95 (after rebate)
In addition to the membership, a $249.95 Non-Refundable transfer initiation fee is due once the buyer and seller agree to initiate the 2 to 3 week long (on average) lease transfer process.


*Transfer Rebate: $100.00
LeaseTrader offers the buyer an instant Transfer Rebate of $100.00 (One Hundred Dollar) to be applied automatically once the payment of the transfer initiation fee is made on-line at the initiation of the lease transfer process.
Note: Failure to pay the transfer initiation fee at the initiation of the lease transfer process will result in forfeiting any and all discounts and rebates offered by LeaseTrader.

Note: In addition to LeaseTrader fees, you may have the following expenses:

Bank Transfer fee: $0-$600


Most financial institutions charge a fee to process the car lease transfer paperwork, these fees collected by the Finance institution directly (e.g. BMW Financial Services).


Registration fees: $50 to $200
Contact your local DMV office for an exact amount.


Local sales taxes:
Contact your local DMV office for information. More Information


Other costs you may have:
If you are in a different state, there may be transportation and optional third party vehicle inspection costs. Check out services available for more information.


Refund Policies:
All of the memberships, credit verifications, transfer initiations, and all other fees collected by LeaseTrader are NON-REFUNDABLE.

Until the final transfer documentation is signed by both parties you can back out at any time. Note that any fees collected by most banks and LeaseTrader are non-refundable.

You can negotiate with the person transferring the car lease as to who pays any costs involved.

Easy!!

1. Click on the "CONTACT SELLER" link on any ad, if you are a registered user, you need to log in. If you are not a registered user, you need to register and create a new account.
   
2. Next, you need to enroll as a buyer, and you may now communicate with sellers via LeaseTrader’s Message Center,
   
3. Next, complete a credit application and submit it for review which takes up to 24 hours, once you are approved, you get access to sellers direct contact information.
   
4. Next, once you and a seller reach an agreement to move forward with the transfer, click on the Start Transfer button located in your buyer central or contact LeaseTrader’s transfer dept., for assistance. If necessary, an inspection and transportation services will be made.

In most cases you can return the vehicle once the car lease is up at a dealership in YOUR area. This is the case even if you take-over a car lease from a different state.

Yes, most car leases have a lease end purchase option. The amount to be paid (Lease End Buyout) will be specified on the ad and the lease contract (residual value or lease end buyout). If this info is not displayed in the listing, you may request it from the seller.

You can extend some of the car leases. For more details please contact the leasing company directly.

From the time the transfer starts, it can take between 10 days to as long as six weeks for the leasing company to complete the transfer paperwork. This is mainly due to paperwork and mail going back and forth between buyer, seller and the finance company.

WHY TAKE OVER A LEASE?

No down payment: Continue making the monthly lease payments to the leasing company until the end of the term.
Shorter term leases: Short time commitment, simply take-over remaining of the lease.
Save thousands of dollars: No down payments required. E.g. someone gave a $3500 down payment on a lease to lower the lease payments. You do not have to pay the $3500 down payment.
Get more cars more often: Taking over a car lease gives you flexibility to lease a vehicle for a short amount of time.
Mileage benefit: benefit from the unused miles from the original lessee.

REGULAR LEASING INVOLVES:

A longer term lease commitment, usually 36, 48, or 60 months (5 years).
A down payment, in most leases there is usually a down payment involved which you do not get back when the car lease is over. Negotiating with a dealer, you have to negotiate the purchase price of the vehicle, the term of the car lease, the excess mileage charge, and the interest rate included in the lease payment. This is something that a lot of us try to stay away from.

In both cases of leasing and taking-over a car lease, you have to make sure not to exceed the mileage allowance and not exceed normal wear and tear on the vehicle.

Each Leasing Company has their own policies regarding finalizing the lease transfer process. Some will require your signatures notarized; others may require you to meet at an auto dealer or bank branch. LeaseTrader helps guide you through the process to make it as easy as possible for you.

Once Seller and Buyer have completed the Leasing Company requirements for the lease transfer (i.e. signed the appropriate transfer documents, buyer has provided proof of insurance, both parties have paid the appropriate fees, and any other specific requirements of the leasing company), you’re now ready to hand over the keys to the new lessee.

Generally speaking, we recommend the Seller ensure all transfer documents are completed and are properly forwarded to the leasing company. It’s also prudent to confirm that the leasing company received and processed the transfer two weeks after you forwarded the documents.

As the Buyer, you should expect to begin receiving monthly lease payment statements. If you don’t receive your monthly statement by a week before the payment due date, please call your new leasing company to ensure your statement is being processed properly. Remember, it is your responsibility to make the lease payments.

