Car Deal Canada

How Lease Busters Works

How Lease Busters Works

LeaseBusters.com is Canada’s leading online marketplace for car lease transfers, also known as lease takeovers. Since its inception in 1990, LeaseBusters has facilitated over 100,000 successful lease transfers, making it the go-to platform for Canadians looking to get out of their vehicle lease early or take over someone else’s lease.


The company operates a user-friendly website that connects lessees (individuals looking to transfer their lease) with lessees (those seeking to take over an existing lease). Lessees can list their vehicle and lease details on the site, while prospective lessees can browse available listings to find a lease that suits their needs and budget.


With over three decades of experience, LeaseBusters has streamlined the process of lease transfers, providing a safe and reputable platform for both parties. The company’s extensive reach and vast inventory of listings from across Canada make it the premier destination for lease takeovers in the country.

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How Does a Lease Takeover Work?

A lease takeover, also known as a lease transfer or lease assumption, is the process where the remaining term and payments of an existing vehicle lease are transferred from the original lessee (the person who originally leased the car) to a new lessee (the person taking over the lease).

The basic premise is that the original lessee wants to get out of their lease early for whatever reason, while the new lessee wants to take over the remaining portion of the lease agreement rather than starting a brand new lease. This arrangement can be mutually beneficial for both parties.

Here’s a quick overview of how a standard lease takeover works:

 

  1. The original lessee advertises their vehicle and remaining lease details on a lease transfer marketplace like LeaseBusters.com. This typically includes information like the make, model, trim, payment amount, kilometres remaining, and end date.
  2. Prospective buyers browse the available lease takeover listings to find a vehicle and terms that fit their needs and budget.
  3. When a suitable match is found, the buyer and seller negotiate the transfer details and terms directly with each other.
  4. Once agreed, the lease contract is officially transferred or reassigned from the original lessee to the new lessee through the leasing company.
  5. The new lessee takes over making the remaining lease payments to the leasing company until the end of the term.
  6. The original lessee is released from any further lease obligations after completing the transfer.

 

While the basic process is straightforward, there are several other considerations and potential costs involved in successfully completing a lease takeover, which will be covered in the following sections.

 

LeaseBusters.com Lease Transfer Process

LeaseBusters provides a user-friendly online platform to facilitate the entire lease transfer process from start to finish. Their streamlined system allows both sellers (current lessees looking to get out of their lease) and buyers (those seeking to take over an existing lease) to navigate the process seamlessly. Here’s a detailed, step-by-step overview of how LeaseBusters facilitates a lease transfer:

 

Step 1: Listing a Lease for Transfer

The current lessee who wishes to transfer their lease starts by creating an account on LeaseBusters.com. They then provide comprehensive details about their vehicle, including make, model, year, trim level, mileage, and remaining lease term. They also specify the monthly payment amount, down payment (if applicable), and any additional fees or charges associated with the lease. Once all the necessary information is provided, the lessee pays a nominal fee to list their lease on the LeaseBusters marketplace.

 

Step 2: Finding a Suitable Buyer

Prospective buyers can browse through the extensive database of available lease listings on LeaseBusters.com. They can filter their search based on various criteria, such as vehicle make and model, location, lease payment range, and remaining term. When a buyer finds a listing that meets their needs, they can contact the seller directly through the LeaseBusters messaging system to express their interest and initiate negotiations.

 

Step 3: Negotiating the Transfer Terms

Once a potential buyer and seller have connected, they can negotiate the terms of the lease transfer. This may involve discussing any additional fees, such as the transfer fee charged by the leasing company, as well as determining who will be responsible for covering those costs. LeaseBusters acts as a facilitator during this process, providing guidance and support to both parties as needed.

 

Step 4: Lease Transfer Documentation

If the buyer and seller reach an agreement, LeaseBusters assists with the necessary paperwork and documentation required to complete the lease transfer. This includes obtaining the leasing company’s approval for the transfer, as well as ensuring that all legal and financial obligations are properly transferred from the seller to the buyer.

 

Step 5: Finalizing the Lease Transfer

Once all the required documentation has been completed and approved, the lease transfer is finalized. The buyer officially becomes the new lessee, assuming responsibility for all future lease payments and obligations. The seller, on the other hand, is released from any further financial or legal obligations related to the lease.

 

Throughout the entire process, LeaseBusters provides dedicated support and guidance to both parties, ensuring a smooth and efficient lease transfer experience. Their team of experts is available to answer any questions or address any concerns that may arise, making the process as seamless as possible.

 

Listing a Lease on LeaseBusters.com

For lessees looking to get out of their car lease early, LeaseBusters.com provides an easy way to advertise and transfer their remaining lease obligation to a qualified buyer. To list a lease on the site, the original lessee will need to provide detailed information about their vehicle and current lease contract.

The requirements for listing a lease on LeaseBusters.com include:

 

  • Vehicle must be a current model year or up to 6 years old
  • Remaining lease term of 12-48 months
  • No outstanding lease payments or fees owed
  • Vehicle must pass a safety inspection
  • Acceptable levels of wear and tear

 

To create a listing, the lessee will need to gather details like the vehicle make, model, year, current mileage, lease payment amount, remaining term, and buyout amount. LeaseBusters.com charges a one-time $59 advertising fee to post the lease takeover ad on their website.

Once the ad is live, prospective buyers can view the listing details and contact the seller directly if interested in taking over the lease. The original lessee will field inquiries, negotiate terms like transfer fees, and ultimately select a buyer to assume their lease contract. LeaseBusters facilitates communication between parties but the transfer negotiation happens directly between buyer and seller.

 

Finding a Lease Takeover on LeaseBusters.com

For prospective buyers looking to take over an existing lease, LeaseBusters.com offers a user-friendly search experience. The website features an extensive database of current lease takeover listings from across Canada.

Users can filter available listings by make, model, body style, location, monthly payment range, and other search criteria to narrow down options matching their needs and budget. Detailed listing pages provide comprehensive information about each vehicle and its remaining lease terms.

Key details shown on LeaseBusters lease takeover listings include:

 

  • Vehicle make, model, year, trim
  • Remaining term length
  • Monthly payment amount
  • Total payoff amount
  • Kilometers included and remaining
  • Vehicle location
  • Photos of the vehicle’s interior and exterior

 

This level of transparency allows potential buyers to thoroughly evaluate lease takeover opportunities before making inquiries or offers. LeaseBusters.com strives to provide all the necessary details upfront so buyers can make informed decisions.

The search process is designed to match buyers with desirable leases matching their criteria. Prospective buyers can save listings, receive email alerts for new matches, and connect directly with sellers through the LeaseBusters.com platform.

 

Transferring a Lease Through LeaseBusters.com

Once a buyer and seller connect through LeaseBusters.com and agree to the terms of a lease transfer, the process moves into the negotiation and transfer phase. While LeaseBusters facilitates the overall transaction, the specific details of the lease takeover are handled directly between the buyer and seller.

The first step is for the buyer and seller to review the lease contract details together and negotiate any remaining terms, such as:

 

  • Transfer fees and who will cover what portion
  • Vehicle condition and required repairs
  • Mileage calculations and potential overages
  • Transfer date and logistics of vehicle handover

 

Once the buyer and seller have finalized the lease transfer agreement, LeaseBusters assists with compiling and submitting the required documentation to the original leasing company for approval. This typically includes items like:

 

  • Completed transfer/assignment forms
  • Buyer’s credit application and proof of employment/income
  • Vehicle inspection report noting any existing damages
  • Transfer fees paid to leasing company

 

The leasing company will then review the takeover request to ensure the new buyer (transferee) meets their financial and insurance qualifications. Assuming all requirements are satisfied, they will approve the lease to be officially transferred and assigned to the new lessee.

At this point, the buyer becomes the new lessee on the lease contract. They take over responsibility for monthly payments, insurance coverage, and abiding by the remaining lease terms. The original lessee is released from any further obligations related to the lease.

