Information on Leasing a Used Car

As of 2008, leasing used cars has become virtually extinct due to the economic recession affecting the vehicle leasing industry.  However there is hope.  Used car lease take over or assumption is still available, yet difficult to find.  If you need to lease a used car, there are still some companies who will help you find what you need.

When the economy was stronger, dealers often leased new cars or newer used cars they couldn't sell.  The vehicles were leased at an inexpensive rate which was created an money saving opportunity for consumer.  When the economy softened, many who have leases are seeking to transfer the lease due to financial hardship.  Since value is difficult to predict, leasing a used car is a riskier than leasing new cars.  Use car leases are almost exclusively luxury, sports vehicles, SUV's.  However, bargains are out there, for those willing to look.

• Online classified and lease brokerage sites are good resources to find individuals trying to sell used car leases.


• New leasee often pays transfer fees.


• The person transferring lease often will pay an incentive.


• There is no money down, no qualifying and no hidden taxes to transfer a lease.


• The new leasee takes over payments.


• Get comprehensive warranty covering the term of the lease to protect against mechanical problems which are more likely used cars.


• Bargain with the dealer to lower the payments.


• Verify comprehensive warranty for the duration of the lease.


• Most leases come with mileage restrictions.  Verify miliage limit with actual odomoter reading and calculate how much miliage is left before lease expires.


• Verify condition of the interior to avoid excessive wear and tear charges at lease conclusion.


• Get a carfax or other vehicle history report.


• Have the vehicle inspected by an independent mechanic.  Look carefully for hidden problems.