Lease Transfers FAQ
How the lease transfer process works
To Transfer or Assume a Car Lease with LeaseTrader is Easy and Simple
There are 6 major steps in the process:
Let's walk through each step in a little more detail to clarify the process.
Step 1: A Seller will list their vehicle in LeaseTrader.com
If you are looking to trade out of your car lease, you register with us and create your listing
in the LeaseTrader.com website. This is a quick process that involves providing
LeaseTrader with some important information about your vehicle and your car lease.
Please have a copy of your car lease handy before you input your listing.
Step 2: A Buyer will select a vehicle that they would like
Buyers search, find, review and select the vehicle
listings LeaseTrader actively markets our service in places where people looking
to buy or lease cars regularly go; including google, yahoo, msn and multiple others.
These potential lease buyers come to the LeaseTrader website looking for the vehicle
that best meets their needs.
Step 3: The Buyer will then need to verify that they are credit worthy
Buyers search, find, review and select the vehicle
listings.
People looking to take over
car leases review the listings in the Marketplace and communicate with the
seller using the Contact Seller button found in each listing. Common questions include
"where exactly is the vehicle located?" and "will you split the car lease transfer
fee?” LeaseTrader screens these messages rather than direct communication between
the seller and buyers to prevent the seller from having to answer questions that
have nothing to do with taking over a car lease. Once all questions or concerns are answered,
the seller and buyer can now on moving forward with the transfer of the auto lease.
Step 4: The Buyer may then contact the seller directly
Seller and buyers communicate with each other.
Common questions include "where exactly is the vehicle located?" and "will you split
the car lease transfer fee? Once all questions or concerns are answered, the seller
and buyer are ready to move forward with the transfer.
Step 5: Once Buyer and Seller agree to transfer, the transfer documents are sent to both parties to sign and complete the transfer
Documentation Transfer:
Once approved by the Finance Company, LeaseTrader will have the transfer documents
sent to both parties to sign and complete the transfer. These are the official contractual
documents that finalize the transfer of the car lease. The documents normally first
go to the seller, who signs them and then forwards them to the buyer. The buyer
now signs and sends the documents back for processing. The completed transfer documents
will then be sent to the seller as well as to the buyer. The buyer needs to take
part of these documents to the local Department of Motor Vehicles to pick up license
plates and other registration items (these processes vary by state).
Step 6: Vehicle Transfer, once the documents are completed the
Seller may now transfer the vehicle to the Buyer and the deal is done!
The buyer can now take possession of the car
and the deal is done!
If the buyer and seller are not located near each other, the vehicle can be transported
using one of LeaseTrader's shipping partners.
The deal is done!
|
|
How to find information on my leasing company
LeaseTrader has included the basic lease transfer policies for many leasing companies
within
Leasing Company Information on this site. If the company you are looking
for is not listed please Contact Us, and we'll be happy to get you more information.
|
|
How to handle long distance lease transfers
When a long distance separates the Buyer and Seller, normally arrangements to inspect
the vehicle and get it to the Buyer are worked out between the parties involved.
We have seen many different arrangements work, ranging from the Buyer or Seller
driving to meet each other, having the vehicle inspected by a dealer or mechanic
and having the vehicle transported by a shipping service. If you are interested
in getting your vehicle inspected or having it shipped, please contact us via phone
or email and we will set you up with the service. For more info, go to the services
page.
|
|
How to get the vehicle inspected by a third party
If you need to have the car inspected by a third party you can go into our Services section where you will find a company that we recommend.
|
|
Transferring FAQ
What to Expect During the Lease Transfer
Now that you have agreed to move forward with the registered buyer, the following
are some tips on what to expect.
LeaseTrader Support
Our dedicated and experienced staff are available by e-mail or phone to assist your
with expediting the transfer process. Let us know how we can help.
Documents Involved
Every leasing company has different policies and paperwork for their transfer process.