 

Fees and Costs of Using LeaseBusters.com

When using LeaseBusters.com to facilitate a lease transfer, there are various fees and costs involved for both the seller (original lessee) and the buyer (new lessee). Understanding these expenses upfront is crucial to ensure a successful and transparent transaction.

For sellers listing their lease on LeaseBusters.com, the primary cost is the listing fee. This fee typically ranges from $48 to $75, depending on the package selected. The basic listing includes a 30-day ad on the website, while more comprehensive packages offer extended visibility and additional features.

On the buyer’s side, the most significant expense is often the transfer fee charged by the leasing company. This fee covers the administrative costs associated with transferring the lease to a new lessee. Transfer fees can vary widely, ranging from a few hundred dollars to over $1,000, depending on the leasing company’s policies and the vehicle’s make and model.

In most cases, the transfer fee is split between the buyer and the seller, with each party paying a portion of the total cost. However, the specific terms of who pays what can be negotiated between the two parties during the transfer process.

Additionally, some leasing companies may require the new lessee (buyer) to pay a security deposit, which is refundable at the end of the lease term, provided the vehicle is returned in good condition. The amount of the security deposit can vary based on the leasing company’s policies and the vehicle’s value.

It’s important to note that LeaseBusters.com itself does not charge any additional fees beyond the seller’s listing fee. The company facilitates the lease transfer process, but the actual transfer fees are paid directly to the leasing company.

Buyers and sellers should carefully review all applicable fees and costs before proceeding with a lease transfer through LeaseBusters.com. Doing so ensures transparency and helps avoid any unexpected expenses throughout the process.

 

Advantages of Lease Takeovers Through LeaseBusters.com

One of the primary advantages of using LeaseBusters.com for a lease takeover is the potential for significant cost savings compared to starting a new lease or financing a vehicle purchase. Since you’ll be taking over the remaining portion of an existing lease, the monthly payments are often lower than rates available for a brand new lease on the same vehicle.

Additionally, many of the leases listed have relatively short terms remaining, sometimes as little as 6-12 months. This allows you to drive a late-model, low-mileage vehicle for a very affordable short-term period before having to make another commitment. It’s an ideal solution for those with temporary transportation needs or who prefer to switch vehicles frequently.

With a lease takeover facilitated by LeaseBusters.com, you can essentially drive a brand new or like-new vehicle without the steep upfront costs associated with leasing or buying outright. No need to make a large down payment or pay acquisition fees – you simply take over the remaining payments from the previous lessee. This makes getting into your preferred vehicle much more budget-friendly.

 

Potential Downsides of Lease Transfers

While lease takeovers through LeaseBusters.com offer several advantages, there are also potential downsides to consider. One significant risk is taking over a vehicle that has hidden damage or excessive wear and tear from the previous lessee. Even with LeaseBusters’ quality checks, it’s difficult to fully assess a used vehicle’s condition until you see it in person.

Additionally, there’s always a possibility that the lease transfer may not be approved by the leasing company. This could happen if the new lessee (you) doesn’t meet the credit or income qualifications required. Lease contracts have specific terms that must be adhered to, and the leasing company has final approval on all transfers.

Another potential downside is the limited choice in vehicle configurations and lease terms. When taking over an existing lease, you don’t have the ability to select your ideal vehicle color, trim level, or options package. You’re also stuck with the remaining lease term length and payment amount set by the original lessee. This lack of customization may not suit everyone’s preferences or budget.

Finally, while LeaseBusters facilitates the process, lease transfers require negotiating the specific takeover terms directly with the current lessee. This includes agreeing on a price for any equity or fees, as well as assessing the vehicle’s condition. The success of the transfer hinges on reaching a mutually agreeable deal between both parties.

 

LeaseBusters.com Vehicle Selection

One of the key advantages of using LeaseBusters.com for a lease takeover is the vast selection of vehicles available across Canada. At any given time, there are typically over 3,000 lease listings on the site from a wide range of makes and models.

