How to Lease a Used Car
Although used car leasing is not common, it is possible. Most car leases are made for new vehicles, allowing the one holding the lease to get a new car every few years. If you do some searching, you can find a used car lease with favorable terms.
- Understand that a dealership will probably not offer used car leases. There is not a lot of profit available to the dealership for leasing a used car. However, you can find cars that were leased as new, but are no longer wanted by the person leasing the vehicle. This makes the cars used, but still in good condition. Most of these leases will be for cars no more than six months to a year old.
- Find a website that will show listings from people trying to transfer their lease to someone else. A good site to use for this is Swapalease. They put together those who want to get rid of a lease with those who want to take it on. People may have several reasons to want to give up their lease, but most often it is because they are not able to bear the financial burden of the vehicle.
- Look on the lease swapping website to find a car and a lease that you find desirable. Once you do, the website will set you up with the other person to complete the transaction.
- To exchange a lease from one person to another, you will have to sign a lease transfer form provided by the lessor. The fee for this transfer should be minimal, probably amounting to no more than $100. Once you sign the papers, you have taken full responsibility for the vehicle. Make sure that you have a mechanic look over the car before you sign, so that you know you didn't take over a lemon.