Lease takeover policies vary by company; some automotive dealers and lenders allow you to transfer your lease to another person, while others prohibit it.
When available, the process for a lease takeover begins with the seller contacting the finance company. The prospective lessee will then complete a credit application and submit it to the finance company. Some finance companies require credit application and/or lease transfer fees, which are usually paid by the prospective lessee at the time of the credit application.
Once approved, the company will prepare the lease takeover/transfer documents. Both parties will need to sign the final paperwork. The lease takeover is complete once the finance company processes the signed documents. Policies, fees, and taxes may vary by state.
When considering taking over a lease, keep the mileage and condition of the vehicle in mind. As the new lessee, you’ll be responsible for any excess wear and excess mileage on the vehicle at the end of the lease. Some finance companies also continue to hold the original lessee financially liable in case of default, excess wear, or excess mileage.
Below, we list the lease takeover policies by company, plus which companies don’t allow lease takeovers.
Lease Takeover Policies by Company
The following companies allow lease takeovers with credit approval:
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Audi Financial Services
- Credit application fee: $100[1]
- Lease transfer fee: $350 (no fee in IN, MS, and TX)[1]
- Transfer completion time: At least two weeks[1]
- Will security deposit transfer? Yes[1]
- Original lessee liability: Yes[1]
- Other rules:
- Transfers are not allowed during the final 12 months of the lease.[1]
BMW Financial Services
- Credit application fee: $100[2]
- Lease transfer fee: $400[2]
- Transfer completion time: At least two weeks[2]
- Will security deposit transfer? Yes[2]
- Original lessee liability: No[2]
- Other rules:
Ford Credit
- Credit application fee: $75[3]
- Lease transfer fee: None[3]
- Transfer completion time: Two to three weeks[3]
- Will security deposit transfer? Yes[3]
- Original lessee liability: Original lessee should send a written request to remove liability[3]
- Other rules:
- Original lease agreement should state that a lease transfer is an option[3]
GM Financial
- Credit application fee: None[4]
- Lease transfer fee: $625[4]
- Transfer completion time: At least two weeks[4]
- Will security deposit transfer? Yes[4]
- Original lessee liability: No[4]
- Other rules:
Infiniti Financial Services
- Credit application fee: None[5]
- Lease transfer fee: None[5]
- Transfer completion time: At least two weeks[5]
- Will security deposit transfer? Yes[5]
- Original lessee liability: Yes[5]
- Other rules:
Lexus Financial Services
- Credit application fee: None[6]
- Lease transfer fee: $200[6]
- Transfer completion time: At least two weeks[6]
- Will security deposit transfer? Yes[6]
- Original lessee liability: No[6]
- Other rules:
Lincoln Automotive Financial Services
- Credit application fee: $75[7]
- Lease transfer fee: None[7]
- Transfer completion time: At least two weeks[7]
- Will security deposit transfer? Yes[7]
- Original lessee liability: Requires written request to remove liability[7]
- Other rules:
- None[7]
MINI Financial Services
- Credit application fee: $100[8]
- Lease transfer fee: $400[8]
- Transfer completion time: At least two weeks[8]
- Will security deposit transfer? Yes[8]
- Original lessee liability: No[8]
- Other rules:
Nissan Motors Acceptance Corporation
- Credit application fee: None[9]
- Lease transfer fee: None[9]
- Transfer completion time: At least two weeks[9]
- Will security deposit transfer? Yes[9]
- Original lessee liability: Yes[9]
- Other rules:
Tesla Financial
- Credit application fee: $150[10]
- Lease transfer fee: $500[10]
- Transfer completion time: At least two weeks[10]
- Will security deposit transfer? No[10]
- Original lessee liability: No[10]
- Other rules:
Toyota Financial Services
- Credit application fee: None[11]
- Lease transfer fee: $200[11]
- Transfer completion time: At least two weeks[11]
- Will security deposit transfer? Yes[11]
- Original lessee liability: No[11]
- Other rules:
- Transfers aren’t allowed within the first 60 days or the last six months of the original lease.[11]
U.S. Bank
- Credit application fee: $150[12]
- Lease transfer fee: $500[12]
- Transfer completion time: At least two weeks[12]
- Will security deposit transfer? Option to transfer[12]
- Original lessee liability: No[12]
- Other rules:
Volkswagen Credit
- Credit application fee: $100[13]
- Lease transfer fee: $350 (except IN, MS, and TX)[13]
- Transfer completion time: At least two weeks [13]
- Will security deposit transfer? Yes[13]
- Original lessee liability: Yes[13]
- Other rules:
- Takeovers aren’t allowed in the final 12 months of the original lease.[13]
Companies That Don’t Allow Lease Takeovers
In the course of our research, we found that the following companies don’t allow lease transfers:
- Acura Financial Services[14]
- Chase Auto Finance[15]
- Chrysler Capital (including Chrysler, Dodge, Jeep, Ram, and FIAT)[16]
- Honda Financial Services[17]
- Hyundai Motor Finance Company[18]
- Jaguar Financial[19]
- Kia Motors Finance[20]
- Land Rover Financial Services (as previously reported)
- Maserati Capital[21]
- Mazda Financial Services[22]
- Mercedes-Benz Financial Services[23]
- Mitsubishi Credit[24]
- Porsche Financial Services[25]
- Subaru Motors Finance[26]
- Volvo Car Financial Services[27]