Lease Transfer Question...
Thread Starter
Member
Joined: Apr 2012
Posts: 205
Likes: 3
2003 SL55
Lease Transfer Question...
Hey everyone. I am just trying to get a solid answer because I still am uncertain about this question. If you transfer your MBUSA FS lease to another individual, are you completely removed of the liability on the car? I understand you no longer are responsible financially. There is even a full page devoted to this but no mention of the transfer.
http://www.mbfs.com/mbfsr/en/faqs/faqLeaseTransfer.do
Also, does anyone know who is responsible for any damage to the vehicle at the end of the lease? The original transferor or the new transferee? Has anyone gone through with a transfer? Any insight on this would be hugely appreciated. Thank you very much in advance.
http://www.mbfs.com/mbfsr/en/faqs/faqLeaseTransfer.do
Also, does anyone know who is responsible for any damage to the vehicle at the end of the lease? The original transferor or the new transferee? Has anyone gone through with a transfer? Any insight on this would be hugely appreciated. Thank you very much in advance.
Senior Member
Joined: Aug 2008
Posts: 296
Likes: 0
From: OC, CA
2010 E63
Hey There -
I have done this several times with MBFS as well as BMW. Once you have transferred your lease to another individual, they are fully responsible for that lease, just as if they had originally leased the car themselves..meaning financially, liability, wear/tear, mileage, and all terms of that particular lease.
Of course they have to be approved via MBFS with their own personal credit, info, etc. It usually takes a few weeks, and you have to babysit everything through the process, but can be a good solution for both parties. One aspect I did find out over the years, is that the party who is taking over your lease cannot transfer it to someone else. This can only be done once.
Other than that...you are good to go once MBFS says the new leasing party has taken over the contract.
I have done this several times with MBFS as well as BMW. Once you have transferred your lease to another individual, they are fully responsible for that lease, just as if they had originally leased the car themselves..meaning financially, liability, wear/tear, mileage, and all terms of that particular lease.
Of course they have to be approved via MBFS with their own personal credit, info, etc. It usually takes a few weeks, and you have to babysit everything through the process, but can be a good solution for both parties. One aspect I did find out over the years, is that the party who is taking over your lease cannot transfer it to someone else. This can only be done once.
Other than that...you are good to go once MBFS says the new leasing party has taken over the contract.
Senior Member
Joined: Oct 2007
Posts: 453
Likes: 2
From: Miami
M156
On the link you provided it says the transferee is responsible for everything. But I don't have any personal experience.
Make sure the transferee has good credit and income otherwise you will waste your time.
Make sure the transferee has good credit and income otherwise you will waste your time.
Senior Member
Joined: Aug 2008
Posts: 296
Likes: 0
From: OC, CA
2010 E63
What I found out with the credit situation is that MBFS will only transfer the lease to another party, as long as they have tier 1 credit. This is only based upon my experience...and having gone through a few interested parties who were not able to qualify. Even if I had a party submitting their application to take over the lease...I would still entertain other parties at the same time...if they came along, until one was approved.
I know it can be a hot topic with the interested party, but asking about their credit health in a general way could save everyone time. Then again...there is always a chance that MBFS could approve them.
Newbie
Joined: Dec 2012
Posts: 9
Likes: 0
From: Cincinnati, OH
MB
^+100000 Exactly!
What I found out with the credit situation is that MBFS will only transfer the lease to another party, as long as they have tier 1 credit. This is only based upon my experience...and having gone through a few interested parties who were not able to qualify. Even if I had a party submitting their application to take over the lease...I would still entertain other parties at the same time...if they came along, until one was approved.
I know it can be a hot topic with the interested party, but asking about their credit health in a general way could save everyone time. Then again...there is always a chance that MBFS could approve them.
What I found out with the credit situation is that MBFS will only transfer the lease to another party, as long as they have tier 1 credit. This is only based upon my experience...and having gone through a few interested parties who were not able to qualify. Even if I had a party submitting their application to take over the lease...I would still entertain other parties at the same time...if they came along, until one was approved.
I know it can be a hot topic with the interested party, but asking about their credit health in a general way could save everyone time. Then again...there is always a chance that MBFS could approve them.
Thread Starter
Member
Joined: Apr 2012
Posts: 205
Likes: 3
2003 SL55
Thank you for the information swapalease (and others). I've actually gone ahead and listed the car with you guys!
http://www.swapalease.com/lease/deta...x?salid=772359
http://www.swapalease.com/lease/deta...x?salid=772359
