Does the seller pay any fees? The only fees the seller pays is the Car Lease Advisors matching Service and advertising fee. The lease company often will charge an application fee and transfer fee which is typically paid by the buyer.
Like everything in life this can be negotiated between the buyer and seller. Depending on the condition of the car, the amount of remaining payments and the amount of those payments we may recommend offering an incentive to the buyer. Please consult with a Car Lease Advisors for an honest assessment of your situation.
Remember,Car Lease Advisors does not work on commission, so we always have your best interest in mind.
Will my name be removed from the title? Assuming your lease company performs lease transfers (most do), Yes. Click here for a list of most lease companies and there car lease transfer policy. Once the buyer has been approved by your lease company your name will no longer appear on the cars registration.
What makesCar Lease Advisors Different from all the rest? Many things!
1) Human interaction, you will hear us mention this as a theme of what we do. Prior to engagingCar Lease Advisors you will consult with a Car Lease Advisor concerning your current lease, payments remaining, amount of payments, condition of the car, and other conditions that will allow us to give you an honest opinion of what you should expect. We sometimes lose sellers by doing this as certain lease takeovers just won’t make sense for a buyer if the seller is not willing to make concessions.
2) Our marketing and advertising service goes much beyond our primary website. We many times will look to market your car in a Tri-State area’s largest cities. We have found locating a buyer as close to where the vehicle is garaged is most beneficial to getting a deal done. Shipping a standard sedan from Florida to California can add an additional expense of $1,200, that sometimes is enough to kill the deal.
3) Buyer pre-qualification. This is very important as to not waste time with non-qualified buyers and have the car off the market. We will know within thirty minutes if a buyer will qualify to take over lease payments based on standard lease qualifications.
4) The art of negotiating. Unlike most of our competitors we will get right in the middle of things. When representing a seller we understand exactly what the seller is expecting. When we have a qualified buyer we start the negotiating process to get a deal done.
5) Lease transfer process. Rather than throw the buyer and seller into the process of performing the actual lease transfer process,Car Lease Advisors will walk the buyer and seller through the process to assure the deal gets done.
How long after I list my car will this process take? We can never guarantee how long the process will take. In most cases Car Lease Advisors will find a buyer to assume your lease within forty-five days from the date your listing went live. We always advise our sellers to be reasonable concerning the outcome they desire. The transaction must make sense for the buyer, right? What setsCar Lease Advisors apart from all of our competitors is our human interaction from the start to finish of the process. Prior to us accepting and listing your car we will instruct you concerning the potential deal that should be presented to buyers. In some cases we will ask the seller to make some concessions to motivate buyers to doing a transaction. Call a C Car Lease Advisor to learn more.
Who can use Car Lease Advisors? Both buyers and sellers utilize our service. Each deal we do is independent of each other, meaning you do not need to swap a lease to work withCar Lease Advisors. Sellers use our service to get out of an existing lease, while buyers find they often can save much money by assuming a sellers lease. Often it is a win, win, for both parties.
Can I just terminate my lease prior to scheduled end date? Yes you may, however doing so typically comes with significant consequences. Many lease companies charge early termination fees that can be thousands of dollars. having your lease assumed by another individual is far less costly.
What if I do a voluntary repossession? Call it what you will, but a repossession is a repossession. You may want to click here to learn more about voluntary repossession and its consequences. Our general advice is to do whatever is in your power to avoid a repossession of any type.
How exactly does the lease transfer process work? Generally speaking the process is the same for most lease companies. The buyer will submit a credit application to be reviewed by the lease company. Upon approval lease transfer documents will be sent to the buyer and seller. Once all documents have been executed and returned the the lease company and processed the lease transfer is complete.
Why doesCar Lease Advisors USA utilize a Attorney Escrow service? The buyer will need to place a deposit in escrow to show they are serious about moving forward with the process. The primary reasonCar Lease Advisors requires a buyers deposit is simply to avoid removing the car from the market place to have the buyer walk away and not complete the transaction.
How much does the buyer need to place in escrow? The buyer will be required to place in escrow the application fee, transfer fee charged by the lease company and theCar Lease Advisors success fee.
What happens if the buyer is declined by the lease company? As mentionedCar Lease Advisors will pre-qualify each buyer, so it is unlikely they will not be approved. If by some chance the buyer is not accepted by the lease company the escrow service will release 100% of the money in escrow.
What happens if the buyer walks away from the transaction? If the buyer is approved by the lease company and subsequently decides they do not wish to take over the lease they will be refunded 50% of what remains in escrow. The balance not refunded is shared byCar Lease Advisors and the seller as liquidated damages.
What if the buyers credit is questionable? This is part of the Car Lease Advisors buyers pre-qualification process. Assuming a lease does require good credit and typically a minimum credit score of 700. To learn more or to see if you would qualify as a buyer please contact a Car Lease Advisor.
Will the buyer obtain their own insurance? Yes. The buyer is placing the car in their name if approved by the lease company. Therefore the buyer will be required to obtain insurance as per the original lease agreement.
How Long Must I Maintain My Insurance? We ask that you maintain your insurance until which time we have proof of Insurance from the Buyer and the lease company has approved the transaction.
Must I be current on my lease payments before I can have the buyer assume my lease? If you find yourself in a position of being one or two payments behind you still qualify for theCar Lease Advisors matching service. In the event your are three or more payments behind we would kindly ask you to consult with a Car Lease Advisor prior to attempting a match.
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