My Lexus Lease Transfer Experience
12-19-14, 12:11 PM
#1
Instructor
Thread Starter
My Lexus Lease Transfer Experience
Just about a year ago, I leased a 2013 CT200h F-Sport. I had never leased before, but wasn't sure how I felt about a Hybrid, so decided leasing was the best option. I got a killer deal, so couldn't pass it up. Less than a year later, I wanted something different, so decided to post a craigslist ad for a lease transfer. I was just testing the waters, but got numerous serious inquiries.
I found someone who agreed to take the car, so I called Lexus and requested the transfer paperwork (you can do this before you find a buyer and request multiple copies if you have multiple parties interested). It took me about a week to receive the paperwork, as Lexus does everything for the transfer process through snail-mail. I then had to meet up with the prospective buyer, so he could fill out a credit application. There were also a few forms for me to sign so that Lexus could release information to the potential buyer. This was sent back to Lexus via snail-mail, so took Lexus over a week to receive the application. Once the application was received, Lexus requested proof of residency from the potential buyer, which they should have asked for in the initial packet of information. They did this by snail-mail, not by phone or email. Once they received this, they told me it would be another 7-10 days for the application to be approved or denied. Once approved or denied, a letter would be sent to both parties explaining the decision (again no phone call or email).
About a month after starting the process, Lexus had approved the buyer. They now sent a new packet of paperwork to be filled out via snail-mail. This included DMV information and verification of the new lessees information, as well as a request for the $200 transfer fee. The new lessee signed everything and sent in a money order for the $200 transfer fee. Turns out the new lessee didn't sign the money order, so Lexus could process it. There was no phone call or email telling us this, they just returned, via snail-mail, the money order to the new lessee. At this point, it had been nearly two months since we started this whole process and both of us were frustrated. The new lessee overnighted the signed money order back to Lexus to expedite the processing. Lexus received the money order and then finalized the transfer. They sent the final notice via snail-mail. Once this notice is received, you can release the car to the new lessee.
Overall, this process was simple but frustrating and time consuming. It took just about 60 days from start to finish. If I was doing it over again, I would pay to overnight every document and also provide Lexus with a prepaid overnight envelope to expedite things on their end. Also, find someone local to buy the car, as you will have to meet up numerous times over the course of the transfer process. A key to remember is that transferring the lease relieves the original lessee of any obligation to the car. Once the transfer is processed, Lexus will report the account of the original lessee as paid off to the credit bureaus.
I found someone who agreed to take the car, so I called Lexus and requested the transfer paperwork (you can do this before you find a buyer and request multiple copies if you have multiple parties interested). It took me about a week to receive the paperwork, as Lexus does everything for the transfer process through snail-mail. I then had to meet up with the prospective buyer, so he could fill out a credit application. There were also a few forms for me to sign so that Lexus could release information to the potential buyer. This was sent back to Lexus via snail-mail, so took Lexus over a week to receive the application. Once the application was received, Lexus requested proof of residency from the potential buyer, which they should have asked for in the initial packet of information. They did this by snail-mail, not by phone or email. Once they received this, they told me it would be another 7-10 days for the application to be approved or denied. Once approved or denied, a letter would be sent to both parties explaining the decision (again no phone call or email).
About a month after starting the process, Lexus had approved the buyer. They now sent a new packet of paperwork to be filled out via snail-mail. This included DMV information and verification of the new lessees information, as well as a request for the $200 transfer fee. The new lessee signed everything and sent in a money order for the $200 transfer fee. Turns out the new lessee didn't sign the money order, so Lexus could process it. There was no phone call or email telling us this, they just returned, via snail-mail, the money order to the new lessee. At this point, it had been nearly two months since we started this whole process and both of us were frustrated. The new lessee overnighted the signed money order back to Lexus to expedite the processing. Lexus received the money order and then finalized the transfer. They sent the final notice via snail-mail. Once this notice is received, you can release the car to the new lessee.
