How to Switch Ownership of a Leased Vehicle

Switching ownership of a leased vehicle is known as a lease transfer or lease assumption. Before attempting to transfer your lease, you must contact your bank to find out if you're allowed to do so. Banks may differ on lease assumption requirements. Most banks, however, require that your lease account be in good standing and active for a certain period of time, or several months or more. Additionally, your bank likely charges a transfer fee that you or the person you're transferring to will have to pay.

Instructions

1

Call your leasing bank to inquire about the lease transfer process. A bank representative should describe the application process and state whether any fees are due if the transfer is approved. Obtain a phone number to offer your potential lessee for the application.

2

Give the person taking over your lease your bank's phone number and any information to identify the account, such as the car's VIN (vehicle identification number) or account number if your bank instructed you to do so.

3

Sign any forms and lease transfer paperwork mailed to you once the application is approved. Overnight the paperwork back to the bank to quicken the transfer process. (The person who is acquiring the lease should do the same.)

4

Arrange to give your vehicle to the new lessee once your bank has accepted and approved all paperwork. Take your plates off of the vehicle and give the new lessee the car's owner's manual and all sets of keys. Cancel your full-coverage insurance policy immediately.