Lease takeover - this is how the transfer of a lease works
When leasing a vehicle, the same applies as with many other things in life: It is not forever. The leasing period during which a vehicle is driven is usually between one year and 48 months. When the term of the contract has ended, it is usually the case that the lessor receives the car back. Usually there is no possibility to terminate the contract before the agreed term has expired. If so, very high additional costs are often due.
The majority of customers are of course aware of this when they sign the leasing contract for their new vehicle and have therefore adapted their plans to the corresponding terms of the leasing contract and the associated conditions. However, things don't always go according to plan in life. The sporty convertible may suddenly no longer be the most practical car because there is a child in the house or the vehicle fleet has to be reduced in the case of commercial leasing because the costs can no longer be borne.
So many people ask themselves whether there isn't a way to get out of the lease early. This possibility actually exists in the form of leasing. The following guide therefore deals with the topic: Lease takeover - This is how the transfer of the leasing contract works.
Taking over the leasing: what is it anyway?
The term lease transfer refers to the process that a current lease contract is transferred to another lessee. The vehicle is taken over by the person together with the contract. This new person also becomes the contractual partner of the responsible bank and is responsible for ensuring that the installments due for the leasing are paid within the remaining term. If an early termination of a leasing contract is sought, the topic of the takeover of the leasing should be examined in more detail. There are certain prerequisites that must be met so that the takeover of the leasing contract can run successfully.
These requirements apply to the takeover of the lease
For the most part, the prerequisites for taking over a leasing contract are identical to those that generally apply to private and commercial customers when they want to conclude a leasing contract.
Regardless of whether it is a private or commercial lease, the creditworthiness of the new lessee must be positive. If the lease is private, the lessee must have a sufficient income to be able to pay the outstanding lease payments without any problems. Sufficient creditworthiness must also exist. In addition, ideally, private customers must have a permanent employment contract and have a regular income. If it is a commercial lease, then the relevant business should have existed for more than half a year. In addition, it is then necessary to present a business evaluation from which the bank can derive the company's current earnings situation.
If these requirements are met, there is nothing to prevent the responsible bank from rewriting the leasing contract.
How the leasing takeover succeeds - A guide
The following shows how the takeover of the leasing contract works in the individual steps.
As soon as a person has been found who can take over the current leasing contract and has been contacted, the essential questions regarding the contract and the corresponding vehicle must be explained. The current lessee can also obtain information as to whether the requirements for the takeover of the contract are met by the potential new lessee. In this way it can be clarified in advance whether a rejection by the bank is to be feared and whether a lot of time and effort will be saved.
Transfer costs and possible damage to the vehicle
If the two parties have agreed on the basic assumption of the contract for the leased vehicle, they should make a joint inspection appointment. It is also possible for an independent expert to check the vehicle. This costs around 120 euros. The report then contains a status report of the vehicle, in which all possible damage in the interior or on the body, as well as the current mileage are recorded in detail. If any defects are discovered, the current lessee must correct them before handing over the vehicle. He can also pay the new lessee the compensation for the damage. If an expert is not called in and any damage is not disclosed or hidden, then this will be taken over by the new contractual partner. There is a risk that the driver will have to pay for damage to the vehicle at the end of the term that he was not responsible for.
In addition, the leasing banks are required to pay a fee if the leasing contract is rewritten to a new contract partner. The amount of this fee varies between banks. These can be between around 250 and 600 euros. The current lessee often pays the cost of rewriting the contract. Of course, they can also be divided. An agreement should be reached in advance.
Credit check of the new lessee and application for the transfer
The current contractual partner then informs the leasing bank that it is planned to rewrite the leasing contract to a new person. There are usually corresponding forms at the banks that make them available in such a case. The general data of the current contractual partner are stored here, as well as a self-disclosure of the potential new contractual partner, including the respective proof of earnings and income. If it is a commercial customer, then the business registration and the business evaluation must also be enclosed. The application form is then completed and signed and sent back to the leasing bank. The responsible leasing bank can use the data provided to check whether the creditworthiness of the new contractual partner is sufficient and, based on this, make a decision as to whether it agrees to rewrite the leasing contract.
Description of the contract and vehicle registration
If the credit check of the new contractual partner is positive and the bank agrees to accept the leasing contract, the contract is rewritten. After that, it is only necessary to rewrite the vehicle at the road traffic office to the new holder.
The leasing takeover as a solution for the premature termination of the leasing contract
In general, the takeover of a lease is the only but also a good solution for ending a leasing contract early. Of course, this creates a certain amount of effort and additional costs, but ultimately benefits both parties. Finally, the original lessee finds a buyer for his leasing vehicle and can terminate the current contract prematurely and the new lessee gets a contract with a shorter term, in which the down payment has already been made and the rates are usually more attractive. However, the latter cannot then configure individual equipment or make special requests regarding the vehicle.