Lease Takeover with No Time
Do you need to get a lease takeover done but have no time? Don’t worry; the process doesn’t have to be long. In fact, some people are able to complete it in one day, depending on the location of the vehicle and how the paperwork needs to be processed.
Step One: Find the Car
This will be one of two most time consuming steps. You need to find the car. The best place to start looking is online. You will be able to search for cars that meet your needs and even filter by where the car is located. Instead of calling dealerships, asking friends, and looking in the advertisements for a lease takeover, this will speed up the process significantly.
Step Two: Talk With the Original Lessee
Ask the original lessee quick details about the car. You might be in a rush but it doesn’t hurt to ask the questions that are on your mind. These questions will help prevent you from ending up with a car that doesn’t meet your needs. It also gives you the chance to quickly determine who is going to pay the fees for the transfer, and if they will throw in any free months, etc.
Step Three: Test Drive the Car (Optional)
Like with the step above, you may be in a rush but it is always a good idea to test drive a car that you will be taking possession of. It isn’t just to make sure that it is working fully and that you won’t experience any engine problems. It is also to make sure that you feel comfortable driving the car. Different years of a vehicle and even different trims can change the feel of a car enough that it isn’t comfortable.
Step Four: A Credit Check
In times past a credit check meant that you needed to wait some time to hear back on whether or not your credit would be approved. Now, most leasers and website intermediaries are able to get you a response in minutes. But you can’t go without this step because you will be responsible for making the payments on this new vehicle and the leaser needs to know that you can do that.
Step Five: Transfer Documentation
Depending on how the lease transfer says that this step should be handled and how you are performing the lease transfer this process can be very simple. Usually it is as simple as filling out paperwork for the leaser and then filling out paperwork for the Department of Motor Vehicles.
Step Six: Sign the Paperwork
This is almost the last step. You have to sign the paperwork and get copies of it for yourself. You should make sure that you retain at least one copy but it is always good to make sure that you have a second copy in a safe location.
Step Seven: Get the Car
The last step is to get the actual car. This will be the most time consuming step if the car is out of state or the original lessee is busy. Be careful when considering driving the car back from out of state as most leases state how many miles you can drive the car each year. The car is yours now, for you to decide how to get it!