The car lease transfer or swap is when your current auto lease is transferred from one driver to a different responsible party. In addition to taking over the payment terms, the new owner also agrees to pay the running costs of the vehicle. Vehicle lease transfers are a good option if your financial situation has changed or you want to lease a different car.
Let’s look at the benefits and disadvantages of the lease transfer, as well as how to swap out a car lease:
How to Swap a Car Lease
To start a lease swap, the following steps need to be taken.
- Confirm with the finance company that the transfer is possible.
- Ask about any necessary fees.
- Find someone to take over the lease. You might have a relative or friend that is willing. The Vantage Auto Group can also help you find a reliable party in the New Jersey & New York metro area.
- Once a new driver is found, the financial company needs to do a credit check.
- Paperwork is completed to finalize the car lease transfer.
With the transfer, the new driver must visit the department of motor vehicles to transfer registration and get new plates if needed.
Advantages & Disadvantages of Lease Transfers
As you look at the car lease swap in NJ, you will find several benefits and a few disadvantages. Before you decide to move forward, you must consider what’s best for your situation.
Lease Transfer Benefits
The car lease transfer is a great way to drive a car you might not have otherwise been able to afford. Typically these transfers occur near the middle of the lease term, perfect for someone looking for a change. Additionally, many people looking to get out of a lease are willing to provide some financial compensation for the transfer. Whether it is through a cash payment or covering transfer costs, the person taking over the lease usually find a great deal.
Here are some more advantages:
- Payments are lower than buying a new car
- Seller motivation leads to better deals
- Short-term commitment
- Fewer miles than buying a pre-owned car
Lease Transfer Disadvantages
For the most part, there aren’t many downsides to transferring a lease, especially if you have done all of your homework. If someone is looking to transfer the lease because the mileage is too high or there is damage, you may not want to take over the lease because you will be responsible for this at the end of the agreement.
Take a look at these additional disadvantages:
- Might be better to lease a new vehicle
- Possible undetected damage and issues
- Increased cost due to paying any state sales tax required
Breaking a Car Lease
If you are currently leasing a vehicle, but want a new car, you might have considered breaking the agreement. However, there are many downsides to this.
- Fees associated with the lease exit
- Any outstanding taxes
- The vehicle’s value and lease differences
- Storage/transportation costs
- Any remaining car payments
If you want to avoid these costs, it might be time to consider a car lease transfer. By transferring the obligations to another party, you avoid any penalties and fees. The hardest part is finding someone to take over the lease, which is where The Vantage Auto Group comes in.
We Help With Both Sides of the Lease Transfer
If you want to get out of your existing lease, or you are looking for a deal on a newer vehicle, we can help!
For those with a current auto lease, we can find someone to take over the agreement. As we take the burden from you, you have less to worry about. Sure, there will be a small service fee for our assistance, but this is nothing to the penalty and fees you will pay otherwise.
For those looking for a low-cost car lease, we can match you with someone looking to get out of their lease. By taking over someone else’s payments, you have a shorter agreement and less hassle.
At The Vantage Auto Group, we are always looking for ways to meet the needs of our clients in NJ and NY.
Car Lease Transfer NJ & NY Done Right
The Vantage Auto Group offers reliable car leasing options in New Jersey and New York. From our website (https://staging-thevantagegroupauto.kinsta.cloud/), you can get access to an entire inventory of marked down vehicles.
We also have luxury cars at an unbeatable price, many of which come from corporations and unions that offer big discounts. Whether you find yourself on a tight budget or you or have trouble with your current credit status, we have solutions. Give us a call at (844)-307-3885 today and speak with a live agent, or feel free to email us with any questions.