Can somebody explain to me what the actual lease transfer process is like? I know it’s different from dealer to dealer but is it usually submitted online or in person?
What documentation do we usually have to provide?
How long does it usually take?
Is it the responsibility of the seller to initialize everything?
Do we have to go to the dealership to start the process?
Depends on the vehicle.
When I transferred my Ford, the buyer sent in an application to Ford after I provided ford some info. They finally approved, we signed some paperwork, faxed it back and I handed over the keys. Took about a month. Dealership wasn’t involved. I had to initialize the process.
@psp219 Is this related to your Subaru? If so, Chase does not allow lease transfers.
Dealer has nothing to do with it. What lender are you talking about and did you google it?
Nope. I’m just asking a general question.
I did. I just wanted to get some first hand advice from people that have done it.
How can you have a general question about something that’s lender-specific? Which lender are you talking about?
To be fair, one may not know that the details are lender specific until asking a general question and discovering that.
I’ve done 12 lease transfers over the years with Ally, MBFS, gmac, Ford, and US Bank off the top of my head. All depends on the bank but they will either provide the original buyer with a paper credit application that they would mail to you or in the case of Mercedes or BMW it can be submitted online through their website and the original purchaser can do that through their account by choosing a transfer my lease option. Once the bank approves your credit which can take 24 hrs to a couple weeks depending on bank, the bank will mail a contract out to the original leaseholder that has to be signed and notarized by them. Typically the paperwork packet will come with a prepaid envelope to the purchasers address. They sign/notarize their end of it and mail the packet back via another prepaid envelope usually along with the banks transfer fee. You may have to provide your local dmvs info for the bank to send the title. Sometimes it has to be mailed back with proof of insurance. Then you wait another week or longer for the transfer to be completed by the bank at which point the bank will mail the buyer the completed paperwork and copies of everything to register the car- including a power of attorney. Some banks will remit the sales tax automatically on your behalf and provide you with the appropriate dmv paperwork to exempt you when registering the car while other banks will leave the sales tax to you. Then the fun part is the luck of the draw at the dmv if you get someone who knows what they are doing or not. Best to have as much paperwork with you as possible as the people at the dmv appear to enjoy telling you that you dont have what’s needed for registration. Dont be afraid to ask for a dmv supervisor as I have found many new clerks don’t have a clue how to handle it and will attempt to charge you sales tax on the full value of the lease (should only be remaining payments in ny)
I’ve never had a transfer completed in less than 3 weeks and usually takes 4 to 6 weeks from credit application submission to being able to register the car. This heavily depends on the bank as some are much better than others. I’d say Mercedes and Ally have their s*** together the most. Unfortunately ally and gm no longer do out of state transfers.I haven’t personally done BMW but hear they are the quickest possibly as little as 2 weeks.
My Bmw was done in about a week. If both sides are motivated, bmw moves very quickly.
Does anyone know if Ally Bank Lease Trust is allowing lease transfers (in state or out of state) or does anyone have a telephone # I can call to verify? Thanks.