Typically the license plates on the vehicle are the property of the leasing company and should remain on the vehicle. For the specifics of your states policies and for cross-state transfers, please contact the local Department of Motor Vehicles office or your leasing company.

Some leasing companies can complete the process in as little as one day while others may take several business days. How long it takes depends on a few things. First is the credit application approval process, which generally takes 24 to 72 hours. The second factor entails the creation and processing of the required lease transfer documents, which generally takes 3 to 5 business days. Lastly mail and paperwork turnaround times must also be taken into consideration. Typically, it takes between 7 to 14 business days to complete the entire process. If you’d like information on the typical time frame for a specific leasing company, please Contact Us and we will be happy to share our experiences with you.

LeaseTrader protects customer information by using state of the art 128-bit Secure Socket Layer(SSL) encryption supplied by Verisign or others SSL providers.

The listings are updated in real time at LeaseTrader. When Sellers list their vehicles, they appear immediately on the website. When Sellers make any changes or add missing information to their listing it appears as soon as they save the information in our website.

Most leases, if not all of the vehicles listed on LeaseTrader.com are closed-end leases, reflecting a residual value.

Most all of the vehicles listed for lease transfers in LeaseTrader.com are being offered by the original lease holders looking to transfer out of their lease and get out of their current car lease payment.

Most leasing companies allow car lease transfers, however very few do not, and some have specific restrictions.

Call a LeaseTrader Transfer Specialist or your Leasing Company to find out their policies regarding car lease transfers or lease assumptions.

Nearly all leasing companies allow car lease transfers; however none of them actively promote or advertise this service. Time and costs associated with the car lease transfer to the leasing companies is one of the reasons why they don’t.

LeaseTrader does not advocate subleasing in any way whatsoever, and the LeaseTrader Marketplace is not to be used for the advertising or seeking of subleases. LeaseTrader’s lease transfer is a true transfer of equity, done by the leasing company, with full contractual coverage by all of the parties involved.
Very Important:
Lease transferring or a lease assumption is NOT “Subleasing” since a sublease is NOT allowed by leasing companies and is in fact illegal in many states.
 

A great number of transfers are between people in different states. We work with a national transportation company that delivers the vehicle to your location. You can negotiate with the owner as to who pays any costs involved.

We are pleased to inform that we are now accepting Canadian listings. We have received a lot of interest from Canadian lessees and lease buyers.

Click where it says "Contact Seller" if you would like to make an offer on the lease or if you simply like to assume the lease Click where it says "Contact Seller" Log in if you are a registered user or create a new account. Complete the credit application if you would like to get pre-approved. You will be contacted within 24 hours with the results.

Buyer Programs and Credit Verification Fee: The cost to join our buyer programs varies from $39.95 to $79.95.
The buyer programs include 1 credit All buyer programs are for 60 days of membership and include having your credit verified once.
The buyer program provides you lots of tools and with information to enhance, facilitate and expedite, your lease transfer experience. LeaseTrader is available to assist you throughout the entire lease transfer process.
In addition to the buyers program, at the initiation of the lease transfer process LeaseTrader charges the buyer $149.95* after rebate.

Leasing fees: Most financial Institutions charge a fee to process the car lease transfer paperwork. This fee varies from $0-$650 and is payable directly to the Finance Institution (e.g. Mercedes Benz Credit). You can negotiate with the person transferring the lease as to who pays any fees involved.

Other: If you are in a different state, there may be transportation and optional third party inspection costs. You can negotiate with the person transferring the car lease as to who pays these fees. For more info on this, visit our Services section.

One of the advantages of taking-over a car lease is to simply continue to pay the monthly car lease payments until the lease term ends.

Yes, up until the final transfer documentation is signed you can back out at any time. Note that any fees collected by LeaseTrader are non-refundable if you decide to stop a transfer once the transfer process has begun.

You can negotiate with the person transferring the lease as to who pays any costs involved.

In most cases you can return the vehicle once the lease is up at a dealership in YOUR area. This is the case even if you take-over a lease from a different state.

Yes, most leases have a lease end purchase option. The amount to be paid will be specified in the contract (residual value or lease end buyout). If this info is not displayed in the listing, you may contact the seller for additional information.

Most Leasing Companies will let you extend the lease term. However, it all depends on the original lease agreement and what the leasing company decides to do. For more details please contact the leasing company directly.

From the Sign-In area you can click on Forgot Password? to request your username and password. Just enter the email address you have included in your LeaseTrader account, and the username and password will be emailed to you. If you have any difficulty obtaining the username and/or password, please Contact Us.

