With a dedicated team focused on the automotive car industry through visual inspiration and knowledge, CARTAKEOVER’s commitment make it one of the preferred online destinations for automotive trading and registration in the Canadian community.
CARTAKEOVER.ca is a car lease transfer destination. Our dedicated team not only provides a simple Internet portal for classified advertising, but also provides you with the best lease transfer solution. An user friendly website, a next-generation search engine as well as free to post your car listing, makes CARTAKEOVER.CA one of the most practical and complete rental transfer search tools on the web.
More than 40% of our cars on our roads are financed through lease financing. Like the used car market, lease transfers offer you the possibility of acquiring or getting rid of a car that has been acquired through a lease.
How does the lease transfer process work?
There is a common misconception about long-term rental car. Whether it’s a 24-month, 36-month or 48-month lease, when the lease ends, the balance of the vehicle owed is not zero, but is actually the residual value of the vehicle you rent. The residual value will be calculated by the dealer of your rental vehicle and will be used as an estimate of its future value. When you accept the lease, you will be responsible for the remaining vehicle rental payments and remaining value. Depending on the length of the lease, this can save you thousands of dollars in up-front costs and the amount the current owner has already paid you. So why drive through us? It’s simple – because a loan transfer not only allows you to reduce your monthly payments, but also allows you to rent a car for a shorter period of time before you own it. Some sellers are even willing to offer financial incentives to tenants.
Why do you want to takeover a car lease?
When you commit to a vehicle lease, you commit to pay a fixed amount to a financing company (e.g. Honda Financial, Mazda Credit, etc.), which is equal to depreciation of the vehicle over a predetermined period of time, typically 24 to 60 months. If you breach a lease and stop payments, you face astronomical fines, which can be equal to the balance of the contract.
One way to solve this problem is to transfer your lease to someone else. Technically, the person will be responsible for the full lease that is transferred to him or her along with the payment. As a result, you’ll be exempt from the lease, usually paying only a fraction of its cost.
How do I takeover car lease?
- Find the ideal car: make sure you visit us regularly! Click the “Find Lease” tab in the menu at the top of our website. Enter your criteria and browse for the best quotes.
- Contact the seller: Once you find the ideal car, contact the seller. If you can, look at the vehicle in person. If you like a car, please continue to fill in the financing application that the seller will give you (usually directly at the dealership)
- Wait for the financing company’s approval notice before making a transfer: If you fill out an application form at your dealer, you should get a reply within minutes. If you did not fill out the form at the dealership, please reply within 48 hours. Once your application is approved, you can own the car and any cash rewards from the owner, if applicable.
- Enjoy your new car!
I am a seller: How do I transfer my car lease?
- Contact your dealer: Tell them you want to transfer your lease. Most leasing financing companies allow such transactions. Your dealership will send you a one-page lease transfer form that you will need when someone is ready to take over your lease.
- Advertise: On CARTAKEOVER.CA, follow the instructions on the “Take Over Lease” page. Fast and easy! Enter your car and lease details and add some pictures! Your ads will be available online immediately. Now all you have to do is wait for a call from an interested buyer.
- Talk to potential buyers: Show them your car – if the car is properly described and you’ve uploaded the exact picture to the website, you can skip it. Have the buyer sign the lease transfer form you received in Step 1. This form will be used to process your loan transfer to the buyer. Once completed, hand the form to your dealership. They will handle the rest of the work. Please note that to save time, you can complete all of these steps at your dealer ship, and all steps should take less than one hour.
- Awaiting approval from the financing company: If you are at your reseller, this step may take several minutes, or several hours if you mail or fax the form. Once approved, simply sign the final document, give the buyer a cash reward, if any, and pay a lease transfer management fee (usually between $0 and $500).
- That’s it – your lease has been transferred.
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