How to Transfer Your Leased Car

By eHow Cars Editor

Rate: (13 Ratings)

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.

Flag Article

Instructions

Difficulty: Moderate

Things You’ll Need:

Automobile
Bank Account

Step1

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.

Step2

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.

Step3

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.

Step4

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).

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.

Comments

enzley said

Flag This Comment

on 1/2/2007 In addition to the lease transfer companies named in this article, TakeMyPayments.com also provides the same service and has been doing so since March 2000. This company is also worthy of consideration when tranferring or assuming a vehicle lease.

View All