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What is a Lease Takeover?

October 20, 2014 by Jimmy Wiktan   Comments (0)

A lease takeover is a way of leasing a car without all the expense of an original lease. It is used when a person who has a current lease wants to be released from the financial obligation of the lease they currently hold. It is usually done when after a shorter period of time than the lease requires.


Wants a newer car either by leasing a new vehicle or changing from a lease to a straight purchase. The lessee has to find a person willing to assume the lease and who meets the original requirements of the lessee such as income and debt to income ratio.  Many times people wanting lease takeover will talk to coworkers and friends about taking over their lease. This may work or may end up not being such a good idea as if the new lessee ends up dissatisfied with vehicle or the lease. It may come back to you if the new lessee thinks that you did them a disservice. So if you decide not to find the person to take over your lease, there are companies who specialize in lease takeovers, These professionals can qualify the new lessee so that step is saved as the candidates to take over your lease have already been determined eligible to assume your lease.


Once you have found the person to assume your lease, the financial institution that holds your lease will start verifying the information from the new lessee to verify that they are qualified to assume the lease and that they understand that leasing is not a purchase. The payments in lease are often smaller than what a car payment would be. Leases can be as short as two years or as long as five. Once the lease is complete the new lessee will have the choice of releasing the car back to the agency or paying what is called the residual. The residual is the difference between what lease payments you have paid and the value of the car.  Once your lease is taken over you will no longer have any responsibility for the lease.


If you are interested in having your Lease Takeover in Calgary and Car Lease Takeover Canada can help you.

To learn more or start the process you can use this link:


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