Whether you’re in the market for a compact sedan, a family SUV, a luxury vehicle, or even an electric or hybrid option, LeaseBusters.com likely has a lease takeover listing that matches your needs and preferences. The inventory spans vehicles from all major automakers including Honda, Toyota, Ford, Chevrolet, Hyundai, Kia, Nissan, Subaru, Volkswagen, and many luxury brands.

To help narrow down the options, LeaseBusters.com provides robust search filters that allow you to sort by criteria such as:

 

  • Make and model
  • Vehicle type (sedan, SUV, truck, etc.)
  • Price range for monthly payments
  • Location and distance from your city
  • Remaining lease term length
  • Mileage and kilometer limits
  • Vehicle age and year
  • Transmission type
  • Fuel type (gas, diesel, electric, hybrid)

 

This makes it easy to quickly find lease takeover options that align with your budget, driving needs, and lifestyle preferences. The nationwide inventory means you aren’t limited by geographic area when searching for the perfect vehicle.

 

Eligibility for Lease Transfers on LeaseBusters.com

Not everyone is automatically eligible to take over a lease through LeaseBusters.com. Both the leasing company and LeaseBusters have requirements that prospective buyers must meet. These criteria help ensure the lease transfer goes smoothly and the new lessee is able to make the remaining payments.

The most important eligibility factors are credit score and income. Most leasing companies require a minimum credit score in the mid-to-high 600s to qualify for a lease transfer. Your credit report will be reviewed during the application process. A strong credit history demonstrates your ability to make timely payments.

Income requirements vary based on the vehicle’s monthly payment and lease terms. As a general guideline, you’ll need to show provable income of around 3-4 times the monthly lease payment. This income can come from employment, self-employment, investments, or other stable sources. The leasing company wants to see you can comfortably afford the payments.

Other potential eligibility factors for lease transfers include:

 

  • Proof of residence (driver’s license, utility bills, etc.)
  • No recent bankruptcies or vehicle repossessions
  • Age and driving experience requirements
  • Down payment or security deposit (for applicants with lower credit scores)

 

LeaseBusters facilitates the transfer process but the final approval comes from the vehicle’s leasing company. Their specific eligibility criteria may differ. Being well-qualified with steady income and good credit improves your chances of getting approved for a lease takeover.

 

LeaseBusters.com Customer Protections

LeaseBusters has implemented several safeguards and processes to protect both buyers and sellers using their lease transfer marketplace. One key protection is their vehicle inspection requirement. Before a lease can be listed, the seller must have the vehicle inspected by a certified mechanic and provide a detailed inspection report.

This inspection report allows potential buyers to review the condition of the vehicle and ensure there are no major undisclosed issues or excessive wear and tear. LeaseBusters also verifies the inspection report is legitimate and matches the listed vehicle details.

In the event there is an issue after the lease transfer is completed, such as undisclosed damage missed during the inspection, LeaseBusters has a dispute resolution process. Both parties can submit evidence and details to LeaseBusters, who will review the situation and facilitate a fair resolution.

LeaseBusters acts as an impartial third-party, protecting both the buyer and seller’s interests. Their customer protection policies give buyers recourse if misled and provide sellers a way to resolve disputes over unfair charges from the leasing company.

While no system is perfect, LeaseBusters makes an effort to vet listings, inspect vehicles, require transparency from both parties, and resolve conflicts through their mediation processes. Their goal is to create a safe, trustworthy environment for Canadians to take over or transfer out of a lease.

 

Tips for a Successful Lease Takeover

Whether you’re looking to get out of a lease or take over someone else’s, following some key tips can help ensure a smooth and successful lease transfer through LeaseBusters.com:

For Sellers:

 

  • Be upfront about the vehicle’s condition, including any damages, maintenance issues, or excessive wear and tear. Disclose everything to avoid disputes later.
  • Have maintenance records and a vehicle history report (like CarFax) ready to share with potential buyers. This builds trust and transparency.
  • Price your lease competitively based on remaining term, kilometers, and market rates. An overpriced lease will deter buyers.
  • Respond promptly to inquiries and be flexible in negotiating transfer details like turn-in fees or outstanding payments.

