If you are using a car that has been brought on lease, you cannot claim to be the owner of the vehicle since the leasing company is the official owner of it. However, if you want to get rid of the ownership of the car, then the best way to do this is to transfer the lease to another person who can bear the burden of your lease.
If you can manage someone else to take over the contract of the lease via official document transfer, you will no longer have to pay for the vehicle. In this article, we will talk about the process of transferring the contract to another person.
Make Sure that the Leasing Company is Agreed to Transfer the Lease
Before you think about transferring the contract to someone else, or continue with the process, you have to ask the leasing company for whether they will allow you to do that or not. Many leasing companies allow their clients to go through the process, but only after a certain period of time, since the contract had come into effect. Though, many do not allow their clients to transfer the lease to any other third party.
Find Someone Who Can Supersede the Responsibility
The next best thing is finding out someone who can take on all the obligations associated with your contract. The process will be easier if you have a relative or friend who is willing to take all responsibilities related with lease contract.
However, if you could not manage someone you know personally, then you have to go out for a suitable person who you do think can afford to bear the burden. You can publish advertisements in newspapers or in popular websites for your convenience.
Complete the Process of Credit Application
Before your leasing company goes further with the process of transferring the lease contract, you have to ask the new contract holder to complete the credit application. The application will ensure that despite the contract transformation, the leasing company will be getting payments for the leased vehicle.
You can get the credit application from the leasing company. For that, you have to submit a copy of credit application to the leasing company, and the copy should be available for the new contract holder. Before signing out the new contract, make sure the person is not a defaulter for any vehicle leasing company, if such thing happens, then your leasing company can bar you to go further in the agreement.
Prepare all the Papers Associated with the Agreement
Once the new contract holder has completed the process of credit application, it will go for review to the leasing company after which both the new and previous contract holder will have to prepare a short transferal form, so that you can make the transformation of contract official. You have to submit the form to the leasing company so that they can complete the process of contract transfer and the company will inform you that your leasing contract now has a new holder.
Make Sure That the Person is Capable to Bear the Burden
Before handing over the contract, be sure that the individual you have chosen to transfer the lease of a vehicle is financially capable to bear the burden so that you do not fall in any trouble in the future. Therefore, find out a person who earns enough money to pay the amount for the leased vehicle every month.
For more information, you can log in to http://www.leasequit.com/.