If you are interested in transferring your lease, the basics of the lease assumption process is the same for all leasing companies.
You will need a lease swapping website for this purpose. It is the marketplace where lease sellers post an ad that they want to sell their car lease. The buyer searches for the seller after getting registered with the lease swapping website. It is basically the place where buyers and sellers find each other and start their communication.
The buyer needs to be credit qualified
In order to take over the car lease, the lease buyer has to be credit qualified. The leasing company checks the credit history of the buyer before approving the lease transfer process.
Communication between the buyer and seller
This communication mostly includes questions about condition of the car and the details on the lease terms. This is also the point where the seller might discuss the incentive (if any) which he wants to pay to the buyer for early lease termination.
The rest of the process works like this:
- The individual who wants to assume the lease submits a credit application to the leasing company.
- The leasing company checks the credit worthiness of the application to see if the person is eligible or not. Then, it makes the decision.
- If the application is approved, the lease transfer documents are prepared by the leasing company and sent to the lease buyer and seller. They have to sign these documents and return them to the leasing company.
- Once the lease transfer paperwork are signed, the seller turns over the car keys to the buyer and send the transfer paperwork to the leasing company.
- The leasing company sends confirmation letters to the buyer as well as seller within 7 days. Now, the new buyer starts receiving the monthly lease statements.
