I have been looking to transfer out my lease and had a potential transferee that was very interested in my vehicle. But when they submitted the credit application the leasing bank would not approve them because the credit score came back a little lower then with the bank wanted. They did showed me proof of funds and more. They had more then enough funds which they would have set aside to cover the full lease term payment upfront. Any ideas or other options on how I can still transfer the vehicle to them?
Credit scores measure the likelihood of defaulting on the obligation based on how the consumer handled prior obligations.
Plenty of people with the means to pay their bills don’t pay their bills.
There are various things you could do but at the end of the day if it stays in your name you are still liable for the car if anything happens so keep that in mind…
They could propos a prepay for the balance of the lease payments. Not very likely it changes approval but I have heard It work before…
They could reapply with a co-signer and/or have a different co-signer that carries better credit.
You could essentially sublease to them and keep it in your name, there are resources online to help you do this and protect yourself, but it is potentially more risky for you.
Find a new person to transfer it to. If the bank doesn’t want them driving their car, there isn’t much you can do.