Take Over a Lease for Cheap Car
One of the best and cheapest ways to drive a late model car, with low monthly payments with no down payment is to take over a leased car from someone who wants or needs to get out of their car lease.
Why?
Monthly car lease payments are always lower by 30%-50% than loan payments for the same car, same term, same interest rate. Usually, there's no down payment and sales tax (in most states) is less than when buying. And you avoid the hassles of getting rid of a used car later because you simply return the car to the lease company.
However, if you can take over someone else's lease, the benefits are even better.
Let's take a look at an example of how a lease takeover works.
You find someone who wants, or needs, to get out of their car lease early. You can take over, or assume, their car and lease for the remaining time on their contract. If they originally took out a 3 year lease and now want out after only 1 year, you can take over the lease for the remaining 2 years. You pay a small transfer fee to the lease company and the deal is done.
What's the advantage of taking over someone's car lease?
By taking over a car lease, you avoid all the up-front charges normally associated with leasing — no down payment. If the original lessee made a large down payment to reduce the size of his monthly payments, you get that benefit. In many cases, the person wanting out of his lease will even pay you a cash incentive to make the deal even sweeter.
How do you find people who want out of their leases?
A number of online companies specialize in listing cars that are available for lease transfers. They act like a "dating service" between people who have available leases, and people who would like to take over a lease. They charge a fee to the person wanting out of his lease.
The best online car lease transfer company is Swapalease. Go to the web site and browse. You can search based on the type of car and the monthly payment you want.
Taking over a car lease is a great way to drive an affordable late model vehicle if you don't have the money for a brand new car. Even if you do have the money, it's one of the most cost effective ways to acquire a vehicle.
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