The widespread pandemic has globally impacted everything. Every industry has taken a hit as things are changing all around. For example, take car lease termination. The analysts at Edmunds report that in this quarter, they had hoped for more than a million leased vehicles coming back to car dealerships. Owing to numerous shelter-in-place orders, the majority of people have to handle the dilemma of handling their vehicle lease return safely or the prospect of returning at all. 

Usually, lessees have to choose an option. They either have to turn their lease vehicle in and buy/lease a new car or extend their current lease for fixed-term or month-to-month. Transferring the car lease to someone is another option. Car leasing shall thrive and see better opportunities shortly. If you are contemplating purchasing a new vehicle and leasing a car, and have decided to go ahead with a car lease, there are some considerations you should pay attention to. 

We are going to observe the different factors involved in the car lease process and also take a detailed look at the car lease transfer option that has become quite common. Read on below to learn the essential considerations before you go for a car lease:

1) Total Costs of Lease Period

First of all, see that you calculate the total estimate costs that you have to bear by the end of the lease term. These are going to include the down payment, extra mileage cost, fuel expenses, monthly installments, repairs, and taxes. Add all the costs and see if the car lease worth it. 

Many end up paying a lot of money for a deal that is not worth that much. You should also consider the option to purchase the car when the car lease term ends. It helps in determining your car’s residual value. Take all these into account and assess if the deal would get your value for money.

2) Car’s Mileage and Residual Value

You would come across some deals that might seem attractive but would a couple of limitations to make up for the lower costs. One of them is mileage limitations. Car leasing companies allow you limited miles in a given period. Pay attention and calculate how much you drive and then how much you shall be driving the car in the future. Then, consider the limits the company imposes in the contract. You will have to pay a heavy amount for every extra mile that you drive than the allowed limit. 

Then, there is the residual value. Residual value is the estimated worth of the vehicle when the car lease ends. It gives you an idea of how much you shall earn if the car sells when upon completion of the lease term. Usually, cars that are available for monthly installments have higher residual value.

3) Upfront and Hidden Costs of the Car Lease

Always be wary of those advertisements and car dealerships that offers that claim to have surprisingly low monthly payments. Chances of this happening are when you are required to pay a higher down payment. Also, another factor to think about is whether you are going to pay down payment for a car, which is the property of the leasing company. Make sure that the cost is justified and worth it. 

Drive-off fees, along with the down payment, is the most common example of hidden costs. Many car dealerships ask for it. This way, hidden fees are added to the contract that reduces the appeal. Always remember that the total cost of the vehicle is not going to change, no matter what package you buy. Smaller down-payments lead to higher monthly payments. 

4) Options for Car Lease Takeover

Another key factor you ought to think about is a car lease takeover. If you are successful in finding a good deal, good for you. But if you think that is not going to be worth paying the costs for the car lease agreement and other details, you can take over someone’s car lease. Compared to leasing a new vehicle, there are many perks to that.

First and foremost, you will be free from paying up-front costs. You can get a car and take over the remaining monthly installments. The car lease is yours now. And the person who has transferred the car lease may be suffering from financial issues will be free from the expense of paying installments. In some cases, they end up offering extra incentives to the buyer merely to get rid of their car leases, such as no additional cost for interior or sound system.

So, taking over someone’s car lease could be the best option for you. But no idea where to start? We are here to help with that too.

Car Lease Takeover with Quitalease 

Quitalease is a platform that has become popular due to the single platform it provides for car lease swapping. Through Quitalease, both buyers and sellers find each other and negotiate a deal. Those who are looking for a car lease find one. Those willing to sell, find a seller. Its that simple. People have struck a deal within a week even as per customer reviews. There are no down payments either. Both the seller and buyer go home happy.

Quitalease - How does it work?

1. Read on below for a step-by-step guide that will help you in using Quitalease:
2. First of all, visit the official website of Quitalease and sign up. You will have to enter some details like your email ID and phone number.
3. After registering on the platform, log in to your Quitalease account.
4. Now, choose the Search Listing menu that you are going to find on the top of the page. It will show you all the available vehicles.
5. Select your car’s make and model and then, under the Take over car lease tab, add the zip code of your area.
6. The website shall show you the matching results according to your requirements.
7. You can use filters to further customize your search. 
8. There is also an option to saving a car listing you might view later on.
9. Once you find the perfect option, you can get in touch with the owner directly. You can ask questions, discuss things, and if it seems right, strike a deal.
10. After reaching an agreement, the leasing company has to be contacted, and the financial details are sent to them for evaluation. 
11. Once the company approves, you can get the car.

Compared to other car lease swapping platforms, Quitalease is trending as it offers numerous plus points, such as detailed answers and the way you can use filters and tweak your search, etc. These include body styles, car make, car model, mileage, transmission, color, price, etc. The variety is endless as new cars are added to the list daily. All in all, with Quitalease, you can get your hands on a car in a short time. And it could be the car of your dreams.