How to Transfer Auto Lease Paperwork & Documents
For individuals who lease a car, selling the car is impossible, because they do not own the title. If the individual attempts to terminate the lease, he will have to pay penalties. The only way to avoid penalties and to get rid of a leased car is to transfer the lease and documents.
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Things You'll Need
- Copy of lease
- Contact information for leasing company
- Driver's license
- Other form of identification
- Insurance information
Instructions
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Read through a copy of your lease to determine if the lease you've signed allows for a transfer. If you can't find the lease or are unsure, contact the lease company and ask a representative if another party can assume your lease. Find someone who is interested in assuming your lease.
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Direct the new buyer to fill out a credit application at the leasing office. If the credit application is approved by the leasing company and your lease can be assumed by another individual, the individual (and you) can begin the process. Notify the leasing company that you have an interested buyer who would like to assume the lease and who has filled out a credit application through the company, which has already been approved.
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Set up an appointment with the leasing company and the new buyer to fill out the remaining paperwork in order to assume or take over your lease. Meet the new buyer at the office for the appointment so that you can both fill out any necessary paperwork together. Bring all of your current leasing paperwork and driver's license with you, as well as at least one other form of identification (such as a social security card or a passport).
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Give the car and all keys and accessories to the new lessee once the paperwork is completed, so that the individual can begin driving the car and making all future payments. Notify your insurance company that someone else has assumed your lease and that you no longer wish to insure the car.
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Tips & Warnings
Search for dependable individuals with decent credit. You can save yourself some trouble by running your own credit check on an individual or asking her for a copy of her credit report (or current credit score). Call the leasing company ahead of time to determine what kind of credit score it requires for an individual.
Avoid handing over the car keys and the car until you are 100 percent sure that the deal is sealed. It can be very difficult to get a car back from an individual if the paperwork is not complete or something doesn't go as planned.
