Some leasees find themselves ready to give up their leased car before their lease period ends. The majority of these leasees are transferring their lease for the first time and it is helpful to know a few important factors that go into transferring a car lease to a new owner. If you fall into this category, read below on how you can successfully transfer your car lease!
Is A Transfer Available?
Leasing companies tend to allow transfers of leases, but there are a few out there who do not have this option available. You should read your lease contract or ask the leasing company if they can transfer. Also, if a company does have the option to transfer, lease transfer must have fallen between a certain time frame after the car has been leased.
Who Can Take Over Your Lease?
Whether the transfer is for a close friend, family member, or some random person who is interested, you should give a detailed explanation of what the terms are of the lease and what payments still need to be made. If you have trouble finding someone to transer your lease to, try posting classified ads in the local newspaper, posting an ad in your local supermarket, or posting on a public online message board.
Found A New Lease Holder, Now What?
Once you have found someone agreeing to take over your car lease, it is necessary for them to complete a credit application, which is available if you call your leasing company and grab a copy of the application or the new lease holder calls and gets one.
Once the credit application has successfully gone through, it is smooth sailing from here. You and the new owner of the leased car will need to complete a short transferral form to complete the process. The leasing company will notify you when the transfer is complete and will give the car to the new owner.
The opportunity for you to transfer your lease is an easy process with Swapalease.com! Swapalease.com is the largest online lease marketplace with the best car lease deals. Call to learn how you can have a successful car lease trade at 866-SWAPNOW.