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Lease Swapping Questions and Answers

5 messages,  Last post on May 06, 2009 at 11:12 AM

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#4 of 5 Re: Lease swap makes sense? [sanana] by golic May 06, 2009 (10:44 am)
Replying to: sanana (May 06, 2009 9:27 am) Review the Leasing Co's guidelines on wear and tear as well. Will they charge you for every dent and ding, or only if it exceeds a certain size, such as a quarter? Also lead at the provisions on Tire treadware, some leases require you to replace tires if the treadware is below a certain level. Make sure you are not walking into a future excess wear and tear bill!   Review the mileage allowance and estimate your mileage usage to ensure you will not get stuck with an excess mileage fees. If the lease allows 12K per year and you are in month 22 and there is 28K miles on the car, that only leaves you 8K for the balance of the lease term.   Find about any sales/property tax implications of the transfer. Some states, may treat this as a transfer for value and subject the transaction to sales tax. And in this case, you will need to write a check.   Remember, you are assuming a lease, which requires you as the lesee to abide by certain rules and to adhere to specific guidelines. If I purchase a used car, it may not be a big deal that the prior owner did not follow the scheduled maintenance, but it may very well become an issue on a lease when you go to turn in the vehicle.   I am with boom. Compare the current swap with a new vehicle. If both payments are in the same ball park - you may be better off initiating your own lease.   Keep us posted.
#5 of 5 thanks! by sanana May 06, 2009 (11:12 am)
Thanks guys! A lot of useful information. Actually this was supposed to be my next question that in case I assume someone else's lease, what are the things to look for. very useful info. I think there are a lot to think about and I need to resume my search for a fair deal on a new car, I think it will worth it. Will let you know...

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