Is there a FAQ or reference guide for GM lease transfers

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1

investigating a private lease transfer of an equinox.

is there a reference guide for private lease transfers in SoCal from GM?

apologies if this is obvious and I just missed it somewhere. I did attempt a search :slight_smile:

Thanks!

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https://eng7e.seismic.com/i/7dWgwXToruK2zqZ6PLUSSIGNV9TYuf2dl8cJcyMwxtymFXFRBynfID8QwXrtbsD3TIfwfhmZVFDw7GNhhvrKQjPLUSSIGNQRxt6MM8OmHVfAlOUtVNky46LXeFVS0R4TeOdSffxif5LXL8?signature=none

here you go

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3

Pretty simple process, is there a specific question you have?

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I guess I would like to know when to give the money to the original owner, or more importantly, when NOT to. Also, what to look for in the vehicle, how to avoid getting ripped off or getting a lemon, or if someone is trying to scam me, what I should look out for. That would all be super helpful.

Thanks!

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Thanks! this is helpful!

6

It can take 30-60 days to get the car registered in CA according to GM financial. So approx 30 days to transfer + 30-60 days for registration.

You can always call GM financial with questions.

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7

Read the threads here. It will take 6-8 weeks. You won’t have registration or a plate for the car the last month+ of that timeline so technically you won’t be able to drive it. GM Financial is super helpful right until they finish all the paperwork and get your check, at that point the waiting game starts and they have zero status updates since it’s then handed off to a 3rd party.

If you need a car within 30 days of your first call to GMF, don’t do it. If you have cars to spare, the “seller” seems trustworthy, and plenty of time to sit through the process and it’s a great deal, go for it.

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8

I have been the transferor of 5-6 GM leases and Assuming party of 2-3. In all instances it has been COD for the lease itself. The fee for the assumption is something to work out terms with the seller, in some cases I paid it and got it back in the total paid to me, in others I had them pay it at the start. As the assuming party I would perhaps check a carfax for the vehicle, though since it’s a lease unless something crazy happens, you are under warranty probably. Can always go see in person and inspect the car and get a vibe for the person transferring to determine if they seem sketchy too.

As others mentioned, technically until the titling it updated and it’s transferred on the dmv side I think you are not meant to drive it, though I always have.

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