Frequent Questions we get from visitors of Lease marketplace
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Lease Marketplace is a lease takeover marketplace that allows users to advertise their vehicles for lease transfer/takeover. Our platform helps you find buyers willing to take over your lease.
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The process to transfer your lease is quite simple after you find a buyer willing to takeover your lease. Once you find a buyer, the buyer will need to submit a credit application via the dealership. Once the buyer is approved, lease transfer documents are prepared by the dealership and need to be signed by both the seller and buyer. After all the paperwork is signed, the seller is no longer responsible for the vehicle and the buyer assumes all the responsibility.
The duration to complete a lease transfer depends on the leasing company and dealership. It can take anywhere from 2-12 business days. There are several factors that go into the lease transfer duration:
*Some leasing companies and dealerships might take longer.
Yes, each leasing company charges a lease transfer fee. The cost varies upon leasing companies, and it’s best to call them directly to verify. To get an idea of how much you might pay, please check our leasing company information and fees page.
*All information provided is to be used as a guide and we are not responsible for the accuracy of the information.
The Contract terms such as the payment, mileage allowance and lease return date are fixed and can not be changed. The best way to negotiate on a car lease is by offering or accepting cash. The seller can either offer buyers a cash incentive or require cash from the buyer if you have a great deal on your hands.
No, when your lease is transferred you are completely free from all liability and responsibility.
*Some leasing companies keep the original lessee’s name in the lease, so it’s best to call them to verify.
The biggest benefits of a lease takeover is lower payments and shorter lease duration. For example if you want to lease a car for 24 months, you will pay absurdly high payments. However, if you takeover a 48 month lease with 24 months left, you will save a lot because the first 24 months have already been paid for.
The lease can be returned to a dealership in your area. Even if the vehicle is originally from another city, the vehicle can be returned in your area. Give the leasing company a call and they can tell you which dealer can take your lease.
You can do the following when your lease term ends:
*Some leasing companies have restrictions, so it’s best to call them directly to verify.
The dealership will usually get you the license plates when you are picking up the vehicle.
Yes, you will need a good credit score to takeover a lease. All leasing companies run credit checks. Some leasing companies might be more flexible than others when it comes to your credit score.
Most vehicles will be covered under manufacturer warranty for the duration of the lease. However at times a lease can be longer than the warranty, so its best to verify at the dealership.