Anyone here who has taken over a car-lease from someone else? What are the disadvantages one should watch out for?

Check out the site leasebusters.com. My friend just used the site to take over a lease on a Smart Car.

I'm looking at this site to take over a lease. As with all contracts make sure you read the fine print when taking over a lease!

Good luck!

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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK

Unless you are going to write off the lease expenses (done usually when you have a business registered). It is not a good idea to lease a car. I have been there, and had a tough time getting out the lease, when the lease payments became unaffordable, I had to shell out 3 months lease payments to the guy who took over the lease.

If I were you, I would do a lot of research before signing a lease, Also remember leasing is like renting a car with restrictions on how many kms a year you can drive (You pay extra if you cross the limit). also you don't own the car, the leasing company does!
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Takeover Lease
Anyone here who has taken over a car-lease from someone else? What are the disadvantages one should watch out for?

It is true it is hard to get out of a lease once signed as it is a formal written obligation you have to fulfill.

You say when you lease a car, the leasing company owns the car...true. But when you finance a car, it is also owned by the company financing the car as well. It's sort of like a home and mortgage. Sure you live in the home but the bank is still the owner of the home (at least for the remaining amount owed to them).

Ideally it is better to lease when you are writing it off as a business expense for your business. Depending on your situation as well, monthly lease payments are more affordable than financing.

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Originally posted by cir57

Unless you are going to write off the lease expenses (done usually when you have a business registered). It is not a good idea to lease a car. I have been there, and had a tough time getting out the lease, when the lease payments became unaffordable, I had to shell out 3 months lease payments to the guy who took over the lease.

If I were you, I would do a lot of research before signing a lease, Also remember leasing is like renting a car with restrictions on how many kms a year you can drive (You pay extra if you cross the limit). also you don't own the car, the leasing company does!
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Takeover Lease
Anyone here who has taken over a car-lease from someone else? What are the disadvantages one should watch out for?

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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK