We need a vehicle for only a year in Brookline, MA for a family of 5. Can one assume someone’s lease for just a year? How does one go about it? Is it cheaper to rent a used car? How do we find those companies?
Why not just buy a used car, drive it for a year, and then sell it? This seems much less complicated than assuming someone else’s lease. I’m sure you can do it if that’s what you want to do, but it doesn’t sound like a good idea to me.
Do you own a vehicle now?
What do you plan on doing after that year is up? You have to take the car back and might incur some penalties if you drive more than the allotted yearly mileage(typically 12~15k miles per year). google lease take over and you’ll be inundated with websites that will allow you to take over someone’s lease. keep in mind some transfer fees will apply and you might wind up getting off cheaper doing a long term rental, or even buying a cheap used vehicle then selling it when you’re done with it.
It is a very risky move taking over someone else’s lease. You will be liable for all extra charges generated by the previous lessee. He ducks out of his responsibilty for excess miles, dings, and scratches and other cosmetic faults, transferring responsibility to you.
I support the idea mentioned above of buying a used car and reselling it when done.
If you truly require a late-model car, contact one of the budget car rental companies for a one-year lease.
Unless the expense is tax deductable, there is NO GOOD REASON to lease a car. Ever! End of rant. You will lose far less money by buying a three to five year old used car, and selling it at the end of a year. You might even find a used car dealer who would be willing to make you a buy-back guarantee deal. Of course he’d want ot sell it for (close to) retail, and buy it back for (close to) wholesale, but it will still cost less for the short term. All things are negotiable.
My leasing problem, or rather my wife’s, is just the opposite: she leased an eight cylinder Buick Super in February. It requires premium gas. The lease amount she agreed to is not a little bit. She now realizes it’s a cruel world out there and that car salesmen are not your friend and gasoline is $4 and heading higher. I’m strongly considering listing the Buick with one of the lease assumption companies such as Swapalease or SwitchTrader, but I really dread the hassle and the chance that the guy assuming the lease will head south (although I understand the screening process is pretty thorough).
And, yes, I will accompany her the next time she ventures forth to secure transportation.
It can make sense to lease for a year if your circumstances are right. There is also a cost for convenience in returning the car that can be factored in (you assign the value; it’s personal thing). Make sure you understand the requirements of the lease you want to assume, especially any penalty clauses. Mileage is very important and is often accompanied by stiff fees for going over. Timing has to be just right, too. You want the lease to end just as you leave Brookline so that you don’t have to sublet it or rent a car after the lease ends. You will also want to make sure that it runs well. You will be liable if the previous leassee abused the car. If you assume the lease, you are legally responsible for any problems due to abuse. And you don’t want it in the shop for repairs at your expense, anyway.