Overall, this process was simple but frustrating and time consuming. It took just about 60 days from start to finish. If I was doing it over again, I would pay to overnight every document and also provide Lexus with a prepaid overnight envelope to expedite things on their end. Also, find someone local to buy the car, as you will have to meet up numerous times over the course of the transfer process. A key to remember is that transferring the lease relieves the original lessee of any obligation to the car. Once the transfer is processed, Lexus will report the account of the original lessee as paid off to the credit bureaus.
12-19-14, 01:54 PM
#2
if you think this is bad you should look up how bad mb is. the approval process itself is already way more painful than anyone can imagine, and that doesn't include all the "processing"
i transferred lease on my lexus before with someone in the same state but 400 miles away. it did take about 40 days and yup everything through regular mails. but it was not terribly bad.
what i am more interested to know though is how about other institutes like bmw and audi
i transferred lease on my lexus before with someone in the same state but 400 miles away. it did take about 40 days and yup everything through regular mails. but it was not terribly bad.
what i am more interested to know though is how about other institutes like bmw and audi
12-19-14, 04:45 PM
#3
The pursuit of F
Hmm, in Canada, simply rendez-vous at the dealer (500$ transfer fee) with the buyer and paperwork signed there and then. Next day after proof of insurance, credit checks, liens, etc validated, meet again, remove license plate, and hand over the keys.
In the US, you couldn't do this at the dealer?
In the US, you couldn't do this at the dealer?
12-19-14, 05:57 PM
#4
Hmm, in Canada, simply rendez-vous at the dealer (500$ transfer fee) with the buyer and paperwork signed there and then. Next day after proof of insurance, credit checks, liens, etc validated, meet again, remove license plate, and hand over the keys.
In the US, you couldn't do this at the dealer?
In the US, you couldn't do this at the dealer?
12-19-14, 09:38 PM
#6
Instructor
Thread Starter
You are correct. The dealers have nothing to do with the lease after the initial purchase. Everything goes through Lexus financial. It would be nice if you could just have the dealer take care of it all.
I also have a GS430 and an SC400. I found myself driving those more often than the CT200h. I'm in the market now for a GS460 or something on that level. I'm always tempted to go get a 550i or E550, but the maintenance horror stories I hear keep me loyal to Lexus.
I also have a GS430 and an SC400. I found myself driving those more often than the CT200h. I'm in the market now for a GS460 or something on that level. I'm always tempted to go get a 550i or E550, but the maintenance horror stories I hear keep me loyal to Lexus.
12-20-14, 01:52 PM
#7
Dealers in USA want no part of this lease transfer as they have evidently do not gain (earn sales commissions, etc) in the process. I like how in Canada as least they get to earn $500.
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01-25-15, 03:41 PM
#11
Lexus Fanatic
Hmm, in Canada, simply rendez-vous at the dealer (500$ transfer fee) with the buyer and paperwork signed there and then. Next day after proof of insurance, credit checks, liens, etc validated, meet again, remove license plate, and hand over the keys.
In the US, you couldn't do this at the dealer?
In the US, you couldn't do this at the dealer?
01-25-15, 04:33 PM
#12
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Just about a year ago, I leased a 2013 CT200h F-Sport. I had never leased before, but wasn't sure how I felt about a Hybrid, so decided leasing was the best option. I got a killer deal, so couldn't pass it up. Less than a year later, I wanted something different, so decided to post a craigslist ad for a lease transfer. I was just testing the waters, but got numerous serious inquiries.
I found someone who agreed to take the car, so I called Lexus and requested the transfer paperwork (you can do this before you find a buyer and request multiple copies if you have multiple parties interested). It took me about a week to receive the paperwork, as Lexus does everything for the transfer process through snail-mail. I then had to meet up with the prospective buyer, so he could fill out a credit application. There were also a few forms for me to sign so that Lexus could release information to the potential buyer. This was sent back to Lexus via snail-mail, so took Lexus over a week to receive the application. Once the application was received, Lexus requested proof of residency from the potential buyer, which they should have asked for in the initial packet of information. They did this by snail-mail, not by phone or email. Once they received this, they told me it would be another 7-10 days for the application to be approved or denied. Once approved or denied, a letter would be sent to both parties explaining the decision (again no phone call or email).
