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| Car Lease Exchange | ||
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The term, car lease exchange, usually refers to the concept of transferring a car lease from one party to another without ending the lease. It's a way to avoid the high cost lease termination for the "seller" and an opportunity to pick up a short-term lease for the "buyere." A lease exchange is sometimes called a "lease swap," "lease transfer," "lease trade," or "lease assumption." The more formal term is "lease assumption." A car lease exchange must be arranged and approved by the "seller's" lease company or finance company. Some lease companies do not allow transfers. Other companies that allow it insist on keeping the seller responsible even after the transfer, if the new buyer defaults and fails to make payments. This is not a good thing to do if the seller and buyer are strangers. It can come back to haunt the seller a few months or years later. Car lease exchanges should never be attempted without the lease company's approval and involvement. An informal, unapproved arrangement violates the terms of agreement stated in a lease contract. For more information, see: The Lease Guide
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