Lease swaps

[Blown2CV]

Now I want a newer car, and I am not altogether sure where I am going to be in a few months time. I have been made aware of this concept of lease swap (where you take on someone else's contract hire deal part way through) and was wondering whether anyone had done it and things to watch out for. Clearly you are bound by the terms of the original contract, and you are effectively taking on a used car that could be in any state. If one had a bash in it, presumably the swapee is liable to repair by end of term? Are any of them repo's? Do you need a deposit?

[mattviatura]

You will need to be underwritten and fulfil the same criteria as the entity to which the vehicle was originally leased satisfied.

Leases are usually only transferred to the same type (eg Limited Co. to Limited Co.).

A deposit won't normally be required but a broker may make a (rightful) service charge as it can be a complicated business and more often than not the staff at the finance company won't have a clue how to proceed with it.

I've transferred lots of leases for customers (and myself) before but in truth not for a few years now.

[Blown2CV]

i figured the entity matching thing, but kind of was of the opinion that it was up to the swapper to pay any fees as they are the one 'in the st' and needing to get out of the contract!