FYI and tutorial for those looking to transfer lease
09-01-17, 10:14 AM
#16
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i recently leased a GS350 (in april 2013) and after a few months decided it wasnt for me. after multiple dealerships offered me $40K on trade in (pay off was $46K) i decided I was going to lease transfer it myself. i searched on this forum and didnt find much so i decided to write this to help somebody else out who decides to go this route.
1- find somebody to assume your lease. there are multiple websites (swapalease, leasetrader, etc). i decided to start out only on craigslist. i put a free ad and within a week i had multiple people interested.
2- its a good idea before you even find somebody to call LFS and request the lease transfer paperwork. it takes about a week or so (arrives from Iowa, i'm in FL). request at least two copies. my first copy went to somebody who decided they changed their mind, so i had to wait another week for the second set; annoying. they told me the process takes 6-8 weeks.
3- the paperwork involves two sections, one for you and one for the other person. your portion is simple. hers involved a credit application. she was excited and decided to overnight everything and include a fedex account number with pre paid overnight return shipping. that really makes it quicker.
4- her credit got approved. congrats; you've overcome the biggest hurdle. they now send back (overnight in our case) another packet to me. this also includes two parts; me and her. my part was simple; odometer reading, signing a few papers, etc. hers included a $200 lease transfer fee, DL copy, proof of insurance, and a few more things. she overnighted it again
5- they now receive the paperwork and we got assigned an agent (Linda, she was awesome). within 48 hrs i was no longer on the account. she told me it'll take another few days for the title to transfer over (not sure what she means) but i'm no longer on the account and can officially give her the keys.
the entire process took us 2 weeks. this is with everything sent overnight and the other party very excited and filling out paperwork ASAP and sending it out next morning. so while they'll tell you it'll take 6-8 weeks it can take considerably less time. also for some reason they send everything to you. even her paperwork, which is annoying. that means every time i received paperwork we had to meet up so i can give her her portion. i wish they just sent her portion to her and mine to me.
either way, this is the process. if anybody has any specific questions let me know. i do think it could be a lot easier and quicker; why not have everything electronic? electronic credit report, etc? but overall pretty easy, and nice of lexus to allow this
1- find somebody to assume your lease. there are multiple websites (swapalease, leasetrader, etc). i decided to start out only on craigslist. i put a free ad and within a week i had multiple people interested.
2- its a good idea before you even find somebody to call LFS and request the lease transfer paperwork. it takes about a week or so (arrives from Iowa, i'm in FL). request at least two copies. my first copy went to somebody who decided they changed their mind, so i had to wait another week for the second set; annoying. they told me the process takes 6-8 weeks.
3- the paperwork involves two sections, one for you and one for the other person. your portion is simple. hers involved a credit application. she was excited and decided to overnight everything and include a fedex account number with pre paid overnight return shipping. that really makes it quicker.
4- her credit got approved. congrats; you've overcome the biggest hurdle. they now send back (overnight in our case) another packet to me. this also includes two parts; me and her. my part was simple; odometer reading, signing a few papers, etc. hers included a $200 lease transfer fee, DL copy, proof of insurance, and a few more things. she overnighted it again
5- they now receive the paperwork and we got assigned an agent (Linda, she was awesome). within 48 hrs i was no longer on the account. she told me it'll take another few days for the title to transfer over (not sure what she means) but i'm no longer on the account and can officially give her the keys.
the entire process took us 2 weeks. this is with everything sent overnight and the other party very excited and filling out paperwork ASAP and sending it out next morning. so while they'll tell you it'll take 6-8 weeks it can take considerably less time. also for some reason they send everything to you. even her paperwork, which is annoying. that means every time i received paperwork we had to meet up so i can give her her portion. i wish they just sent her portion to her and mine to me.
either way, this is the process. if anybody has any specific questions let me know. i do think it could be a lot easier and quicker; why not have everything electronic? electronic credit report, etc? but overall pretty easy, and nice of lexus to allow this
hello! Do i have to wait for the title to come in before I can get the car? or since the account is under my name, I can get the car?
01-13-18, 07:06 AM
#17
Question to any of you who have gone through a lease transfer:
At which point do you get to see the original terms of the lease? Do they include a copy of the original lease with the packet that LFS sends over to transferor/transferee? Should I be asking the person who is transferring the lease to me to send me a copy of his lease? I find this is a very important portion of the transfer, as the person taking over the lease is also assuming all of the original responsibilities.
