Taking over a lease.

[rufusgti]

I was half listening to a recent smoking tyre podcast and they started chatting about a website they had been on where people offer up the lease deals they no longer want. The idea being if you wanted a shorter term or was less picky on what colour or spec you wanted there could be something there at a good discount. I can't remember the name.of the site, and would obviously be US based. But are there any alternatives here in the UK worth looking at?

Any experience or advice on looking into this.

[Saleen836]

Like this...
http://www.swap-a-lease.co.uk/ ??

[omniflow]

I've done it and had zero issues. The formal term is to novate a lease, and the leasing companies are totally supportive. You have to pass the credit checks as if you were taking out a new lease.

You will need to negotiate with the current lease holder about the up front payments, actual condition of the car and current mileage. Depending on all 3 of those one of you might need to pay the other some money. The balance / trade-off here is where it gets interesting. You get people who've used up 3 years of mileage allowance in the first 12 months, so are offering to pay someone to takeover their lease. If you want that specific model of car and don't plan on massive mileage, it can work out.

I found my car on here, but there are websites where people advertise.

[anonymous-user]

Saleen836 said:

Like this...
http://www.swap-a-lease.co.uk/ ??

There only seems to be about 30 leases on there, of which around 10 are personal.

Got to love the optimism of the guy who is looking for someone to take over the lease on his Volvo XC60 D5 at £ 640.81 +vat a month until march 2022.