The lease transfer process lead time can vary depending on the leasing company. There are some leasing companies that can facilitate the lease transfer process in less than a week, while other leasing companies may take much longer, up to a few weeks, but the speed in which a leasing company facilitates the lease transfer process typically relies on three points.1) Credit Check
The time duration to perform a credit check can take between 24 to 48 hours or longer. Ensuring all information is received and the leasing company submits the application in a timely manner, the sooner the leasing company will get a reply on the credit worthiness of the individual taking over a lease.
The production and processing of the necessary lease transfer documentation can take up to 5 business days. While it’s an administrative process, the leasing company needs the time to check all the necessary information and process the paperwork.
3) Approval by All Parties
The last step is the approval by all parties to sign the necessary documentation. Typically the documentation will get sent post mail between all parties and can take up to 2 weeks or less to get delivered, signed and returned.
Remember too that every leasing company is different and may have different policies, rules and time frames to process all the necessary paperwork in the lease transfer process.
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