How to Transfer Your Leased Car
You can't sell a leased car, since you don't hold the title to it. If you need to end a lease, you can transfer it to another person and avoid paying the termination penalty or remaining payments.
- Difficulty:
- Moderate
Instructions
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1
Contact your lessor to make sure it allows lease transfers or lease assumptions. The lessor probably doesn't advertise the fact, but may allow it after a certain period of time.
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2
Find someone willing to take on your lease. Ask acquaintances, friends and relatives. Advertise. There are Web sites that facilitate lease transfer for a fee, such as LeaseTrading.com, LeaseTrader.com and SwapALease.com.
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3
Have the buyer complete a credit application. When the leasing company approves the application, it will issue transfer documents for you and the lessee-to-be to sign.
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4
Hand over your former leased car to the new lessee, who begins making the remaining payments. At the end of the lease, the new lessee returns the vehicle to the leasing company (or might have the option to buy, depending on the company).
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1
Tips & Warnings
Make sure the person has permission for a lease transfer
Find someone dependable to take on lease
Lease transfer isn't the same as a sublease. Subleasing a car is not legal in some states.
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Comments
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legalwannabe
Jan 25, 2009
Be careful of any payment guarantee companies that promise to find someone to assume your lease payments. They keep the vehicle in their possession only to drive it around while you're stuck making the payments. Never given anyone your vehicle with the expectation they'll make your payments. Unless you transfer it legally with your lender's approval, your stuck with the credit consequences and monthly payments. FYI: try takemypayments. They look pretty legit..
