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.
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While it's an option for most individuals in a dire circumstance to find someone to take over their loan, doing so may not be worth the risk. Since the loan remains in the original seller's name, anything that happens to the vehicle while it's in the possession of the "buyer" can mean serious legal consequences. In fact, the seller's loan company will not likely approve such a transaction causing the loan to be in default of the terms of the contract. Your best option is to sell the vehicle and hope you're able to cover the loan. As a side note, having the document notarized does nothing to legitmize the agreement. The notary is only acknowleding the signatures of the individuals who sign the document. The notary's seal has no bearing in court affirming the understanding between the parties. Hope it helps.
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Novice