 

For Buyers:

 

  • Carefully review all lease documents, including the original terms, remaining payments, allowable kilometers, and end responsibilities like disposition fees.
  • Inspect the vehicle thoroughly, ideally having it checked by a mechanic, to assess its condition and uncover potential issues.
  • Understand your budget and get pre-approved financing if needed. Account for all transfer costs like down payments and fees.
  • Negotiate confidently but reasonably with the seller on things like repairs, outstanding payments, and shared transfer fees.
  • Ensure you meet the leasing company’s requirements for taking over the lease, including credit score and income minimums.

 

By doing your due diligence, understanding all costs and obligations, and negotiating in good faith, you can maximize your chances of a successful lease takeover through LeaseBusters.com.

 

LeaseBusters.com Reviews and Customer Testimonials

To gauge the overall customer experience with LeaseBusters.com, it’s helpful to look at reviews and testimonials from people who have actually used their lease transfer services. While individual experiences can vary, these insights provide a window into what to expect when working with LeaseBusters.

On popular review sites like Trustpilot, LeaseBusters maintains an overall “Great” rating based on dozens of customer reviews. Many customers praise the smooth process, responsive customer service, and successful transfers facilitated through the platform.

One satisfied customer wrote, “LeaseBusters completely knocked it out of the park with their lease transfer service. They kept me informed every step of the way and ensured a seamless transition. I’m grateful for their professionalism and efficiency.”

Another review highlighted the convenience factor, stating, “What blew me away was how swiftly LeaseBusters matched me with someone looking to take over my lease. Within a few days, I had multiple interested parties and was able to transfer my lease stress-free.”

Negative reviews are relatively few but tend to mention issues with unresponsive sellers, unexpected fees, or difficulties during the transfer process. However, these seem to be exceptions rather than the norm based on the overall positive sentiment.

LeaseBusters also features customer testimonials directly on their website, allowing users to read about successful experiences in more depth. These cover stories from both buyers and sellers, providing a balanced perspective on navigating lease takeovers through their platform.

While not perfect, the reviews and testimonials indicate that LeaseBusters has facilitated smooth lease transfers for a vast number of Canadians over their 30+ years of operation. As with any service, doing thorough research and due diligence is advised, but the overall feedback suggests a credible and valuable offering within the lease transfer space.

 

LeaseBusters.com vs Alternatives

While LeaseBusters.com is the largest and most established online marketplace for lease takeovers in Canada, there are a few alternative options available to Canadian drivers looking to get out of their lease or take over a lease:

 

Dealerships – You could try negotiating with the dealership where you originally leased your vehicle to see if they will allow you to terminate the lease early or transfer it to another party. However, dealerships often charge hefty early termination fees.

Craigslist/Kijiji – These free online classifieds allow you to post ads to try and find someone locally interested in taking over your lease. But you lose the third-party facilitation, protections, and nationwide reach of a service like LeaseBusters.

Facebook Groups – There are lease transfer groups on Facebook where members can post their lease details, though activity levels vary. The groups lack any real oversight or assistance with the transfer process.

LeaseTrader – This U.S.-based site does allow Canadians to list leases for takeover, but it has a much smaller presence and fewer Canadian listings compared to LeaseBusters.

 

What sets LeaseBusters apart is its specialization in the Canadian market, its straightforward process with support from start to finish, and its sheer size with over 3,000 current listings from lessees across the country. While there are alternatives, LeaseBusters remains the go-to destination for hassle-free lease transfers in Canada.

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Questions About How Lease Busters Works

Leasebusters.com is an online marketplace for vehicle lease takeovers in Canada. It connects people who want to get out of their car lease with people looking to take over a lease. The original lessee posts their lease details on Leasebusters.com and interested parties can browse current listings and apply to take over the remaining term.

 

The site handles all the paperwork and liaises with the leasing company to transfer the lease. There is usually a transfer fee that the new lessee covers. Once approved, the new lessee takes over payments and responsibilities until the end of the lease term. Leasebusters provides a secure platform for private lease transfers across Canada.

