Every leasing company has its own policies and procedures for Early Lease Termination. Not all the leasing companies easily allow the seller to transfer his car lease. If they do, they impose a set of restrictions on the seller while transferring the lease.
Before you attempt to transfer the car lease, here are some factors that you should be aware of:
Ability to transfer
As mentioned above, not all leasing companies allow you to transfer your lease. Some of them might ask you to ride out the balance of the lease whether or not you find a qualified buyer. In that case, it is best that you consider re-financing your car lease with the same leasing company. This will allow you to transfer the lease or sell the vehicle outright. Both these approaches are explained in this section later on.
The leasing company may put some restrictions on the nature of your lease transfer. For instance, you might not be allowed to transfer the car to an out-of-state resident. You might also not be allowed to transfer the car lease in the last 12 months of the leasing period.
Some leasing companies also assess a one-time transfer fee upon the lease transfer. There are such companies too that charge the transfer fee before the buyer is even credit approved. That means if the transfer is not completed, you will still be charged some fee. This transfer fee can be paid by the buyer or seller and even mutually; depending on the negotiation.
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It was easy to use the website. Took me some time to find the buyer for my car lease, but it was all worth it for all the money I have saved from not terminating my lease.
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