1 April 2020
Lease it Express offers you some advice on lease transfer. The financial incentive is a solution to make a lease transfer quickly. It is worth considering.
First of all, what is a financial incentive in a lease transfer?
A financial incentive is a sum of money that you give to the buyer of your lease when the lease transfer is completed.
When a particular makes a lease transfer, the question often arises as to how we can transfer our lease more quickly. A simple solution is to offer a financial incentive to the future buyer to get rid of your lease faster. You will considerably increase your chances of finding a buyer quickly when you compare yourself to other vehicles on the market.
The financial incentive can have several ways to attract the buyer, but not at any price. It depends on several factors. In particular, the mileage of the vehicle, the condition of the vehicle, the monthly payments and the term of the contract. All of these factors will influence the financial incentive you will give.
When there are vehicles comparable to yours on the lease transfer market and you want to attract the eye of a potential buyer, it is often recommended to offer 2 or 3 monthly payments. But you are free to decide how much financial incentive you want to give to the buyer of your lease. Your vehicle will stand out from others that do not offer a financial incentive and it will be much more interesting and advantageous for the buyer to choose your vehicle over another.
A financial incentive should only be given to the buyer of your lease when the lease transfer is fully completed and you are released from your obligations. If you give the financial incentive to your buyer before he is approved for credit, you run a very high risk. If the buyer of your lease is turned down for credit, you risk losing your money or having to sue your buyer to get the money back. Also, if your buyer changes his mind along the way, you may also lose your money.
It is therefore strongly recommended that a lease transfer contract be drawn up between the two parties to agree on the terms of the transfer, particularly those of the financial incentive. This way, you will be secure in case your buyer is refused credit and you will not lose your financial incentive money if the lease transfer does not happen.
We always advise you to give the financial incentive to the car dealership when you give cash. The car dealership remains a safe area. Otherwise, you can always make a bank transfer.
It is true that the more generous a financial incentive is, the more likely you are to transfer your lease quickly. But that depends on the factors we have discussed above and the vehicles that are in the lease transfer market.
Finally, you can always decide not to give a financial incentive to the future buyer. Not giving a financial incentive doesn't mean you won't be able to transfer your lease! In this case, the rare pearls will stand out from the crowd and will be transferred quickly.
If you want to make a lease transfer, visit www.leaseitexpress.com and sign up now to post your vehicle!
The Lease it Express team!