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Take over lease on my Rendevous


Guest sintid58
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Guest sintid58

I am thinking about trying to get rid of the lease on my Rendevous details of car and price on Buy and sell side

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Better read the fine print in your lease agreement/contract regarding early termination of the lease. It should spell out the extra charges and related costs you will have to pay should you decide to terminate it early. I suspect there will be some penalties and such, but probably not to the same magnitude as if you had a regular finance contract (where all of the interest is stacked on the front parts of the payments). Check it out.<P>NTX5467

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Guest 70 Electra

Contrary to getting out of a lease early, the process of transferring the lease to a qualified person is a simple, inexpensive, and perfectly legitimate procedure---at least it is with a "normal" GMAC lease. <P>The two big things that are required are a transfer fee (usually about $500) and credit approval (by GMAC) of the new buyer.<P>The new "buyer" must also agree to accepting the current condition of the vehicle and the mileage on it, for he will now be the responsible party when the vehicle is turned-in at lease end.<P>The monthly payment, allowable miles, etc. remain as they were with the original owner.<P>Usually the problem comes up when trying to find someone that's agreeable to accepting the existing monthly payments. Think about it: A payment that is "reasonable" for a NEW vehicle will usually seem excessively high to someone taking over the lease on a 1 or 2 year old vehicle. After all, it is now a "used" car!<P>(The exception is when someone has really LOW monthly payments--either due to a huge discount on car, and/or a big downpayment. Suddenly the idea of assuming those payments could be very attractive. Unfortunately, this doesn't appear to be the case with this gentleman's Rendezvous.)

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