Things to Know About Car Lease Transfer Procedure
There is no doubt that taking car on lease is one of the easiest processes and anyone who can afford to pay the money on monthly basis can sign out the agreement. However, you can deal with financial difficulties at the any point of your life and that may force you to stop making payment to the car leasing company.
You should know that early termination or breaking the lease agreement in the middle of the way could offer you a catastrophic result, because car lease is considered as ironclad contract and you cannot break it without paying huge fees and penalties. In this article, we will talk about some convenient ways through which you could walk away from the car lease agreement.
How to Transfer Lease Agreement
The process of car lease transferring is like selling your car online. Several companies are available online, through which you can post your advertisement to transfer the car lease agreement to a third party. While posting the ad online, you have to mention all required information of the car such as:
- Manufacturer
- Model
- Year of the car
- Features
- Number of the months left in the agreement
- A photograph
If the interested person is not living in your locality, then you can hire a third party who will ship the vehicle. Before doing that make sure that the car leasing company has no objection for transferring the agreement and sending the car to other location.
How Long the Process Does Take?
To go further in the process of agreement transferring, you have to complete two important tasks, one is to find out an interested buyer and the second is finalizing the transfer agreement with your car leasing company.
It takes 30 to 45 days to locate a serious buyer, once the buyer has been agreed to all terms, and conditions, the car leasing company will take two weeks to complete all the paperwork related with it.
Cost Associated with the Process
If you are doing the process through an online lease transfer site, then you will have to pay charge to get an efficient service from them. If you are dealing with a reputed agency, then you may have to pay a minimum amount as the initial charge including a certain amount of money as commission.
The good thing is that you will only have to pay after the completion of the transfer agreement. Preferring an online agency such ashttp://www.leasequit.com/ isalways a better option, because such companies help you to get introduced with hundreds of interested people.
If the current leaseholder is in a hurry, he should offer some cash incentive for buyer and such offer would work as bonus that will definitely grab the attention of buyers.
Transferable Leases
You should know that lease transferring creates goodwill between the current agreement holder and the new one. However, you should be aware of the fact that every lease company treats their clients differently and many of them do not allow the process of lease transferring.
A few companies would allow the agreement holder to transfer the lease to other if the agreement holder has seven or fewer payments remaining. For example, BMW’s dealership will not allow transferring the lease agreement if 6 or fewer payments remaining, while Ford Motor has no objection to carry out the process of lease agreement transferring except $75 as credit application fee.