The typical documents involved are: . Lease transfer agreement
. Odometer Statement
. Insurance verification
. Registration forms
. Others, depending on the individual circumstance
|
|
Finalizing
the Transfer
|
Each Leasing Company has their own policies regarding finalizing the lease transfer
process. Some will require your signatures Notarized; others may require you to
meet at an auto dealer or bank branch. LeaseTrader helps guide you through the process
to make it as easy as possible for you.
|
|
Handing
Over the Keys
|
Once Seller and Buyer have completed the Leasing Company requirements for the lease
transfer (i.e. signed the appropriate transfer documents, buyer has provided proof
of insurance, both parties have paid the appropriate fees, and any other specific
requirements of the leasing company), youre now ready to hand over the keys to the
new lessee.
Generally speaking, we recommend the Seller ensure all transfer documents are completed
and are properly forwarded to the leasing company. Its also prudent to confirm that
the leasing company received and processed the transfer two weeks after you forwarded
the documents.
As the Buyer, you should expect to begin receiving monthly lease payment statements.
If you dont receive your monthly statement by a week before the payment due date,
please call your new leasing company to ensure your statement is being processed
properly. Remember, it is your responsibility to make the lease payments.
|
|
License Plates
|
Typically the license plates on the vehicle are the property of the leasing company
and should remain on the vehicle. For the specifics of your states policies and
for cross-state transfers, please contact the local Department of Motor Vehicles
office or your leasing Company.
|
|
General FAQ
What
is LeaseTrader.com
|
LeaseTrader.com is the first full-service online auto lease
transfer marketplace of vehicle leases. We match individuals who are currently leasing
vehicles and wish to get out, with individuals who are looking for short-term leases
with attractive payments and no money down.
|
|
How does the LeaseTrader process work
|
LeaseTrader allows Lease Sellers to offer their leases for assumption online where
potential Lease Buyers can view them and make contact with them. Please visit How it Works
for a detail step-by-step process.
|
|
How long does the lease transfer process generally take
|
Some leasing companies can complete the process in as little as one day while others
may take several business days. How long it takes depends on a few things. First
is the credit application approval process, which generally takes 24 to 72 hours.
The second factor entails the creation and processing of the required lease transfer
documents, which generally takes 3 to 5 business days. Lastly mail and paperwork
turnaround times must also be taken into consideration. Typically, it takes between
7 to 14 business days to complete the entire process. If youd like information on
the typical time frame for a specific leasing company, please Contact Us and we will be happy to share our experiences
with you.
|
|
Who can use LeaseTrader to Transfer or Assume a Car Lease
|
Can I be both a Lease Seller and a Lease Buyer with LeaseTrader
By being both a Buyer and a Seller with LeaseTrader, you
can take full advantage of what we offer. You can monitor all of your account activity
in one place, using a single username and password. A good place to start is in
MyLeaseTrader, and then go to either Seller Central, Buyer Central or Profile,
to view, edit and manage your accounts.
|
|
How does LeaseTrader protect customer information
|
LeaseTrader protects customer information by using state
of the art 128-bit Secure Socket Layer(SSL) encryption supplied by Verisign.
|
|
How often are the listings updated
|
The listings are updated in real time at LeaseTrader. When
Sellers list their vehicles, they appear immediately on the website. When Sellers
make any changes or add missing information to their listing it appears as soon
as they save the information in our website.
|
|
Are the leases on the web site Open or Closed End Leases
|
Most leases, if not all of the vehicles listed on LeaseTrader.com
are closed-end leases.
|
|
Are Any of the vehicles Listed on LeaseTrader offered by Dealers
|
Most of the vehicles listed in LeaseTrader.com are being
offered by the original lease holders looking to get out of their car lease.
|
|
Do Leasing Companies allow lease transfers
|
Most leasing companies allow car lease transfers, however
very few do not, and some have specific restrictions. Call a LeaseTrader Transfer
Specialist or your Leasing Company to find out their policies regarding car lease
transfers or lease assumptions.
Nearly all leasing companies allow car lease transfers;
however none of them actively promote or advertise this service. Time and costs
associated with the car lease transfer to the Leasing Companies is one of the reasons
why.
