If you own an RV, you know they can be expensive to maintain. A recreational vehicle consumes gas and oil and probably propane; it may also need frequent upkeep if it’s left sitting or taken on long journeys. If you want to streamline your life and get rid of your RV, you can find someone who is in the market for a recreational vehicle and let them assume your lease. Taking over a lease is accomplished through a lease assumption or lease swap. Doing this removes you from the contract and give someone who wants to own a recreational vehicle a chance to have one at a reduced price.
Find a person who wants to buy an RV and is willing to enter into a lease swap with you. If you decide to use a lease assumption company, it can connect you to people looking to take over a lease on an RV.
Have the RV inspected before you sell it, so the person assuming your lease knows all about the vehicle before they make a commitment to pay on it.
Ask the person assuming your lease for a recent copy of his or credit report and FICO score, which can be obtained online. This will help you to know if they'll be accepted before you go to the leasing company. It's likely that the leasing company will run its own credit check, but it doesn't hurt to have the information beforehand.
Consider offering a cash incentive to entice potential buyers to choose to assume your lease rather than someone else's. You could agree to make the next two payments, or something similar.
Take the credit report to the lender, along with all the paperwork on the original lease, the original owner, and the new lessee and request a transfer.
Warnings
Some companies refuse to transfer leases in the first or last months of a lease.
References
- Bank Rate: How to Take Over Someone’s Lease
- Take My Payments
- Lease Guide: Take Over a Car Lease
- Consumer Financial Protection Bureau. "What Should I Know About the Differences Between Leasing and Buying a Vehicle?" Accessed April 12, 2020.
- Merriam-Webster. "Lease." Accessed April 12, 2020.
- AARP. "To Buy or Not To Buy." Accessed April 12, 2020.
- Consumer Financial Protection Bureau. "What is a Manufacturer Suggested Retail Price (MSRP)?" Accessed April 12, 2020.
- LeaseGuide.com. "Capitalized Cost – Cap Cost." Accessed April 12, 2020.
- Autotrader. "Leasing a Car: Can You Negotiate the Price?" Accessed April 12, 2020.
- Edmunds. "The 'Residual Value' of Leasing." Accessed April 12, 2020.
- Federal Reserve. "Keys to Vehicle Leasing: Future Value." Accessed April 12, 2020.
- LeaseGuide.com. "Money Factor—Explained." Accessed April 12, 2020.
- Federal Trade Commission. "Financing or Leasing a Car." April 12, 2020.
- Federal Reserve. "Keys to Vehicle Leasing: End-of-Lease Costs: Closed-End Leases." Accessed April 12, 2020.
Writer Bio
Melly Parker has been writing since 2007, focusing on health, business, technology and home improvement. She has also worked as a teacher and a bioassay laboratory technician. Parker now serves as a marketing specialist at one of the largest mobile app developers in the world. She holds a Master of Science in English.