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Frequently Asked Questions

I want out of my lease – what do I do?

Get started with a free evaluation of your lease. We’ll ask some questions about your vehicle, your lease, and how to contact you. Then press Submit and one of our Leasing Specialists will call you within one business day with our professional no-charge evaluation and a marketing plan. Get Started...

How do I take over a lease?

Search our site and when you find what you want, contact the Seller and make an appointment to see the vehicle. If this is the right vehicle for you, apply for credit through the dealership/leasing company. Get credit approval and arrange to take delivery. It’s that easy. Read More...

What does transferred mean on search results?

It means the deal is complete. We post completed deals for a couple of weeks just to show you how fast deals are made with LeaseBusters.

What is a cash incentive?

A cash incentive is the amount of money the person who wants to get out of a lease is willing to give to someone who will take over his/her lease. This amount is generally discussed with the Leasing Specialist as it is part of how the vehicle will be marketed. A cash incentive often consists of cash paid up-front, a refundable security deposit, and/or a rebate for unused kilometers that the lease Buyer would be entitled to at the end of the lease.

What does effective payment mean?

The payment amount is determined by whether the Seller offers a cash incentive or requests a down payment. Here’s a couple of pre-tax examples:

If the Seller offers a cash incentive of $2,000, and the monthly payment is $500, with 20 months remaining in the lease, divide $2,000 by 20. Then subtract the $100 incentive from your payment. Your effective payment is now $400.

If the Seller requests a down payment of $2,000, for the same monthly payment of $500 for 20 months, you again divide $2,000 by 20 but this time you add $100 to your payment, so your effective payment is now $600.

Note: The effective payment is an approximate figure and doesn’t include sales tax. Sales taxes vary by province.

Can I put a down payment or trade-in on a Lease-Take-Over?

No. Lease-Take-Over deals cannot be re-worked to accommodate a down payment or trade-in.

Can I purchase a Lease-Take-Over vehicle?

It depends. Ask the Seller to check with their leasing company. Policies vary about early buyouts to third party Buyers.

Is there a lease transfer fee?

Yes, have the lease Seller check with their dealership or leasing company to find out the amount. Typically the Buyer and Seller share the cost of a transfer fee.

Can I take over a lease anywhere in Canada?

Yes. All factory/manufacturers’ leasing companies are national, so interprovincial Lease-Take-Over (LTO) transactions are perfectly acceptable. Read More...

At the end of the lease, what am I responsible for?

Your responsibility starts before you sign any lease transfer documents. You must ensure you’re satisfied with the vehicle’s condition – that’s part of the negotiation phase with the Seller. You can request an inspection by a dealership or an independent inspection company. Many leases have an excess wear and use protection clause that could eliminate some or all of any damage on the vehicle. Check the terms and conditions of the protection package before you sign the lease.

At the end of the lease, do I return the vehicle to the original leasing dealership?

No, you don’t have to. Every factory leasing company allows you to drop your leased vehicle at an associated new car dealership closest to your home or place of business. Thirty (30) days prior to the end of the lease, contact the leasing company and they’ll provide a dealership name and telephone number most convenient to you. If you’re considering a lease from an independent (non-factory) leasing company, get their “end-of-lease” protocol prior to assuming the vehicle lease package. Be sure that this protocol is in writing and that you fully understand the terms and conditions.

Why are sold vehicles still in active listings?

Many Sellers don’t tag their vehicle as sold until the new Buyer takes delivery. It’s a good idea to give the Seller your contact information because sometimes the deals aren’t completed.

Why would someone want to take over my lease?

Shorter term, cash incentives, available kms and no upfront fees are the most popular reasons. Read More...

Is there a LeaseBusters listing fee?

Once the no-charge evaluation is completed and the lease/vehicle has passed the market position evaluation, the listing fee can range between $299 and $399 plus applicable taxes. LeaseBusters offers multi-vehicle discounts, loyalty discounts, and finance company partnership discounts for eligible customers.