If you are unable to make your car payments, you may be able to avoid repossession by voluntarily surrendering the vehicle. While voluntary repossession is a viable option for some consumers, it can have serious consequences. This includes not only being liable for all remaining lease payments but also having your credit score negatively affected. You should consider transferring the lease instead of choosing voluntary repossession if you want to keep driving and maintain good credit standing. A lease takeover company like LeaseTrader will help with this process and ensure that the transfer goes smoothly without any negative impact on your credit history or finances.
How a Lease Takeover Can Save your Money
Leasing is an excellent alternative since you pay less upfront and have more flexibility when it comes to returning the vehicle at the end of your lease term. However, if you don’t do your research ahead of time, there are some major drawbacks to leasing as well.
Here are five things to consider before entering into a lease agreement so that you can get the most out of this financial arrangement without being caught off guard by any nasty surprises.
Loans or Leases
Car leasing offers many benefits that make this option very attractive for many people who don’t want to buy their vehicle outright but also do not want to pay high monthly payments like those of traditional auto loans or leases. Read our guide and learn how leasing works and why it may be beneficial for you too!
Regular Auto Loan
A takeover lease is similar to a regular auto loan, but with one major difference — at the end of the term you have three choices rather than two. Undertake an early buyout – Pay off any remaining balance plus interest; trade into another vehicle from our inventory without penalty; or turn in your vehicle and walk away with no further obligation! The choice is yours!
Break Your Lease
Whether you’re looking to break your lease early for an upgrade or want to find out what your leased vehicle is worth in today’s market, we can help. Simply enter some basic information about your car into our quote form above and we’ll be able to tell you how much it will cost to end the lease busters Canada Calgary (if any), as well as give you an estimate of its value in today’s used marketplace based on mileage, condition, and trim level. You can also view other vehicles currently listed for sale by owners near you that are similar in make/model/mileage etc.,