Yes, Leasebusters.com is safe and secure to use. As Canada’s first and largest lease takeover marketplace since 1990, they have facilitated over 400,000 transactions. Leasebusters is an accredited business with the Better Business Bureau (BBB) and maintains an A+ rating. They keep client information confidential and allow communication through their site rather than sharing personal contact details. Once a match is made, Leasebusters handles the approval process and paperwork to ensure a smooth transition.

The lease takeover process on Leasebusters has a few key steps:

 

  1. Original lessee creates a free ad with details of vehicle, lease terms, incentives, etc.

 

  1. Interested new lessees browse current listings and apply for vehicles they want.

 

  1. Leasebusters connects the original lessee and new applicant.

 

  1. New lessee gets approved by dealer/leasing company and pays transfer fee.

 

  1. Leasebusters handles all paperwork for the lease transfer to the new customer.

 

It’s a streamlined process that makes finding and transferring a lease simple for both parties with Leasebusters acting as the intermediary.

Key benefits of using Leasebusters.com include:

 

– Huge selection of lease takeovers listed across Canada

– Secure platform for safely transferring leases

– Streamlined process with all paperwork handled

– Transfer fees are typically reasonable

– New lessees can get great deals on luxury vehicles

– Original lessees can easily exit their lease commitment

 

In total, it provides an easy way for new customers to save money on quality vehicles with remaining factory warranties.



To create a free ad posting your lease for takeover on Leasebusters.com, you’ll need to provide some key details including:

 

– Vehicle year, make, model

– Mileage and condition

– Monthly payment amount

– Date lease originated and remaining term

– Whether you’ll cover any transfer fees

– Contact information

 

Having all this information handy when you create your ad will allow interested parties to get a clear picture of your lease’s terms for takeover.

Here are some tips for finding the best lease takeover deals on Leasebusters:

 

– Filter listings by monthly price to see the cheapest options

– Look for leases with 12-18 months left, more time allows savings

– Set max mileage filters if you drive less

– Get email alerts for new deals matching your criteria

– Consider luxury vehicles where original lessee may offer incentives

– Check listings frequently as good deals go fast

– Be flexible on vehicle colors/options to increase choices

 

Using these strategies can help you land the optimal car lease takeover that meets your needs and budget.

The main fee involved in a Leasebusters lease takeover is the transfer fee, which typically ranges from $300-$500. This administrative fee covers the paperwork and process of transferring the lease from the original lessee to you, the new lessee.

 

In some cases, the original lessee may offer to cover part or all of the transfer fee as an incentive for taking over their lease. There may also be a refundable security deposit required by the leasing company when approving a new lessee. Any taxes, registration fees, etc. would also be the responsibility of the new lessee going forward.

Yes, you can try to negotiate incentives or terms when applying to take over someone’s lease on Leasebusters. For example, some common incentives you may be able to obtain include:

 

– Getting the original lessee to cover part or all of the transfer fee

– Taking over low remaining mileage

– Securing a discount on the monthly payment

– Getting accessories like winter tires included

– Negotiating remaining lease term or purchase options

 

Keep in mind the original lessee is trying to exit their lease commitment, so they may be motivated to sweeten the deal. It’s worth asking!

When applying to take over a lease listed on Leasebusters, there are a few criteria the new lessee needs to meet in order to get approved including:

 

– Having good credit (typically 680 score or higher)

– Meeting income requirements set by leasing company

– Passing background check showing responsible auto history

– Providing valid driver’s license and insurance info

– Paying any required security deposits or transfer fees

 

As long as you meet the approval criteria set by the vehicle’s leasing company and cover any necessary fees, you should have no problem getting approved as the new lessee through Leasebusters.

