When you lease a car, you don’t officially own the title to that vehicle; thus, the only way to “sell” the car and get rid of ownership of the vehicle is to transfer the lease to another individual. If you can find someone else to take over a lease for a car via an official document transfer, you’ll no longer be obligated to pay for the vehicle or remain in control of the car. A car lease assumption is the process by which the lease is transferred. Read on for an overview of how to go about transferring the lease for your car to someone else.
Before you begin to transfer a lease or continue with this process at all, you’ll first need to contact the leasing agency or company and inquire as to whether or not they allow transferals of their auto leases. Many companies do allow such a transfer, but only after a certain period of time has passed since your lease was initiated. Other companies may not allow you to transfer your car lease at all.
The next step is to find someone who will take on the obligations associated with your car lease. This can be a convenient and easy step to complete if you have a friend or a family member available who is willing to take on your car lease and the associated obligations. However, if you don’t know of someone already, you’ll need to find a suitable person to take over your lease before you can proceed. You can takeout advertisements in newspapers or online, post classified ads, contact friends and acquaintances for ideas and even look on message boards and in auto enthusiast clubs in your area. Make sure that you’re upfront with the potential transferal recipient about the terms of the lease and the process by which you’ll transfer the lease over to him or her.
Before the leasing company will transfer the car over to the new owner, you’ll have to have him or her complete a credit application. This is necessary to ensure that the leasing company can continue to receive payments for their vehicle. Credit applications are available through the leasing company, so you can either contact the company directly and then give the new lease holder a copy of the application, or you can have him or her contact the company for a copy.
Once the new holder has completed the credit application and it’s been reviewed, you will both have to complete a short transferal form in order to make the process complete. This form can later be submitted back to the leasing company for completion and processing. At that point, the company will notify you of the transfer and you can give the car to the new holder.