If you are looking to transfer a car lease, it is important to know the ins and outs. Watch Lenny Komsky of Grand Prix Motors help navigate the process.
Transferring Car Lease – Is it Possible?
Do you want to come out of your car leasing contract? Lenny Komsky, the owner of Grand Prix Motors, recently appeared on the Alpha Insider podcast hosted by Michael Levitis, the founder of Alpha PR Pro, to discuss if it is possible to transfer a car lease to someone else.
Alpha Insider conducts interviews with experts in their respective fields to educate the public on Business FAQs. Read the blog to learn about the process of transferring a car lease.
Transferring Car Lease
Let’s begin with the answer to our main question, – “Is it possible to transfer a car lease?”
Your circumstances may change during your ongoing car lease term. For such situations, you can choose to do the following with your car lease.
- ● Extend the lease
- ● Amend the lease
- ● Terminate the lease
- ● Transfer the leaseThe fourth one, transferring the lease, is the option many choose in situations where you don’t want to keep the car for miscellaneous reasons. But not every finance provider allows you to transfer your car lease.
Lenny shared during the interview that there are certain banks and finance companies that allow transferring car leases, while others don’t let you transfer car leases at all.
He also laid stress on checking the amount one would lose if transferring the lease. He said – “if you’re losing anything, see how much you’re losing. If it makes sense, you still might be able to get out.”
Can I Transfer my Car Lease
Though the criteria differ with every finance service provider, a typical lease transfer requires you to be eligible on the following points –
- ● Your lease must still have at least 12 months left on it.
- ● The new lessee must pass numerous credit checks and receive financing providerapproval.
- ● There cannot already be a lease transfer agreement in place for the car.How to Transfer the Lease ContractLenny mentioned two of the most popular ways to transfer a Car Lease Contract through a website. Swapalease is one of them, and the other one is Lease Exchange, which is also a partner with Lenny’s car lease company, Grand Prix Motors. These two offer efficient lease transfer services, but the charges vary with each of them.How Much Time A Lease Transfer TakesThe procedure for a lease transfer differs from case to case and is frequently based on the finance provider. Please keep in mind while contacting us that the process could take up to two months from start to finish.
You may catalyze the process by making sure you have the necessary paperwork on hand during the financial application phases (such as identification verification) and by having everyone sign the Lease Transfer paperwork as soon as possible.
Car Lease Transfer is possible, though it is not provided by every financier. To understand in detail about Car Lease Transfer, watch the full video of Lenny Komsky explaining everything during the podcast. Find the video on Alpha PR Pro.