A lease assumption allows one person to assume an on-going lease from another individual. For example, if your friend had 16 months left on his car lease, and you want to take over his lease, you would simply assume his lease and start making the payments each month for the remaining 16 months.

At the end of the lease term you would turn the car into the leasing company just as you would if you had leased the vehicle new yourself. The process itself is relatively easy to understand and can provide a great deal of benefit and financial incentive if you use a lease assumption to your advantage through Lease Busters.ca

People want to get off from a car lease for many reason. And the most common one is they have their eyes on a newer model. On the other hand, to take over someone else's lease you need to be very careful. It could be a good deal if the owner got the car lease at a good leasing rate and with a good downpayment.

When we looked at leasebusters, a lot of the leases (lease assumptions) were more expensive to take over than I could get from the dealership on a new car. One of the cars was at the same rate that I had seen in the newspaper with zero downpayment, and the guy wanted someone to pay him to take over the lease! BE AWARE.

As someone who leases a car, or consider getting into a car lease, you may have heard the term 'lease busters'. LeaseBusters is a concept growing in popularity among individuals who lease a car that offers these people a means to terminate their car lease early, with no penalties, or otherwise known as lease busters.

Lease Busters in Canada is a lease assumption company that allows individuals who lease a car the option to terminate the lease through a lease assumption process, and transfer a car lease to another person who takes over the car lease for a short term lease agreement.

CHeck out the lease busters.ca website and see what other people are asking for similar vehicles. Are their vehicles in better or worse condition than your car? If you are in a hurry to sell, say so and drop your price to reflect that. The average consumer will ignore a difference in price of 3 to 5 percent, but will jump for a 10 percent difference between your price and the competition.

Hidden Costs in Car Leasing

Are you one of those people who just loves new cars? We are in the same boat. I love new cars almost as much as you do. However, I prefer not to overpay as much if not more than you do. That’s why when it comes to automobile leases I make sure and really get to know my options and whether I should be leasing or buying my vehicles. I’ve learned (the hard way) - there are all sorts of hidden costs involved in leasing a new car. And they aren’t what you might think they are.

1) Monthly lease payment. There are unscrupulous car dealers out there who will blindly rip you off if you let them. Your monthly payment might have been arbitrarily made up by one of these dealers just by looking at you and deciding how much money they should charge you. Question everything on the lease form - and ask in depth questions as to why you should be paying what they are asking. The fine print can be your friend - use it against the car dealer to negotiate a better deal somewhere else.

2) Watch your mileage. A lot of people get impressed by the idea of a lease and its lower payments. Some of these people are living the high life until the day comes when they have to finally return their car. This is the day of reckoning because you get charged for overage miles. It’s not a pretty sight and it can seriously damage your bank account. If you lease your car, make sure your mileage stays within it’s limit.

3) Lack of equity. When you buy a car, you own it (or the bank owns it). You won’t be building equity with a car lease. Your car is simply being rented. Compare the equity costs and gains before deciding on a lease.