Transfer Car Lease with QuitALease

Don’t exit a car lease and affect your credit rating when you can easily transfer it with QuitALease - an online marketplace that provides a fast, efficient and an affordable solution to get out of a car lease.

If you are still wondering “How can I get out of my car lease?”, then sign up for QuitALease, post your ad, and just wait (a little) till you find the right person for your lease swap.

How Does Lease Transfer Work with QuitALease?

There are many ways to get out of a car lease, but vehicle lease transfer is your best bet. Once you have found the person who is willing to be part of your auto lease swap, it’s only a matter time before your vehicle, and also the lease, is with someone else. A lease transfer also saves you the exit fee and penalties involved with the vehicle lease termination.

For every vehicle lease transfer, the process is nearly indifferent. However, some lease swapping companies are better at what they do with their enhanced services, customer support and extensive databases.

The individual who wishes to assume a lease submits a credit application with the leasing company.
The leasing company will do a credit worth check on the applicant.
If approved, the lease transfer documents are prepared and sent both to the seller and buyer. The documents need to be signed by the both parties and submitted back to the lease company.
Once the papers are signed, the vehicle keys are turned to the buyer.
Depending on the leasing company’s processing time, the confirmation letters will be sent to lease buyers and sellers, and from then onwards, the monthly lease installments will be sent to the new buyer.

Frequently Asked Questions

Can you get out of a car lease, and what’s the best way to do it?

Yes, it’s possible. For every vehicle lease, the lessee always has two options, either to go with the vehicle lease termination or to look for a lease assuming party/individual. The lease termination always costs you more because of the penalties, while an Auto Lease Transfer only involves a transfer fee from the leasing company (which is also negotiable with the lease buyer). So any individuals who want to get out of a car lease, their best option is to transfer it to someone else.

How can I ascertain that the mileage showing up on the vehicle is current?

To check for that, we suggest you to get the vehicle inspected by some third-party company. This is the most reliable way to determine the current mileage. It’s also recommended that you decide the terms as to how you want the seller to use the car during the transfer process (like the kilometers that he/she can drive or whether you want the car to be used at all!).

When a car lease is transferred, how is the security deposit by the original lessee treated?

It depends on the leasing company how they handle the security deposits. Some leasing companies ask for a new deposit from the lease buyer (in this case, the previously obtained security deposit will be returned) while others allow for the transfer of the deposit along with the lease. Also, not all car leases require a security deposit. However, how the deposit will be handled is also a point of negotiation between the seller and buyer. Make sure that you are fully aware of the policies of the leasing company whose car lease you are assuming.

What are terms of the lease transfer that lease Buyers and Sellers allowed to negotiate?

The important terms of the lease like the monthly payments and lease-end date (which is fixed) are determined by the leasing company. However, there are different aspects of the lease that are left to negotiation between the lease buyer and seller, considering the negotiated terms don’t interfere with the rules and terms of the leasing company or violate the law. One common example of a negotiable term is the payment of the transfer fees. Another is allowing the seller to offer upfront cash to the lease buyer.

Are there any hidden lease transfer fees associated with the lease transfer?

The lease transfer fees are highly subjective to the leasing company involved. From the leasing company’s end, it’s usually the lease transfer and credit application fees which differ with every leasing company. So makes sure you contact the involved leasing company about this before assuming. The change of vehicle ownership also involves licensing or registration fees as per the policies of your state.

How long does it take for the lease transfer process to complete?

It could take anywhere between 1-2 weeks for the entire lease transfer process to complete and involves three different factors. The first is the credit decision process. This normally takes 24-48 hours. The second factor is the creation and processing required for the documents that initiate the lease transfer. It could take anywhere between 3-5 business days or even more and this largely depends on the leasing company involved. Lastly, the mailing process could further a few days to a week.