I’m taking over a BMW lease with incentive paid to me. Do I need a separate agreement for the incentive payment, and at what point in the process do I receive that payment, and in what form?
Thank you very much…
are you doing the swap through Swap a lease/Lease trader?
When I have done lease transfers (as the person transferring the lease), I have written up a Lease Transfer Bill of Sale that basically outlines the terms, the steps in the process, and the various checkpoints including where money gets transferred.
If someone is offering an incentive, I would encourage you to get that in writing as part of the deal and in what form. Otherwise you could end up getting burned.
We connected through Leasehackr , so we’re doing this directly through BMW. Do we create an escrow account? What have others done?
Thanks very much.
I’ve only done mine in person and have exchanged any funds after the party assuming the lease has been approved. Then, we exchange funds, and each return the paperwork at the same time to finalize the transfer. All of this is laid out in the bill of sale agreement.
If you’re doing it over distance, it probably makes sense to use an Escrow account. To some extent it becomes a question of mutual trust.
I did what @28firefighter did, wrote up an agreement in plain English that the new lessee would bring a certified check or wire the funds at the time of picking up the car
I also include expected mileage at the time of the transfer and any known damage since you have that weird waiting period where you signed off on taking it the car vs. when you actually get approved and take possession.
1 Like
This is great info… Thank you, Ted
you can use www.escrow.com and let them handle it, it’s a nominal fee depending on the $ amount
Hey. Would you mind sharing your Lease Transfer Bill of Sale? I am assuming a lease and want the transferor to sign something. I would greatly appreciate it.
My BoS is very specific to my lease transfer transactions. I suggest looking for Bill of Sale documents for your state and modify it to include the terms of the transfer and timeline to do so.