Friday, November 23, 2007

How to Remove Someone From an Automobile Lease

How to Remove Someone From an Automobile Lease

Removing someone from an automobile lease can be a cumbersome process depending on the circumstances leading to the person's removal. In the majority of cases, the lease agreement will need to be renegotiated with the lender. In addition, you may have to go to court to address these financial issues with the person you are tying to have removed from the automobile lease.

Instructions

    1

    Contact the originator of the lease for your vehicle. Explain the circumstances of your lease agreement and why you would like to have this person removed from the lease.

    2

    Follow the instructions from your lease originator regarding sending in any copies of required paperwork. In the case of a death, a copy of the death certificate will be required and the lease agreement will need to be redrafted.

    In the case of a divorce or separation, legal settlement paperwork will be required if property has been dispersed between the two parties. Keep in mind that a court separation or divorce agreement that "gives" the car to one person will not necessarily release the other person from the lease agreement with the lender. The court can only rule who gets to keep the car for driving purposes, but legally the other party would still have a financial obligation to the car if it remains in their name--even as a co-signer.

    3

    Have the lease agreement modified to include only your name. In order to accomplish this, you will need to show that you are able to pay the full terms of the lease obligation on your own through a credit check and also obtain your own financing through the lender. In addition, you may have additional fees charged to you for having the lease agreement modified. These fees can range between $100-$500, or more.

    4

    Register the car in your name. You will be responsible for any additional state DMV fees for this process.

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