If you can no longer pay the lease on your car, you may need to get out of your lease. To do so, you will need to transfer the lease to someone else; you cannot sell the vehicle, because you do not own it. The new lease holder will become liable for remaining payments and fees until the end of the lease. To transfer your car lease, follow a few simple steps.
Find out if the lease company accepts lease transfers before you start the process. Call the company or visit its nearest office in person. A majority of lease companies permit the transfer of a lease after a certain time period has elapsed -- for example, six months -- from when you obtained the lease.
Some companies do not permit the transfer of a lease.
Post advertisements online, for example, on sites like eBay, Craigslist and lease trader, in newspapers and magazines. You can get tips on where to post ads from car clubs, acquaintances and even friends. Ensure that your car is in good condition. Indicate the main features and include a nice photo of your car to attract a new lease holder.
A credit application is required by the leasing company to ensure that the new lease holder is eligible and will be able to take over payments on the vehicle. You cannot transfer the lease without the application. The new lease holder should request an application from the leasing company, fill it out and submit it. To get an idea of what's required, you can view a sample credit application form on the lease busters website.
The leasing company will review the credit application. Once the company approves it, you and the new lease holder must complete a transfer form. Submit the form to the lease company to be processed. Once completed, the company will give you a notice to transfer your car to the new lease holder.
The new lease holder must pay transfer fees; sometimes both the new lease holder and previous owner jointly pay the fees. Check with your state's motor vehicles agency.
