Originally Posted by COOLIS

Just about a year ago, I leased a 2013 CT200h F-Sport. I had never leased before, but wasn't sure how I felt about a Hybrid, so decided leasing was the best option. I got a killer deal, so couldn't pass it up. Less than a year later, I wanted something different, so decided to post a craigslist ad for a lease transfer. I was just testing the waters, but got numerous serious inquiries.

I found someone who agreed to take the car, so I called Lexus and requested the transfer paperwork (you can do this before you find a buyer and request multiple copies if you have multiple parties interested). It took me about a week to receive the paperwork, as Lexus does everything for the transfer process through snail-mail. I then had to meet up with the prospective buyer, so he could fill out a credit application. There were also a few forms for me to sign so that Lexus could release information to the potential buyer. This was sent back to Lexus via snail-mail, so took Lexus over a week to receive the application. Once the application was received, Lexus requested proof of residency from the potential buyer, which they should have asked for in the initial packet of information. They did this by snail-mail, not by phone or email. Once they received this, they told me it would be another 7-10 days for the application to be approved or denied. Once approved or denied, a letter would be sent to both parties explaining the decision (again no phone call or email).

About a month after starting the process, Lexus had approved the buyer. They now sent a new packet of paperwork to be filled out via snail-mail. This included DMV information and verification of the new lessees information, as well as a request for the $200 transfer fee. The new lessee signed everything and sent in a money order for the $200 transfer fee. Turns out the new lessee didn't sign the money order, so Lexus could process it. There was no phone call or email telling us this, they just returned, via snail-mail, the money order to the new lessee. At this point, it had been nearly two months since we started this whole process and both of us were frustrated. The new lessee overnighted the signed money order back to Lexus to expedite the processing. Lexus received the money order and then finalized the transfer. They sent the final notice via snail-mail. Once this notice is received, you can release the car to the new lessee.

Overall, this process was simple but frustrating and time consuming. It took just about 60 days from start to finish. If I was doing it over again, I would pay to overnight every document and also provide Lexus with a prepaid overnight envelope to expedite things on their end. Also, find someone local to buy the car, as you will have to meet up numerous times over the course of the transfer process. A key to remember is that transferring the lease relieves the original lessee of any obligation to the car. Once the transfer is processed, Lexus will report the account of the original lessee as paid off to the credit bureaus.