How to Transfer My Auto Lease

If you want to cancel or end your lease early, you can avoid penalty fess and payments due by transferring your lease to another person. Depending on the bank you lease through, you may have to remain on the lease with the other party, although some banks do allow complete transfers. It is most likely that you will lose any money you put down towards the lease, but you won't have to continue making payments.

Instructions

1

Call the bank that you lease through; have your account number and current vehicle mileage handy. Tell a bank representative that you want to transfer your lease to another party and need instructions to do so. Bank rules and paperwork vary, so you may have to fill out paperwork with the potential lessee or have him call into the bank to offer his credit information.

2

Ask which account information the potential lessee needs in order to apply. You can expect to provide the VIN (vehicle identification number) and either your account number or a reference number provided by the bank. Ask how long the approval process should take and if you will be contacted by phone or mail.

3

Give the potential lessee the account identifying information so she can call to apply. Call at anytime to follow up afterward to check the status of the approval. You can expect to be mailed with a lease transfer application to fill out with the person you are transferring the lease to once the application is approved.

4

Fill out the transfer form with the new lessee and notarize signatures, which is usually required by the bank. Once the transfer form has been accepted by the bank, the new lessee will have to sign her own leasing paperwork and provide insurance for the car.

5

Pay any lease transfer fees required by your bank.

6

Remove your vehicle plates before giving the car to the new owner -- turn them in to your state's motor vehicle department as soon as possible and notify your insurance company that you've ended your lease. Give the vehicle, all sets of keys and owner's manual to the new owner.