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| Q: | What Does An Ad Cost? |
| A: | Our Basic Listing Service is only $44.95 and allows a Seller to list their vehicle in our database until the vehicle is assumed or sells! You can upgrade your listing to add additional photos to increase the chances of finding a buyer faster. |
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| Q: | Are There Any Other Fees With a Vehicle Transfer? |
| A: | Yes. There is a one-time Document Assistance fee of $89.00 should be Seller request our assistance with the transfer documents. This fee is normally paid by the Seller but can be negotiated between the Seller and Buyer. |
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| Q: | Who Pays The Transfer Fees Charged By My Lender? |
| A: | Like most of the fees involved in the assumption process, this fee can also be negotiated between the Buyer and Seller. |
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| Q: | Can You Guarantee My Vehicle Will Be Assumed? |
| A: | Unfortunately, we cannot guarantee how fast a particular vehicle may be assumed as the likelihood of a vehicle being assumed depends on several factors. For example: year, make, model, months left on lease, current mileage, etc. However, there are certain things one can do to increase the likelihood of someone assuming your vehicle. For example, offering a cash incentive can entice someone to assume your vehicle, requesting No Money Down from a Buyer, paying all the transfer fees, etc. These things can greatly help to find a Buyer willing to assume your vehicle faster. |
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| Q: | How Long Does the Transfer Process Take? |
| A: | The transfer process varies from four (4) days to several weeks depending on the completness of all transfer documents and the mailing to and from the lender. An expedited service option is available for a small fee. |
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| Q: | What If the Buyer Is In Another State? |
| A: | Since we have a Nationwide audience of potential buyers, many of our transfers are done by people in different states. In order to assist our clients, we have become affiliated with Nationwide vehicle shippers to ensure the transferred vehicle arrives safely to the buyer's front door. |
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| Q: | Can the Vehicle Be Inspected Before I Assume It? |
| A: | Yes. As an added service to our customers, we've become affiliated with the best third party vehicle inspection companies to ensure that the vehicle being assumed has been maintained according to the lender's criteria. |
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| Q: | What If I Have Bad Credit. Can I still assume a vehicle? |
| A: | Each leasing company has their own criteria for decision making on credit approvals. As a result, we cannot guarantee the approval of anyone applying for a lease assumption. If you have questions regarding your ability to qualify for a lease transfer, please contact us for information on what you can do to improve your chances. |
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| Q: | I Found A Vehicle I Want To Assume. What's Next? |
| A: | When you find a vehicle you are interested in assuming, the first step is to contact the Seller via our Message Center. The Seller will then inform you via reply email if the vehicle is still available for assumption. Once the Seller contacts you, you can discuss the terms of the assumption. For example, how will the vehicle be shipped? Who will inspect it before I assume it? Does the seller have additional pictures of the vehicle? How often has it been serviced and where? |
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| Q: | What are the advantages and disadvantages of leasing? |
| A: | The advantages of leasing are lower monthly payments, more vehicle for less money, little or no cash outlay, preservation of capital, less sales tax based on the monthly payment not the purchase price, and possible tax benefits. The disadvantages are no equity or ownership in the vehicle, potential expense from early termination, and the possibility of lease end charges such as excess wear and tear or mileage. |
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| Q: | What is the difference between a closed-end lease and an open-end lease? |
| A: | In a closed-end lease you are responsible for making a specified number of lease payments over a period of time based on a fixed end of lease value (residual value) regardless of market conditions at the time of lease termination. If there is a loss of value from depreciation, other then from excess wear and tear or mileage, it is absorbed by the leasing company. In an open-end lease, you take the risk and are responsible for any difference from the estimated residual value once the vehicle is returned and resold. TakeMyPayments.com only suggests closed-end leases. |
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| Q: | Does $0 down really mean that no money is due at lease signing? |
| A: | Not necessarily. $0 down usually refers to no capital cost reduction beyond the negotiated price of the vehicle to lower the lease payment. In that case, you would still be responsible for the first month's payment, security deposit (unless waived), bank or acquisition fee (usually included in the lease), sales, and luxury tax (if applicable), and registration fees. leasebynet.com offers all of its low payment leases with no cap cost reduction or security deposit. The bank fee, luxury tax (if applicable), and GAP insurance is included in the lease. Therefore, the only money due at lease signing is the first payment, tax on the payment(s), and registration fees (if applicable). |
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| Q: | What is GAP insurance and what does it cover? |
| A: | In the event of a total loss of a vehicle due to accident or theft at any time during the lease period, GAP insurance covers the difference or gap between what your insurance company pays out and what you owe the financial institution. However, keep in mind that GAP insurance does not reimburse you for any money paid out at lease signing. Therefore, your initial cash outlay should be kept to a minimum. We recommend avoiding large cap cost reductions, as this money is never recouped even if you take the lease full term. |
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| Q: | What happens if I decide to terminate my lease early? |
| A: | Terminating your lease before its expiration can be a costly proposition. Technically you are responsible for all remaining lease payments. In order for you to get out of your lease cleanly, you would need to find either an individual willing to assume the remaining portion of your lease or someone to buy your vehicle for the close out amount at your intended time of termination. In most cases, the residual value in your lease will produce a close out amount that is higher than market value and any negative equity would have to be absorbed by you. It is recommended that before you decide to enter into a vehicle lease, you make certain that you are comfortable with the lease term. You should pursue the shortest term within your budget. That's why it makes sense to use TakeMyPayments.com to find someone to assume your lease. |
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| Q: | What is the disposition fee and when is it collected? |
| A: | Most leases contain a disposition fee charged by the financial institution to cover their cost of retrieving your vehicle at lease end. The amount, which varies by leasing institution, is fully disclosed in the lease contract. You will be billed for this charge after you turn in your vehicle. |
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| Q: | What is considered excessive wear and tear? |
| A: | Most leasing companies will allow for a few small door dings, scratches, stone chips, and interior wear that typically occurs over a three year period. However, a cracked windshield, bald tires, dents, and body damaged that is not professionally repaired will be charged back to you after you turn in your vehicle. It is recommended that you take care of such damage before turning in your vehicle. The cost of such repairs will most likely be less than what you will be charged by the leasing company. |
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