Are you someone who is stuck in a long-term car lease and have an eye on a new car? Waiting for the lease to get paid off can be difficult if you cannot afford to pay off the rest of the lease at once. Or are you someone who is looking into buying a car who doesn’t want to go through the hassle of getting the lease accepted and processed by the bank?
Here’s the best way to get yourself a new car lease:
Head over to Quitalease.com
QuitALease.com is an online platform that matches people who want to exit a lease with those who are looking to take over one. The platform was created to facilitate a marketplace between lease buyers and sellers. However, is car lease swapping a viable option? Let us explore how QuitALease.com works and if it will benefit buyers and sellers in this detailed review.
Why would anyone want to take over a car lease?
There are many benefits to taking over a car lease. When you take over a car lease, you do not have to worry about giving an upfront payment because someone else would have already taken care of that. If you are lucky to find a good deal, you can end up saving a lot. A good deal might mean that the seller waves off a few months’ payments for free. QuitALease claims to help you find such good deals on their platform.
Why would someone want to get out of a car lease?
Usually, people want to get out of a lease when they are moving to a new place, getting married, divorced, or just want a different car sooner. QuitALease gives incentives to the lease seller as well. They can avoid extensive charges involving the termination of an auto lease by swapping it with a buyer who is interested in that car. Lease termination also affects your credit rating, making lease swapping a better option for many.
How does a lease transfer work with QuitALease?
QuitALease has a very simple and easy-to-use interface. You can use it by following these steps:
Step 1: You need to begin by posting your car lease Ad on QuitALease.com. The way you present your ad affects the quality of your buyers tremendously. You can attract more and better buyers by giving detailed information and uploading high-quality pictures.
Step 2: Reply to offers. Once your ad gets posted, you need to keep an eye on your QuitALease inbox. From there, you can select a buyer that you find the most appropriate or the transfer.
Step 3: Initiate lease transfer: The lease buyer would submit a credit application with the leasing company. During this time, the leasing company assesses the eligibility of the buyer to take over the lease. If the application gets approved, the lease transfer documents get prepared. They then get forwarded to the lease buyer and seller.
Step 4. Complete the transfer. It is the final step. Once the papers are signed, they are returned to the leasing company, and the keys are given to the buyer. Now, the new lessee is responsible for the remainder of the car lease.
How does taking over a car lease work?
Here is a step-by-step guide on how you can take over a car lease using QuitALease:
- Register your account at QuitALease.com by entering your contact information like your email address or phone number.
- Select the “search listing” option at the top of the home page.
- You would then get redirected to a list of all the available vehicles. There are filters available on the left-hand side of the page to narrow down your search.
- You can filter your search according to the make, model, color, mileage, fuel efficiency, and zip location. Additionally, the price-by-month option helps you find the right car that is within your budget.
- If you like an ad listing, you can click on the message or call icon under the ad to communicate with the seller.
- Ensure that you ask all the questions that you have in mind about the vehicle.
- If you reach an agreement, you would have to send your financial documents to the leasing company or evaluation.
- If the evaluation is successful, you can take over the car and the rest of the lease.
How long does it take to transfer a car lease?
The lease time mostly depends on the leasing company that is involved in the transfer. Some companies get it done in as little time as a week, while others could take several weeks. The time the application takes to process depends on three factors:
- The credit decision process, which takes around 24 to 48 hours.
- Creating and processing the lease transfer documents, which could take around three to five days.
- The turnaround and mailing time, which could take around a week.
Why choose QuitALease?
- Transferring your lease via QuitALease is quick and easy. It promises to provide you with an early vehicle lease transfer.
- QuitALease makes the work easy by taking over the task of connecting the seller and the buyer at one platform.
- It has a large database of both assuming and transfer lessees.
- Provides full protection of customer information, preventing unauthorized access to sensitive information.
- It provides free listing options. It means that you can sign up at no cost.
- QuitALease assists you through the entire leasing process to ensure that the seller abides by the leasing company’s policies. It means that there are lesser chances of any scams.
- QuitALease currently has over 600 vehicles, over 2600 registered users, over 5000 have been paid out to the owner, and has over 600 bookings.
Does QuitALease participate in the legal process of the ease transfer?
No QuitALease does not take responsibility for that. It is just a platform to match ease buyers with lease sellers. The lease transfer process is initiated by the original lessee’s leasing company.
Are there any hidden lease transfer fees associated with the lease transfer?
The lease transfer fee is very subjective, depending on the leasing company involved. The leasing company usually takes the lease transfer and credit application fee that differs from every leasing company. Therefore, you must contact the involved leasing company and inquire about the fee beforehand. The change of vehicle ownership also involves licensing or registration fees according to the policies of your state.
What should you keep in mind before taking over the car lease?
- Wear and tear of the vehicle. You must be very careful in getting the car checked by a car inspection company about the wear and tear of the vehicle. QuitAlease does not offer this service, so you have to use a third party for this service.
- The car lease kilometer limits. In most countries like Canada, ease agreements usually cap the annual mileage at 25,000 kilometers. If you go above this limit, it means that you will have to pay extra charges for it. Before taking over a lease, make sure that the car in question has not used up its annual allotment. It is also essential to estimate how much mileage you intend to use for the rest of the year to ensure that the mileage left is more than enough for you.