My trusty Volvo wagon served our family well for 13 years, but after 106,000 miles it finally gave up the ghost. My wife just completed graduate school so we weren’t ready to commit to a new car payment. I rented a car at first, but at $500 a month, that soon got old.
Then I came across a concept new to me: assuming someone else’s car lease. Initially I was skeptical, but after considerable research I took the plunge. It took many emails and phone calls and a month-long wait for the paperwork to clear, but I now have a one-year lease on a quality car whose monthly cost is about a third less than the stripped-down model I was renting.
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Jason Alderman directs Visa’s financial education programs. Follow Alderman on Twitter at PracticalMoney.