Please remember that Lease Transfer or Lease Assumption is NOT a sublease since a
sublease is NOT allowed by leasing companies and is in fact illegal in many states.
LeaseTrader does not advocate subleasing in any way whatsoever, and the LeaseTrader
Marketplace is not to be used for the advertising or seeking of subleases.
LeaseTraders Lease Transfer is a true transfer of equity, done by the leasing company,
with full contractual coverage by all of the parties involved.
|
|
What if I am in a different state
|
A great number of transfers are between people in different
states. We work with a national transportation company that delivers the vehicle
to your location. You can negotiate with the owner as to who pays any costs involved.
For more info on this, visit our
Services section.
|
|
Can I use LeaseTrader in Canada
|
We are pleased to inform that we are now accepting Canadian listings. We have received
a lot of interest from Canadian lessees and lease buyers.
|
|
When I search in the LeaseTrader website and I like a car what do I do
|
Click where it says "Make an Offer" if you would like to
make an offer on the lease or if you simply like to assume the lease Click where
it says "Contact Seller" Log in if you are a registered user or create a new account.
Complete the credit application if you would like to get pre-approved. You will
be contacted within 24 hours with the results.
|
|
What are the costs in taking over a car lease
|
Initial Credit Application Fee: The cost to join our
buyer programs varies from $29.95 to $129.95. The buyer programs include 1 credit
verification and up to a 180 days of membership. The buyer program provides you
with information and lots of tools to expedite, enhance and facilitate your lease
transfer experience. LeaseTrader is available to assist you with the entire lease
transfer process, in addition to the buyers program, LeaseTrader charges the buyer
$149.95 brokers fee for taking over a vehicle once the lease transfers initiated,
between/among LeaseTrader.com members.
Leasing fees: Most financial Institutions charge a fee to process the car lease transfer paperwork. This fee varies from $0-$650
and is payable directly to the Finance Institution (e.g. Mercedes Benz Credit).
You can negotiate with the person transferring the lease as to who pays any fees
involved.
Other: If you are in a different state, there may be transportation and optional
third party inspection costs. You can negotiate with the person transferring the
car lease as to who pays these fees. For more info on this, visit our Services section.
|
|
Do I have to give a down payment
|
No. That's one of the advantages of taking-over a car lease.
You simply continue to pay the monthly car lease payments until the lease term ends.
|
|
Once
Once I start the transfer process can I back out
|
Yes, up until the final transfer documentation is signed
you can back out at any time. Note that any fees collected by LeaseTrader are non-refundable
if you decide to stop a transfer once the transfer process has begun.
|
|
Who pays for the transfer costs
|
You can negotiate with the person transferring the lease
as to who pays any costs involved.
|
|
Where do I return the vehicle
|
In most cases you can return the vehicle once the lease is
up at a dealership in YOUR area. This is the case even if you take-over a lease
from a different state.
|
|
After the lease is over can I buy the vehicle
|
Yes, most leases have a purchase option. The amount to be
paid will be specified in the contract (residual value or lease end buyout). If
this info is not displayed in the listing, you may send an e-mail to
customersupport@leasetrader.com. You must include the listing number in
your correspondence.
|
|
Can I
extend this lease
|
Most Leasing Companies will let you extend the lease term.
However, it all depends on the original lease agreement and what the Leasing Company
decides to do. For more details please contact the Leasing Company.
|
|
What do I do if I forget my user ID and or password information?
|
From the Sign-In area you can click on Forgot Password? to request your username
and password. Just enter the email address you have included in your LeaseTrader
account, and the username and password will be emailed to you. If you have any difficulty
obtaining the username and/or password, please Contact Us.
|
|
|
|
1. Click "Tools" on the main menu of your Internet Explorer window
2. Click on "Internet Options..." to open the corresponding dialog
|
|
|
|
|
3. Click on the "Security" tab. Here you will find all the information
on your browser's security level
4. Click on "Default Level". This will set the default security settings
on your browser
|
|
|
|
|
As you can see, your security level is now set to "Medium", which is the
appropriate for most Internet sites (you can see all settings below the "Medium"
title).
