Since we launched our brand new Lease Takeover Marketplace two weeks ago, dozens of Canadians have listed their contracts for transfer. And so after that, multiple other visitors have started contacting them to know more about the contracts, setting up appointments and numerous vehicles have already been transferred. We are more than happy to know that all of our efforts are resulting in a great benefit for our audience and our commitment to improving it goes on. Today, a fast guide to explain what should you do if you found a lease takeover you would like to take on.
Your Credit Score First
If you have read any other of my articles related to lease takeovers, transfer, new car leasing you will find this a common factor. It may sound repetitive, I know, but the same way I repeat it so much, it is also on every single ad you see out there. Even if it is a TV commercial, a Spotify ad or a radio ad the 'subject to credit approval' disclaimer is a must. Every single step on a contract that requires special financing, will be subject to your credit.
So, before jumping into any kind of talk, dealership or even bank, you need to know what your Credit Score is.
Just imagine what a waste of time would be to go to a dealership, get an offer, discuss it with your partner, make plans, sell your car to someone to later find, that the available financing options for you were different than the ones you originally made plans for. Do yourself a favor and check your score right now with Borrowell Canada. It is completely FREE and will save you a lot of headaches.
Get in Contact & Setup a Meeting
There are multiple things you will want to know and confirm for any contract you want to take on a lease:
- Ask every single detail you may be interested from the contract?
- What is the dealership in charge?
- What day of the month (or days) is the payment made by the bank?
- Was the driver a smoker?
- How much per month does the insurance cost?
- How many Km are registered on the odometer right now?
- Do you have all oil change paperwork?
Once you feel confident enough, set a meeting and then prepare for going to review the vehicle.
Reviewing the Car & Papers
You have to Test drive it. Although most leases for transfer are for vehicles of more than one year on the market, there is a slight chance that it is from this year and it is still available. This means that you can go to any dealership and do a test-drive of a brand new vehicle. It may sound weird, but the fact that you test a brand new car will help you achieve two things:
- You will confirm is the one you want: Driving the exact same model is the most complete and satisfactory way to come up with a decision. If the car is still available for sale, give it a try before.
- Know what to expect: If there is any noise, problem or missing piece, you will have the perfect reference as if you were jumping into a car you have never seen before.
So, once you set up the meeting, then you can go and give the car a try:
- Test drive it. This is a must. Test your phone integration, if it fits in your parking spot or garage and if it is what you expected.
- Check for the status of the interior/exterior: Ensure there is no damage, no missing main pieces (radio, seats, wheel covers, sunshades...) and if so, evaluate the
- Review all paperwork and ensure to have a copy for you if you decide to take it.
Now you are ready to call the dealership and tell them which contract you want to take over :)