What is a Car Lease Transfer?

This is essentially the transfer of a lease where you assume someone’s lease payments for the remaining period of the lease tenure, and of course get to use keep the vehicle for that period too.

As a result, the original lessee is relieved from all responsibilities and payments of the vehicle, and the new lessee legally becomes liable for remaining installments, maintenance, and everything else. The new lessee gets to drive the car as long as the lease is in force, and he or she stays within the car lease mileage limit.

This means you should know how many miles are left prior taking over someone’s car lease. Else, you have to pay the penalty for exceeding the mileage limit.