Thanks!
At which point do you get to see the original terms of the lease? Do they include a copy of the original lease with the packet that LFS sends over to transferor/transferee? Should I be asking the person who is transferring the lease to me to send me a copy of his lease? I find this is a very important portion of the transfer, as the person taking over the lease is also assuming all of the original responsibilities.
Thanks!
01-13-18, 07:32 AM
#18
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Question to any of you who have gone through a lease transfer:
At which point do you get to see the original terms of the lease? Do they include a copy of the original lease with the packet that LFS sends over to transferor/transferee? Should I be asking the person who is transferring the lease to me to send me a copy of his lease? I find this is a very important portion of the transfer, as the person taking over the lease is also assuming all of the original responsibilities.
Thanks!
At which point do you get to see the original terms of the lease? Do they include a copy of the original lease with the packet that LFS sends over to transferor/transferee? Should I be asking the person who is transferring the lease to me to send me a copy of his lease? I find this is a very important portion of the transfer, as the person taking over the lease is also assuming all of the original responsibilities.
Thanks!
I just went through a lexus lease process. When I first was applying for it, I told the original lessee to show me/send me pics of the lease. If you do not have access to the original lessee then the original lease paperwork doesn't come until you're approved and everything has been transferred over. I agree with you that you should try to see the lease before applying just to make sure nothing is funky in there.
01-13-18, 07:35 AM
#19
Thank you!
Hey!
I just went through a lexus lease process. When I first was applying for it, I told the original lessee to show me/send me pics of the lease. If you do not have access to the original lessee then the original lease paperwork doesn't come until you're approved and everything has been transferred over. I agree with you that you should try to see the lease before applying just to make sure nothing is funky in there.
I just went through a lexus lease process. When I first was applying for it, I told the original lessee to show me/send me pics of the lease. If you do not have access to the original lessee then the original lease paperwork doesn't come until you're approved and everything has been transferred over. I agree with you that you should try to see the lease before applying just to make sure nothing is funky in there.
Thank you very much!
02-23-18, 09:07 PM
#20
Denied
Hey!
I just went through a lexus lease process. When I first was applying for it, I told the original lessee to show me/send me pics of the lease. If you do not have access to the original lessee then the original lease paperwork doesn't come until you're approved and everything has been transferred over. I agree with you that you should try to see the lease before applying just to make sure nothing is funky in there.
I just went through a lexus lease process. When I first was applying for it, I told the original lessee to show me/send me pics of the lease. If you do not have access to the original lessee then the original lease paperwork doesn't come until you're approved and everything has been transferred over. I agree with you that you should try to see the lease before applying just to make sure nothing is funky in there.
Bad thing is that I got denied on the credit application. This seems quite odd, as I know that based on LFS policy, the transferee has to have same or greater credit than the transferor. In my case, transferor showed me his credit score being 732 and I have a 769. We called LFS together to find out why, and they couldn't tell us because they said reasoning would be explained in the letter I would receive in the mail (which I haven't received yet). Few questions come up:
1) Would anybody know if LFS compares your credit to the transferor' s credit at the current time OR at the time they initially leased the vehicle?
2) LFS Agent told me that if I were to send in another application, I would have to send in another $200. I never sent the $200 initially, because based on their instructions, you only send the $200 certified check after the credit application has been approved (along with proof of insurance).
3) Would it make a difference if the lease was being transferred from a corporate lease (being guaranteed by an individual who's score is lower than mine) to an individual?
4) Does anybody here know someone that works at LFS? I know for a fact I make enough to afford this vehicle, and I have a higher tier 1 credit score than the transferor. I would love to speak to a manager that actually knows something there - and not get different answers from agents every time.
5) Does anyone know through which company (bureau) LFS verifies your credit (Equifax, Experian or TransUnion)?
All your help would be very much appreciated, as I'm planning to reapply.
Thanks in advance!
03-01-18, 09:16 AM
#21
LEXUS FINANCIAL SERVICES
PO BOX 9490
Cedar Rapids IA 52409-9490
I know that USPS has a service whereby it arrives in 2 days.
I'd like to know, as I'm planning to reapply - you can see my previous post :-(
Thanks!
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