Lease Takeover

A lease takeover (or lease transfer) is the process where a new party assumes the remainder of a vehicle lease from the original lessee, with approval from the leasing company. In Canada, services like Swapalease or LeaseBusters facilitate lease takeovers, which can help someone exit a lease early and another person take advantage of a shorter term or lower payment. Dealerships may assist or advise customers on lease takeovers, especially if a client wants to trade in a leased vehicle mid-term. From the dealership perspective, ensuring all lease transfer paperwork is done correctly and any transfer fees are paid is important. It’s also an opportunity to sell another car to either the person exiting or the one taking over the lease.