If your situation changes after taking over someone’s lease on Leasebusters, you do have a few options to try and get out of the lease commitment including:

 

  1. Finding another person to take over the lease from you
  2. Buying out the lease if you have the financial means
  3. Voluntarily terminating the lease if permitted (fees may apply)
  4. Trading in the vehicle while still under lease

 

So while you are committed as the new lessee, there are still various exit strategies available if needed. Reaching back out to Leasebusters for assistance is recommended.



As the new lessee taking over a lease, you are typically responsible for the following maintenance costs over the remaining lease term:

 

– Oil changes, tire rotations, fluid checks etc.

– Any mechanical repairs not covered by warranty

– Wear and tear repairs (worn brakes, tires etc.)

– Scheduled maintenance laid out in vehicle manual

– Excess mileage charges if you go over limit

– Excess wear and tear charges when returning vehicle

 

Always be sure to thoroughly inspect the vehicle before finalizing a takeover. Understanding the maintenance costs involved will help avoid surprise expenses down the road.

When taking over a car lease, you will need to obtain the minimum insurance coverage required by your province. This usually includes:

 

– Bodily injury and property damage liability

– Comprehensive and collision coverage

– Underinsured and uninsured motorist coverage

– Any other province-mandated policies

 

You will need to show valid insurance in your name before finalizing the lease takeover. Failure to maintain adequate insurance could lead to lease default. Check with your insurance provider on provincial requirements when financing or leasing a vehicle.

Taking over a lease with bad credit is tricky but not impossible. Here are a few tips that may help your chances:

 

– Apply for vehicles with leasing companies that use “soft credit checks”

– Have a co-signer with good credit co-apply on the lease

– Offer to put down up to 3 months deposit as good faith

– Provide proof of stable income to offset risk

– Look for private lease owners willing to approve you

 

While your options may be more limited, flexibility and perseverance can still help you land a lease takeover deal even with less-than-perfect credit.

When taking over someone’s lease, be aware you may inherit responsibility for paying any outstanding fees owed by the original lessee. This could include:

 

– Late payment charges

– Ticket or traffic violation fees

– Excess mileage fees if over limit

– Excess wear and tear repair costs

– Disposition fee when returning vehicle

– Any other unpaid fines or administrative fees

 

Carefully reviewing the lease terms and checking if the original lessee owes any balances will ensure no surprise charges get passed on to you.

Yes, you can take over a lease if you are self-employed. Most leasing companies will want to verify your income to ensure you can manage the monthly payments. Be prepared to provide documentation like:

 

– Recent tax returns showing earnings

– Bank statements proving regular income

– Business license/incorporation documents

– List of regular clients/contracts

– Personal credit history

 

As long as you can demonstrate a reliable income stream, provide good credit history, and meet other approval criteria, being self-employed should not be a barrier to a successful lease takeover.

Important questions to ask the original lessee before finalizing a lease takeover include:

 

– Why are you ending your lease early?

– Has the vehicle been in any accidents?

– Are there any mechanical issues or repairs needed that I should know about?

– Are you willing to share service and maintenance records?

– What is the current mileage and are you over/under allotted mileage?

– Do you owe any outstanding ticket fees or late lease payments?

– Will you cover any or all of the transfer fee?

 

Getting clear answers to these questions upfront will help avoid inheriting hidden issues or surprises from the previous lease holder.

There a few key things that may disqualify you from taking over someone’s car lease including:

 

– Credit score below minimum threshold (usually 680+)

– Insufficient income for monthly payments

– Negative information on background check

– Failure to provide valid driver’s license & insurance

– Inability to pay required fees/deposits

– Residency outside of Canada

– Being under minimum age requirement (usually 18+)

 

Meeting eligibility criteria set by the leasing company is key to getting approved as the new lessee on a lease takeover.

Leasebusters helps facilitate the entire lease takeover process by:

 

– Providing proprietary software to post and manage listings

– Screening applicants and submitting completed applications to leasing companies

– Handling all required paperwork and documentation

– Liaising between old and new lessee throughout the process

– Tracking application status and providing approval updates

– Offering dedicated support from takeover specialists

 

They streamline everything related to transferring the lease from one customer to another, making it a smooth and simple process.

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