5. Click on "Apply"
6. Click on "OK"
|
|
|
|
|
7. Click the "Refresh" icon on the Internet Explorer toolbar.
You are now ready to use our site!
|
Select your Email Provider, in order to give you specific instructions:
|
|
|
|
|
|
|
|
|
AOL
AOL software:
1. Go to AOL® Keyword: Spam Folder.
2. Select the e-mail you want to retrieve, then click the This is Not Spam button.
AOL Mail on the Web:
1. Go to http://webmail.aol.com.
2. Enter your screen name and password, then click the Sign On button.
3. Click the Spam link.
4. Click the box next to the e-mail you wish to retrieve to place a check mark in
it.
5. Click the This is Not Spam button.
Gmail
1. Go to your Spam mailbox.
2. Tick the box next to the sender's name.
3. Click "Not Spam" at the top of your Spam mailbox.
MSN Hotmail
1. Go to your Junk E-mail folder.
2. Open the message you want to retrieve.
3. Click the "Not Junk E-mail" button at the top of your mailbox.
Yahoo
1. Go to your Bulk Folder.
2. Open the message you want to retrieve.
3. Click the "Not Spam" button.
|
Why take
over a lease
|
Save thousands of dollars - You simply take-over someone
else's monthly car lease payments
for the time remaining on the lease. No down payments required. E.g. Someone gave
a $3500 down payment on a BMW lease
to lower the car lease payments
to $349 per month. When you take-over the lease, you simply continue paying the
$349 until the end of the lease. You do not have to pay the $3500 down payment.
More car more often - Taking
over a lease gives you flexibility to lease a vehicle for a short amount
of time . Even for a year if you like without the long term commitment.
|
|
What does regular leasing involve
|
A longer term commitment. Usually 36, 48, or 60 months
(5 years).
Down payment. In many vehicles there is usually a down payment involved which
you do not get back when the car
lease is over.
Negotiating with a dealer. You have to negotiate the purchase price of the
vehicle, the term of the lease, the excess mileage charge, and the interest rate
included in the lease payment. This is something that a lot of us try to stay away
from.
In both auto leasing and
taking-over a car lease,
the lease can generally be extended and you have to make sure not to exceed the
mileage allowance on the car lease and not exceed normal wear and tear on the vehicle.
|
|
Is it possible to terminate a lease prior to the full term of the contract
|
Yes, it is possible to terminate most car leases prior to
the scheduled end date, however there are normally significant financial implications
to the lessee when doing so. Each leasing company has their own policies, but most
will charge some form of early termination penalty. It is not unusual for these
charges to be in excess of several thousand dollars. This makes transferring a car
lease through LeaseTrader such a valuable service.
|
|
How does assuming or transferring a lease work
|
The car lease transfer process is almost the same for most
leasing companies.
The individual wishing to take over the lease submits a credit application
to the leasing company. The leasing company will make a decision on the credit worthiness
of the applicant. If approved, lease transfer documents are prepared and signed
by the original and assuming lessees. The transfer is complete when the signed documents
are returned to the leasing company and processed. There are variations in the fees
and details for each leasing company. The LeaseTrader Team is on board to assist
with these variations and details as you navigate through the car lease transfer
process.
|
|
What are my chances on transferring my lease
|
Although we cannot give any guarantees, we have a constantly
updated waiting list of individuals looking to take-over leases. We tend to receive
various applications per vehicle. People nationwide search our listings and constantly
fill out Wish Lists. LeaseTrader's patent pending system automatically notifies
all the people who requested your vehicle the second you put it online.
|
|
How can I find information on my leasing company
|
LeaseTrader has included the basic lease transfer policies
for many leasing companies within Leasing Company Information on this site. If the company
you are looking for is not listed please Contact Us, and we'll be happy to get you more information.
|
|
What role does my Finance Company play
|
Independent of our pre-screening process, all of the lease
transfers | |