Save thousands of dollars - You simply take-over someone else's monthly car lease payments for the time remaining on the lease. No down payments required. E.g. Someone gave a $3500 down payment on a BMW lease to lower the car lease payments to $349 per month. When you take-over the lease, you simply continue paying the $349 until the end of the lease. You do not have to pay the $3500 down payment.
More car more often - Taking over a lease gives you flexibility to lease a vehicle for a short amount of time . Even for a year if you like without the long term commitment.

A longer term commitment.
Regular lease terms are usually 36, 48, or 60 months (5 years).
Down payment.
In many vehicles there is usually a down payment involved which you do not get back when the car lease is over.
Negotiating with a car salesman.
You have to negotiate the purchase price of the vehicle, the term of the lease, the excess mileage charge, and the interest rate included in the lease payment. This is something that a lot of us try to stay away from.
In both auto leasing and taking over a car lease can generally be extended and you have to make sure not to exceed the mileage allowance on the car lease and not exceed normal wear and tear on the vehicle. .

Yes, it is possible to terminate most car leases prior to the scheduled end date; however there are normally significant financial implications to the lessee when doing so. Each leasing company has their own policies, but most will charge some form of early termination penalty. It is not unusual for these charges to be in excess of several thousand dollars. This makes transferring a car lease through LeaseTrader such a valuable service.

The car lease transfer process is almost the same for most leasing companies.
The individual wishing to take over the lease submits a credit application to the leasing company. The leasing company will make a decision on the credit worthiness of the applicant. If approved, lease transfer documents are prepared by leasing company and signed by the original and assuming lessees. The transfer is complete when the signed documents are returned to the leasing company and processed. There are variations in the fees and details for each leasing company. The LeaseTrader Team is on board to assist with these variations and details as you navigate through the car lease transfer process.

Although we cannot give any guarantees, we have a constantly updated waiting list of individuals looking to take-over leases. We tend to receive various applications per vehicle. People nationwide search our listings and constantly fill out Wish Lists. LeaseTrader's patent pending system automatically notifies all the people who requested your vehicle the second you put it online.

For the most up to date leasing company transfer policy information we recommend that you contact the leasing company directly or for your convenience LeaseTrader has included the basic lease transfer policies for many leasing companies within Leasing Company Information.

Independent of our pre-screening process, all of the lease transfers require the approval of the finance company involved in each particular lease (e.g. Wells Fargo Finance). Most finance companies charge separate fees in connection with transferring a car lease. The individual taking over your car lease typically pays these fees. These fees range from $0- $650.00. To this end, since we usually receive various applications per listing, we require candidates to undergo a pre-screening process to determine who is the most suitable to take-over candidate for your lease. These candidates may undergo a credit check and pay a $29.95 to LeaseTrader.

Each leasing company has their own policy for how to handle security deposits during a lease assumption. Most transfer the security deposit to the assuming lessee, while others return the deposit to the original lessee and require a new deposit from the assuming lessee. Some of them did not require a security deposit to begin with. Information on how leasing companies handle security deposits is included within Lease Company Information.

The individual assuming the lease will be responsible for the lease-end terms as stated in the original lease contract. Lease-end charges may include disposition fees, excess mileage fees and excess wear & tear assessments. All potential lease-end charges will be outlined in the original lease document. The Lease Buyer would be responsible for any termination charges, or disposition fees at lease end.

Normally the terms of the lease, including monthly payment amount, mileage allowed and lease-end date remain fixed and are controlled by the leasing company. However, the Buyer and Seller of a lease are free to negotiate the details of the car lease transfer, as long as they do not interfere with the rules set forth by the lease agreement or are in violation of any laws. A common example of a negotiable item is who will pay the leasing company's transfer fees, transportation fees, inspection fees etc. These agreements are made between the individual Buyer and Seller; therefore LeaseTrader does not have any control over the items being negotiated and assumes no responsibility for such agreements.

It generally takes on average about three weeks to get all the documentation processed but some of the leasing companies could take up to 7 weeks. LeaseTrader is available to assist in the lease transfer process. Contact our LeaseTrader transfer team to find out more about this service, at 1-800-770-0207 Mon-Fri 9 AM to 6:00 Pm EST.

The lease transfer process is final when the leasing company receives all required lease transfer documents and fees for the transaction. LeaseTrader will advise you on how to complete the necessary documents and when to submit the fees in each situation. LeaseTrader will be happy to share our transferring experience with the procedures of all major leasing companies, please Contact Us with any questions or concerns you may have.

A great number of transfers are between people in different States. Some restrictions on lease transfers are set by the particular leasing company involved.
Restrictions for each leasing company may be included in Lease Company Information.
You can negotiate with the person taking over the lease as to who pays any costs involved in transporting the vehicle to another state.

