Car lease transfer means the process of transferring the title of the lease of a car from one person to another through an agreement or formal letter. If the original lease holder cannot make any more payments during the remaining lease term, he can contact another person who is looking to lease a car and transfer the rights to him. The new lease holder gets the title of the lease and he must make the rent payment besides following all the terms and conditions of the car lease agreement. The car lease transfer document must contain the names and signatures of all the parties, any new terms and the make and model of the car.
Sample Car Lease Transfer:
Name of lessor: Zoom Auto Rental
Name of first lessee: Jake Ronald
Name of replacement lessee: Sarah Bonnel
Automobile details: 2008 Hyundai Elantra
Mileage: 20,000 miles
Monthly rent: $240
The Car Lease Transfer agreement has been entered on February 15, 2012 whereby the first lessee transfers the rights to the lease of the car mentioned above to the replacement lessee for a period of 4 months, that is, the remaining lease period.
Terms and Conditions:
- The lessor shall pay the security deposit back to the first lessee after verifying all the documents and once the replacement lessee pays the same amount to him.
- The first lessee is no longer obligated to pay the monthly rent, which will be henceforth paid by the replacement lessee.
Signature (Lessor) Date
Signature (First Lessee) Date
Signature (Replacement Lessee) Date