| To
clarify and streamline the lease assumption
process, here is a detailed summary of the
steps involved in transferring a lease: |
- A
completed and signed credit application
completed by the "buyer" is returned
to the original dealership or the closest
dealership using same leasing company
- The
application is submitted to the leasing
company for approval
|
|
| After
the application is approved the leasing company
will require the following information to prepare
the lease assumption paperwork: |
Insurance
Information
o
Insurance Company Name
o Policy #
o Agent's name, address, and phone #
|
|
| The
Lease Assumption Fee |
| The
lease assumption fee depends on the original
leasing company. For reference you can click
here for a list of Canadian leasing companies.
Either the buyer or the seller can pay the transfer
fee, or they can split the fee (that is negotiated
between the buyer and seller). Usually the leasing
company will prepare the lease assumption forms
and in most cases send the forms to the originating
dealership's business office for signatures
along with the vehicle title. (Paperwork will
sometimes be mailed to out-of-area clients) |
|
| The
'Buyer' will: |
- Sign
the paperwork
-
(The dealership or leasing company will
provide the confirmation of the insurance
form completed)
-
Bring in the ownership and/or license plates
to the dealership and the dealership will
transfer the plates or arrange for new ones
(at a cost)
|
|
| The
following items will be returned to the leasing
company to complete the transfer: |
- The
signed lease assumption forms
- The
copy of the title application and the new
registration showing the transfer to the
new lessee
- The
lease assumption fee
|
|
Note: (Any payments that are
due, or unpaid charges (late charges, parking
tickets, etc) must be paid at the time of transfer) |
|
| That's
all there is to it! Once the leasing company
receives the final paperwork and the fee, the
lease will be transferred into the new "buyer's"
name! |