About a month after starting the process, Lexus had approved the buyer. They now sent a new packet of paperwork to be filled out via snail-mail. This included DMV information and verification of the new lessees information, as well as a request for the $200 transfer fee. The new lessee signed everything and sent in a money order for the $200 transfer fee. Turns out the new lessee didn't sign the money order, so Lexus could process it. There was no phone call or email telling us this, they just returned, via snail-mail, the money order to the new lessee. At this point, it had been nearly two months since we started this whole process and both of us were frustrated. The new lessee overnighted the signed money order back to Lexus to expedite the processing. Lexus received the money order and then finalized the transfer. They sent the final notice via snail-mail. Once this notice is received, you can release the car to the new lessee.
Overall, this process was simple but frustrating and time consuming. It took just about 60 days from start to finish. If I was doing it over again, I would pay to overnight every document and also provide Lexus with a prepaid overnight envelope to expedite things on their end. Also, find someone local to buy the car, as you will have to meet up numerous times over the course of the transfer process. A key to remember is that transferring the lease relieves the original lessee of any obligation to the car. Once the transfer is processed, Lexus will report the account of the original lessee as paid off to the credit bureaus.
I found someone who agreed to take the car, so I called Lexus and requested the transfer paperwork (you can do this before you find a buyer and request multiple copies if you have multiple parties interested). It took me about a week to receive the paperwork, as Lexus does everything for the transfer process through snail-mail. I then had to meet up with the prospective buyer, so he could fill out a credit application. There were also a few forms for me to sign so that Lexus could release information to the potential buyer. This was sent back to Lexus via snail-mail, so took Lexus over a week to receive the application. Once the application was received, Lexus requested proof of residency from the potential buyer, which they should have asked for in the initial packet of information. They did this by snail-mail, not by phone or email. Once they received this, they told me it would be another 7-10 days for the application to be approved or denied. Once approved or denied, a letter would be sent to both parties explaining the decision (again no phone call or email).
About a month after starting the process, Lexus had approved the buyer. They now sent a new packet of paperwork to be filled out via snail-mail. This included DMV information and verification of the new lessees information, as well as a request for the $200 transfer fee. The new lessee signed everything and sent in a money order for the $200 transfer fee. Turns out the new lessee didn't sign the money order, so Lexus could process it. There was no phone call or email telling us this, they just returned, via snail-mail, the money order to the new lessee. At this point, it had been nearly two months since we started this whole process and both of us were frustrated. The new lessee overnighted the signed money order back to Lexus to expedite the processing. Lexus received the money order and then finalized the transfer. They sent the final notice via snail-mail. Once this notice is received, you can release the car to the new lessee.
Overall, this process was simple but frustrating and time consuming. It took just about 60 days from start to finish. If I was doing it over again, I would pay to overnight every document and also provide Lexus with a prepaid overnight envelope to expedite things on their end. Also, find someone local to buy the car, as you will have to meet up numerous times over the course of the transfer process. A key to remember is that transferring the lease relieves the original lessee of any obligation to the car. Once the transfer is processed, Lexus will report the account of the original lessee as paid off to the credit bureaus.
Did you ever get anything different? ie to replace the hybrid??
Thanks
Jim
01-26-15, 04:55 PM
#13
I had a HS250h as a loaner once, I couldn't wait to get rid of it after 3 days, it was fun for the 1st day. I was so happy to get my V8 back!!
Last edited by BNR34; 01-27-15 at 10:18 AM.
01-26-15, 06:25 PM
#14
You can. My is350 was a lease buy out. It was quick and painless. If I remember correctly, all I had to do was fax a signed pre-purchase order. I flew a few states over, inspected the car, signed a few papers, handed over a rather large check and boom, two hours later, I'm on the road driving it home.
01-27-15, 09:51 AM
#15
You can. My is350 was a lease buy out. It was quick and painless. If I remember correctly, all I had to do was fax a signed pre-purchase order. I flew a few states over, inspected the car, signed a few papers, handed over a rather large check and boom, two hours later, I'm on the road driving it home.