Getting rid of my lease..

[403Gemini]

Hey guys, i'm trying to have somebody else assume my lease in interest of finding a new vehicle, and i tried phoning the dealership but they were busy and there was no answer (just stupid voicemail/messaging system) , so naturally i'm going to give them a call again later today - but i wanted to know if any of you had experience with this before and what it entails?

Does the person who takes over the lease need to "qualify" for it?

Is there a fee for doing so?

Any other "fun" steps i can look forward too? ;)

Cheers!

[benyl]

Yes, they need to qualify.

There is usually a fee.

You are still on the hook for it if they don't pay.

[403Gemini]

Well i'd be signing it over to somebody I trust at least (Family member) so i dont have to worry about missed payments... and if there are any :whipped: lol

Thanks Benyl

[canuckcarguy]

If they are approved to take over the lease, then you shouldn't be on the hook financially any more. But to free up your own credit / debt servicing, you should visit the dealership. If you can't get an easy answer there, you could always call the lease company and ask...

[shynepho]

I used www.leasebusters.com to get rid of my lease they charge $300 to put up your ad. I had to offer a $1500 incentive + pay the $500 lease transfer fee.

I went through CMP Classic (GM) they really didnt know what to do or how to do it when I went there asking to get my lease transferred. It took 15-20 days for them to do a credit check on the new person assuming the lease and then it took them another 3-4 weeks to get the lease transferred.

I would say just call up GM Canada (assuming its for your cobalt) directly and they should be able to fax you over the paper work required which will be alot faster then going through the dealership.

[403Gemini]

Originally posted by shynepho
I used www.leasebusters.com to get rid of my lease they charge $300 to put up your ad. I had to offer a $1500 incentive + pay the $500 lease transfer fee.

I went through CMP Classic (GM) they really didnt know what to do or how to do it when I went there asking to get my lease transferred. It took 15-20 days for them to do a credit check on the new person assuming the lease and then it took them another 3-4 weeks to get the lease transferred.

I would say just call up GM Canada (assuming its for your cobalt) directly and they should be able to fax you over the paper work required which will be alot faster then going through the dealership.

Stellar thanks man, i'll try and dig up GMAC's ph#

[the_spike]

I went through CMP also to transfer a lease to a family friend, and had to sit in the waiting room for a long time to get what turned out to be GMAC papers signed. I don't remember having to wait weeks though after...

But while I was waiting I did see Iggy buy his first new truck after signing with the Flames! (Way back when)