Once you and the Seller have come to an agreement regarding your deal, your next step is to begin the lease transfer process. This process can take as little as a week and as long as three weeks depending on you, the Seller, and the leasing company.
The best place to start is with a credit check. The leasing company typically requires the new lessee (you) to have as good or better credit than the person you are assuming the lease from. This is no different than buying a car on a lot from a dealer. In either case the leasing company wants to make sure you are a good potential customer. It is our experience at Swapalease.com, having dealt with thousands of lease assumptions, that leasing companies do not lower their credit expectations for lease transfers.
To initiate your credit check, simply contact the leasing company whom you want to transfer your lease with and request a lease transfer application. The application will look similar to a new lease application. Once completed, send this application back to the designated fax number or mailing address. The leasing company will review your application and contact you directly regarding your status. Once you have been approved, you can then begin the Lease Transfer Paperwork.
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