What is rlease?
rlease is a new marketplace for car lease exchanges that connects car lease holders wanting to get out of their lease (“sellers”) with those who are looking to take over an existing car lease (“buyers”)
What are the advantages of rlease vs. a traditional car leasing process?
rlease gives buyers the ability to take over a car lease for periods as short as 6 months, and sellers the ability to terminate the lease without paying a large termination fee. In most cases, taking over an existing lease is the most affordable way to access a car for a short to medium time frame
Does rlease participate in the legal process of the lease transfer?
No. rlease is a marketplace that helps connect buyers and sellers. rlease does not support or provide any legal support or advice on the transfer process.
Which terms should a buyer and seller agree on as part of the lease transfer?
The terms of the lease, including monthly payment, allowed mileage, and lease-end date are fixed within the lease contract. However, the buyers and sellers are free to negotiate additional details as long as they do not interfere with original lease. Common examples of negotiation terms are who pays the leasing company's transfer fees, transportation fees, or reduction in monthly payment
When is the lease transfer finalized?
The lease transfer process is final when the leasing company receives all required lease transfer documents and fees for the transaction and completes the transfer process by notifying each of the parties involved. Until then both the buyer and/or the seller can technically still back out of the transfer
How does a lease transfer work for buyers?
The lease transfer process is similar for most of the leasing companies. After opening an account with rlease the buyer will have to go through the following steps to take over a lease: 1. Connect with a seller and agree of financial terms 2. Submit an initial application to the leasing company 3. Go through a credit check by leasing company 4. Inspect the car ensuring correct mileage and conditions (optional, but recommended) 5. Receive confirmation that leasing company internally transferred lease ownership from seller to buyer 6. Pick up the car 7. Transfer the car title / license plates with the local DMV The transfer process can take anywhere from 10 to 30 business days depending on the leasing company
How does a lease transfer work for sellers?
After opening an account with rlease and posting an ad sellers will have to complete the following steps to transfer a lease: 1. Identify a buyer and agree on financial terms 2. Submit a lease transfer request to the leasing company & pay initial transfer fee 3. Submit final assumptions documents to leasing company 4. Confirm with seller that car ownership was transferred with local DMV 5. Receive back plates from seller (optional, but recommended)
In what countries does rlease operate?
At this point, rlease is only available in the USA. If you have international requests, please reach out to our support team
What fees are involved in a lease transfer?
While every leasing company is different, most have a credit check fee and a lease transfer fee that must be paid by either the buyer or the seller. Additionally, as with any transfer of a car, DMV registration fees and sales tax will apply (based on the buyer’s state)
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