Auto lease transfer refers to shifting the title of the lease of an automobile from one lessee to another if the original lessee can no longer continue paying the rent for the specified term of the auto lease. Vehicles can be leased for a short duration or for a longer duration but in some cases for personal or professional reasons, the lessee cannot lease the car anymore. In order to avoid payment of fees, rent or penalty, he can transfer the rights and responsibility of the auto lease to another individual who shall be regarded as the new lessee and will pay the rent. The lessor must approve of the auto lease transfer after verifying all documents.
Sample Auto Lease Transfer:
Name of lessor: Hardy Auto General
Name of lessee: Michelle Bones
Name of new lessee: Adam Brown
Automobile details: Model: 2010 Honda Accord Sdn EX-L
Mileage: 10,000 miles
Monthly rent: $150
The Auto Lease Transfer agreement has been entered on February 16, 2012 according to which the lessor accepts the transfer of the lease rights of the automobile mentioned above from the lessee to the new lessee. The new lessee shall have to pay the monthly rent of the car and also follow other terms and conditions of the original contract.
Terms and Conditions:
- The lessee is no longer under any obligation to make any payment to the lessor
- The lessor shall pay the lessee the security deposit amount of $2,000 after the new lessee pays the amount
Signature (Lessor) Date
Signature (Lessee) Date
Signature (New Lessee) Date