A private lease is the process of assuming a lease from another party, and not the lender or bank. This means that a third party takes over a lease from the person that leased the vehicle from a dealership. These types of assumptions are typically handled by yet another party, or company, that deals in private leases. If you decide you wish to pursue this type of arrangement, you should follow these steps.
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Prior to taking on a third party lease you need to discover what types of vehicle you want. Next you should compile a list, as your first or second choice may not be available to you.
Next, you need to find an auto lease assumption company to handle your transaction. You can find dozens of these groups on the Internet or perhaps even in your local phone book. Finding a company online is preferable, as these companies will often provide a list of vehicles they have for you to choose from, and hopefully assume.
Search the lease company's online database to see if you can find a car that matches one your top choices on your pre-determined list. If you do not find a good match for you feel free to look at other companies until you can find a suitable car for your needs. Once you find a car that is a good match you can review the details. This includes not only the make and model but also the terms of the lease (length and monthly payment) as well as rates, discounts and any other pertinent information.
Using the online service you can select a car that matches your preferences. Note just because you select a car doesn't mean you will automatically get it. First you will express your interest, then, you will have to fill out the proper online forms.
Next will be the application process. Fill out the online forms fully with such information as your social security number, your monthly cash flow, bills, personal information and a credit application. This could take ten minutes or more, depending on what company you use.
Once the application is approved you can sign any required documents and complete the transaction. You should be able to pick up the vehicle shortly thereafter and the process of assuming a lease is over. Altogether this process is fairly easy, and painless and you should be able to find a good match for your needs if you are persistent and patient. Note that your lease with your new vehicle is not handled entirely through this third party company. Failure to pay your monthly payments will be dealt with, and unlike some banks and vehicle finance companies, they may not be so forgivable on late or untimely payments.
