If you have invested in a leasing contract for your vehicle, it can be difficult to understand the nuances and contract obligations. Rates, terms, and legal obligations are often foreign for new buyers. Many leaseholders believe that the contract value of their lease is adherent to the car that comes with the lease. What many people do not understand is that a lease is not tied to the car they purchased and can be transferred or bought outright.
What is a Lease?
A car lease is an option to drive a vehicle from a dealership for an agreed amount of time and miles. The driver pays for usage rather than purchasing the vehicle in full. Monthly payments are able to provide the driver with a system that will mitigate the depreciation of the car value over the course of the lease term. Typically, car leases are 2 to 5 years in length and are measured in months. After the term limit has matured, the driver has the ability to reinvest in a leasing contract or buy the car outright.
What most people don’t understand is that it is possible to transfer a leasing contract to a new car before the contract has reached maturity. Partnering with a certified leasing specialist can give you the leverage you need for a transfer the contract.
Is a Lease Buyout Right For You?
More often than not leasing companies offer early-release termination options. Leasing companies may allow you to turn in your lease without a termination fee, however, you will still require a qualified broker to verify the transaction and manage the transfer process. Having someone on your side to guide you through the process is crucial and can provide immense value to the lease holder.
Can I Transfer My Existing Lease?
In many leases, early termination fees are high. However, the driver in most cases will be able to transfer a lease. Transfer requirements vary by contract and state and are dependent on your leasing agreement.
It is very likely that you can transfer the lease which is often cheaper than the cost of terminating your lease early. It is important to understand, a qualified broker will be required to handle the service fees, contract, legalities, and overall transfer process.
Double Play Auto Has You Covered!
Because Double Play Auto has an extensive network of dealers and lenders, we have you covered. Our team can handle the transfer or buyout for your car from start to finish. Visit us at www.doubleplayauto.com for more information.
