How Does the Transfer Process Work?

The basic lease assumption process is the same for all leasing companies.

• First, the individual wishing to assume the lease submits a credit application to the leasing company.
• Next, the leasing company will make a decision on the credit worthiness of the applicant.
• If approved, the lease transfer documents are prepared and sent to the buyer and seller to be signed and returned to the leasing company.
• Once the buyer and seller have signed the lease transfer paperwork, the seller will turn the keys over to the buyer and send the transfer paperwork to the leasing company.
• Within a week or so the leasing company will send both the buyer and seller confirmation letters and will begin sending the monthly lease statements to the new buyer.