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1. Save Money. No down payment is necessary and you just continue making the normal monthly payments.
2. Shorter Lease Term. When you take over an existing lease the duration of the lease does not change and whatever amount of time the prior owner leased the vehicle is deducted from the total lease term. For example, if someone signed a brand new lease for THREE years and after one year transfers the lease to you, you only have TWO years of payments left.
3. Flexibility in negotiating terms. When you take over an existing auto lease you are free to discuss all the of the terms of the transfer including monthly payments (the full lease amount is still owed to the bank every month, but the prior owner may subsidize the payments if he or she wants to get rid of the lease) , other fees, and anything else you wish to negotiate.
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