Car Toyota Transfer Warranty
How To Lease The Car Of Your Dreams With No Money Down
Do you have an eye on a sporty BMW 335i but just can't seem to scrape together the cash for the initial down payment? Many luxury car companies are offering very attractive monthly lease rates on their new models nowadays but that still means you usually have to come up with a huge wad of cash at the start of the deal. For example, BMW is offering a $469 a month lease on the 335i but you still need to have about $5, 000 when you initially sign the contract.
Granted, there are $0 down payment lease offers out there at the moment on some new cars but that doesn't take into account fixed fees like security deposits and acquisition costs. But there is an alternative. Did you know that at any time during a lease the lessee can have another person take over payments? While most manufacturers charge a small transfer fee you can always try and get the initial lessee to pay that cost. (Transfer fees vary widely-Mercedes and Land Rover seem to charge the most while Ford Motor Company/Mazda vehicles only require a $75 transfer fee.) Usually there is just one simple form to fill out for the manufacturer's leasing arm and then presto! The new owner just keeps paying your monthly lease payment each month until the vehicle needs to be returned. Finding the Best Lease to Assume-The quickest way to find the best lease assumption deal for you is to turn to the internet. Sites like Leasetrader.com, Swapalease.com and Leasetrade.com all have thousands of listings made by various private parties looking to offload their lease. There are also other sites but most of them work by having the people who advertise on the site pay while "lease assumers" (meaning you) enjoy the benefits at no cost. Luxury cars are heavily represented in the listings as many of these lessees have either lost their jobs or just can't afford the payments anymore. If you feel like this is "taking advantage" of someone else's misfortune, imagine how unfortunate it will be to this other person's credit rating when their car, truck or SUV gets repossessed. In fact, if you assume someone else's lease you are really doing what amounts to a public service. What You Need to Know-For example, ads displayed on LeaseTrader.com show all the information you need to know to understand what you are getting into. For example, it lists how many months are left on the lease, the exact monthly payment, which firm the lease is through (manufacturer leasing companies are the safest bets), the exact option specification, accident history, maintenance history, cost to buy the vehicle at the end of the lease, photos and where the vehicle is located. Many people also use lease assumption sites like this to look for a new car when they are moving. But if you aren't going anywhere anytime soon these websites allow you to search for vehicles in your local area. For example, if you want to assume a lease on a Mercedes ML350 SUV and live in Denver you probably don't want to look at one that is located in Delaware. Before starting your search, decide how far it is you are willing to drive to pick up the vehicle you intend to lease. Don't Be Stupid-These websites are meant to connect you with individuals looking to offload their leased vehicles but none claim to have any proof that these people are in any way honest. If it sounds too good to be true it probably is. And as always, don't pick up the vehicle until all of the paperwork has gone through with the leasing company. You don't want to be driving around in a vehicle that is still under someone else's name. By James Hamel - I live near Laguna Beach, CA and am a full time freelance auto journalist who got his start on this very website. Now I work for 3 sites full time reviewing and road testing new cars. Contact me via twitter...Next page: Cadillac Extended Warranty
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Car Toyota Transfer Warranty News
Elite Auto Warranty
3 Nov 2010 at 8:33pm Get your warranty for your car Don't forget to share with me in my blog tags: car_insurancecar_quotesauto_warrantyTechnologyRead more...
