A client of ours sent an email today addressing this specific concern: what are the procedures to take over a car lease? He specifically split it over with five questions I will discuss in this article. All of these logical and useful questions/answers that are worth to share with you all who may share the same concerns:
1) What are the steps to take over a lease?
I would say the first step is to contact the owner right away. Lease takeover deals are very volatile as somehow, offer one of the best-balanced solutions for transportation and peace of mind. Once you get them aware that you want to see the vehicle, follow the step by step guide in my article: I Found a Lease Takeover I Want: What Should I Do Now?
2) How long to complete the takeover?
It is subject to multiple factors, but basically should be completed between 1 and three weeks from the moment you initiate contact with the current owner of the vehicle.
3) Should I directly contact the owner?
Yes, that is how it works. The owner has the legal right on his contract to transfer/assign his contract to someone else after being approved by the dealership and the financial institution behind the installments.
4) Any charges of LeaseCosts?
Nope. We do not participate in the transaction. Our purpose is to facilitate the connection between you (the buyer) and the person who is listing his contract in our Lease Takeover Marketplace.
5) Do I need to check the vehicle through CarFax myself?
I wouldn't say it is a need, although I would always recommend it. CarFax reports encourage transparency on the transaction and speed up the closing of the deal incredibly. I would suggest asking the vehicle owner to send it to you. They can just do it once (will cost them 39.95CAD +tax) and then share it in their listing with all other visitors of our marketplace.
It will simply improve transparency and the chances of the vehicle being transferred faster.