How is the lease transfer initiated?
The lease seller usually contacts his or her leasing company and initiates the lease assumption process. Once a buyer has agreed to take over the lease, the buyer must submit a credit application to the lease company. Once approved, the lease company will forward a new leasing contract to the lease buyer. Once signed and returned, the lease company will notify the lease seller that the lease has been successfully assumed and that the seller can hand over the vehicle to the lease buyer.
The lease seller usually contacts his or her leasing company and initiates the lease transfer process. Once a buyer has agreed to take over the lease, the buyer must submit a credit application to the lease company. Once approved, the lease company will forward a new leasing contract to the lease buyer. Once signed and returned, the lease company will notify the lease seller that the lease has been successfully transfered and that the seller can hand over the vehicle to the lease buyer.