Arrangements to inspect the vehicle and get the report to the Buyer are worked out between the two parties involved. The vehicle may be inspected by a dealer or mechanic. If you are interested in getting your vehicle inspected by a third party please contact us via phone or email and we will set you up with an inspection service provider that we recommend. For more info, go to the Services section of our website.
 

Each leasing company has their own return policies. Some allow you to return the vehicle to the local authorized dealer, others have their own policies.

Car Lease Sellers can save money by having someone assume their car lease, instead of the other early lease termination alternatives which are a lot more expensive.

Whether or not the original lessee is liable once the lease is transferred depends on the leasing company involved. Some leasing companies completely remove the first individual from the account and some choose to leave the original lessee's name in the lease contract as a guarantor. When the original leaseholder is removed, the lease transfer is typically referred to as a "lease assumption". You may find details by contacting the leasing company directly you may also find information on the liability policy for many leasing companies within Lease Company Information.

There are two kinds fees involved in transferring a car lease with LeaseTrader.
The fees charged by LeaseTrader to list and transfer vehicles and facilitate the auto lease transfer process and those fees required by the car leasing company who holds the vehicle lease.

Leasing company fees can include both credit application and lease transfer fees. Each leasing company has their own fee structure, and they vary broadly from one company to the next. If you’d like to find the fees for a specific leasing company, go to Leasing Company Information in our site. If the company you are looking for is not listed.

As with any change of vehicle ownership, there may be vehicle licensing or registration fees required by your state. Policies and fees vary by state. The leasing company which holds the car lease can advise you on how to manage these details, since technically they own the vehicle. Some states may require payment of taxes, in addition to the use tax normally included in monthly lease payments. These are a matter of policy in each state. If you are unsure about your states policies, you can check with the agency that handles taxes for your state, or ask a local auto tag agency who should be able to advise you on how taxes are handled in vehicle assumptions or car lease transactions.

- Purchase the vehicle
- Sell the vehicle
- Trade the vehicle into a dealer, in which case the dealer pays off the lease.
- Arrange for an assumption (with Leasing Company approval) through LeaseTrader.com
All of these options are available to you. What you are doing is satisfying the payoff balance (Residual Value + remaining lease payments) at the time of your decision, which may be more than the value of the vehicle.
 

- Buy the vehicle for the pre-negotiated Residual Value
- Sell the vehicle
- Trade the vehicle into a dealer, in which case the dealer buys the vehicle or returns it back to the leasing company.
- Extend the lease by calling your leasing company.
- Turn your vehicle into the dealer.
If you choose to return your car to the finance company you may be responsible for excess wear and tear as well as the excess on the mileage allowed by you lease agreement.

You are responsible for all maintenance and you should follow the recommended maintenance schedule as outlined by the manufacturer.

You are required to have insurance on your leased vehicle throughout the lease term. Refer to your lease contract for details on the exact coverage required.

Only in those states that assess personal property tax on leased vehicles, such as Texas, Missouri, North Carolina, Virginia, West Virginia, etc. For information about your state's policy please check your state's website.

By law, you are responsible for all parking/ moving violations.

If you purchase, sell, or trade your vehicle to a dealer or refinance the lease no mileage charge will be assessed. If , however, you elect to turn your vehicle in at lease end, and you have exceeded the allowable mileage stated in your contract, you may incur excess mileage charges. Refer to the section of your contract titled "Standards for Wear and Tear". This section will help you calculate excess mileage charges.

In most cases, when you take delivery of your vehicle, the dealer will handle the necessary steps in supplying you with your first set of license plates. In subsequent years you will be notified by the Bureau of Motor Vehicles for renewal procedures.
 

You are responsible for the cost of license and registration fees throughout the lease term. You will receive a bill annually from the Bureau of Motor Vehicles for this cost. In the event that someone assumes your lease then they will be responsible for these costs.

No, most lenders umbrella insurance will not allow you to take your leased vehicle outside the continental U.S.

If the tax rate change affects your lease payment, you will be notified of the new rate. Your monthly payment will then be changed to reflect any increase or decrease resulting from the tax change.

You should contact your leasing company at least 30 days prior to your move so they may take the necessary steps in assuring that your vehicle is registered properly. In addition, some states require additional fees and taxes to be paid when registering in that state.

You need to have your vehicle repaired.

You need to contact your leasing company and inform them where you are planning to return your car lease.

If you have not received your payment booklet before your next payment due date, please call your leasing company. Even though you may not have your payment book, you are still required to make your payments on time.