Lease transfers in Yonkers
If you have experience as a lessee, you would have probably come across the concept of a lease transfer. The idea of a lease transfer is quite self-explanatory; it is the concept of transferring your lease to another individual. There may be slight variations in the terms of a lease transfer depending on the company and the individual. Some auto leasing companies prohibit this practice due to the fact that it complicates the process and forces a customer to stay with them through the end of the lease.
When a lease transfer occurs, the assuming party has to take responsibility of the remainder of the lease. Some auto leasing companies may hold the initial lessee responsible as a secondary contact. Another difference lies with the down payment; some lessees would request a percentage of the down payment as compensation from the assuming party. As a person taking over a lease transfer, this is usually a sour deal but you may consider it if you feel it is still worth it depending on the condition of the car and the amount of time left on the lease.
Lease transfers with Yonkers Auto Leasing
At Yonkers Auto Leasing, we believe that a lease transfer is a very beneficial process as it is a win-win-win situation. The lessee giving up his lease has the opportunity to get out of his contract without any major financial penalties, the auto leasing company continues to receive their business as the assuming party will pay for the remainder of the lease and the assuming third party has the opportunity to drive a car on a very short term basis, usually without having to make a down payment.
Based on these benefits, we strongly recommend the practice and suggest this to our customers if they want to cancel their contract. Most people still opt for a cancellation instead of a lease transfer despite the fact that the former is more expensive as it may take an indefinite period of time to process a lease transfer. This is where Yonkers Auto Leasing comes in. We are willing to offer our full support and look for leads willing to take over the remainder of the lease. We have a dedicated team who will ensure that a lessee will be quickly found so they won’t have to wait too long. In addition, they won’t be liable to as much of a fee in comparison to a cancellation. Of course, depending on the type and price of the vehicle, the speed of acquiring a new lessee may vary but for the most part, our leasing team is able to find a suitable lessee in a very short period of time.
Our lease transfer services are available to anyone under a lease. Even if you are not currently leasing your car with us, give us a call and we’d be happy to help. Our hotline can be reached at 914-205-4242.