All true leases contain an assumption clause whereby another qualified party can take over all of your remaining obligations under contract. This legal tool can be used to dispose of a lease at any month during the original term. Our office sets up and processes the transaction for you.
All parties know and approve of the transaction.
You will be removed from all obligation and the new driver will assume full obligation for the remainder of the contract. For financing, the title has to be changed and all liens satisfied. A new loan has to be written and more interest and taxes are incurred. The new driver is simply sent an assumption contract and no new taxes or interest is incurred. You may want to use this option if at the time your lease payoff is greater than your car value.