- Personal Finance
A No Money Down Lease
If you're thinking of leasing a car, the first place you'll hit is the dealer. They will structure a payment plan to your liking and then have you pay out a down payment. Those down payments can be pretty steep too. On an average car you could be looking to two to three thousand dollars. For a luxury car it could be much higher.
How to Break a Car Lease Without Penalties
What the Dealer Won't Tell You
But what you may not know, and what a dealer will not likely tell you, is there are ways to get a no money down lease. A no money down lease will probably not happen at the dealer. There are legitimate services that buy and sell leases. What they typically do is find a buyer that wants to get out of a lease and pair it with a seller that wants to get into a lease but does not want to pay a down payment or would like a shorter term lease than a dealer provides.
Lease Transfers on eBay
Lease Transfers - An Unknown Option
This concept is known as lease transferring. Essentially, it gives a person who wants to get out of a lease the ability to transfer it to someone else who wants to get into a lease but not from a dealer. To attempt to handle this yourself is asking for trouble. You would need to get a credit check from the counter party and then you will need to know the proper documentation and the correct contacts plus you would need to know the appropriate state regulations regarding this kind of transaction. It's a tall order best left to a company that is experienced in this area.
Would You Consider Transfering Your Lease?
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Trade Your Lease
So the next time you are considering leasing a car, don't feel that the dealer is the only place to go. You can save a ton of money by seeking a no money down lease. These leases are available from a reputable lease transferring company. And if you want out of a lease this could be a viable way to do it without incurring termination fees.