Lease transfers in New Jersey
In a lease transfer, you, the lease holder, can transfer your lease to another person. This means that you will no longer be responsible for payments. This is usually done if the original lease holder can’t meet payments. As you may know, this can result in penalties. If you need to get out of a lease contract and you can’t pay the penalty fee, you can do a lease transfer. It is one of the best options in auto leasing on a budget.
Most car leasing agencies don’t allow for lease transfers to be done. This is because: some of them are too lazy to do the extra paperwork. It can also happen because the leasing company feels like it is a threat to business. If you need to exit a lease and it doesn’t have a lease transfer option, you will have to pay a huge bill.
How a lease transfer works
There are three parties involved in a lease transfer. These are:
1. The original leaseholder – This is the person who paid a down payment on the vehicle and got it on lease. In this situation the person needs to exit the lease without paying a fee.
2. The assuming leaseholder – This is someone who will take on the responsibility of the lease. They will pay off the final portion of the lease and get the vehicle.
3. The auto leasing company – The owners of the vehicle in question and the party to whom lease payments go.
All three parties benefit from this process. The original leaseholder doesn’t have to pay a big sum and is free. The assuming leaseholder doesn’t have to pay a down payment. They also get to use the vehicle for the rest of the lease period. The auto leasing company gets paid anyway, and the contract will be kept true.
Lease transfers with New Jersey Auto Leasing
New Jersey Auto Leasing cares about the welfare of our customers. Our sales personnel always recommends the lease transfer option to customers. If you were to call us to ask about ending your lease, we will tell you about this option. We also help you in finding an assuming leaseholder. We even help prospective assuming leaseholders to find sellers.
Risks of lease transfers
There are a few minor risks when doing a lease transfer with a stranger. For example, the vehicle has to be in great condition. It must not have been misused in anyway. This is because a damaged vehicle would have to be repaired by the new leaseholder. That is just unfair. It would also mean the new leaseholder would have to pay the auto leasing company for the damaged vehicle.
This doesn’t have to be a risk at New Jersey Auto Leasing. We investigate the condition of the vehicle before approving a lease transfer. This is because we care about everyone who does business with us. This is something most car leasing companies do not do.
During these investigations if damages are found the leaseholder usually complies. This is because in most cases it is a surprise to them as well! If you want to taste the service that we have described, you should simply give us a call on 201-942-5151 and start the process. Our experienced agents are always here for you.