After you have been approved for a lease transfer, the leasing company will then send the appropriate transfer paperwork to both parties. Often this information is sent directly to the Seller because they are the party that is still legally bound to the vehicle. Once the paperwork is received, the Buyer (you) and the Seller then arrange to either meet or initiate the paperwork signatures through the mail.
In the event of a long distance transfer, it is customary for the Seller to arrange for transport with the Buyer ahead of the final signing of the lease paperwork. The reason is because the Buyer cannot be fully assured that the vehicle is in its stated condition until they see the vehicle or have it inspected. Upon delivery the Buyer must agree to sign the paperwork within a stated period or ship the car back. It is highly recommended that in the case of a long distance transfer the Buyer and Seller agree to a 3rd Party Inspection Service prior to shipment. For a hundred dollars or more it's well worth the investment.
When the vehicle arrives or when you go to see the vehicle you will often sign your transfer paperwork at this time. Typically a Notary Public is required to approve these signatures so make sure you are in proximity to a bank or other location of one of these officers. Remember that the car is not "yours" until you sign and notarize the transfer paperwork.
Be absolutely certain that the Transfer Paperwork you sign is exactly what was stated in previous conversations. The moment you sign that document you are liable for the rest of the lease! Drive Away!
Once both parties have signed their respective documents, the Lease Transfer Paperwork is sent back to the leasing company and you are now the (lease) owner of your new vehicle! Soon after you will receive documents in the mail that will let you register the vehicle and transfer the license plates.
Sometimes people ask whether or not to leave the license plates on the vehicle at the time of transfer. If possible, we recommend that you do.
We also recommend that you get your vehicle transferred and registered as quickly as possible so as to avoid any issues between registered vehicles. Also, you will want to insure the new vehicle in your name as soon as you take possession, just in case.
Back to Assuming a Lease