You can learn about the actual lease transfer process here, however the general idea of how a lease transfer works is as follows. An individual who is actively leasing a car for a committed term (ex. 3-5 years) and seeking to end a lease early, is known as the Lease Seller. The Lease Seller has the need to end the lease early for whatever reason. Everyone’s reasons are unique for getting of a lease early and perform a lease transfer. It might be for financial reasons, loss of job, health reasons, a divorce, purchase of a new home, new baby, or that they simply want to get into a new model of vehicle. Whatever their reason to transfer a lease, it creates the opportunity for a Lease Buyer to benefit.
The process to transfer a lease is straight forward that anyone can do it. The biggest challenge in a lease transfer is finding someone willing and qualified (credit worthy) to assume the lease. There are specialized services who can help with matching Lease Sellers and Lease Buyers together, such as AutoLeaseBreakers.com. However the important thing to remember is that the actual process once a match has been made, is straight forward. Therefore, be aware of services that aim to charge you to facilitate the paperwork process to complete the lease transfer when this can easily be achieved on your own.
Once a match has been found and they Lease Seller and Lease Buyer have discussed and answered all questions and want to continue, the Lease Seller will have the leasing company perform a credit check on the Lease Buyer to ensure the Lease Buyer is credit worthy to take over the remaining lease term and payments on the lease.
Once the credit check is complete, then its simply a matter of the leasing company sending the lease transfer paperwork to the Lease Seller to sign, and then the Lease Buyer to sign. Once complete and approved, an arrangement is made to pick up the keys and the Lease Seller is now lease free.
Next: Benefits of transferring a lease