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Transferring a lease

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Anonymous
Not applicable

Transferring a lease

What's going on, gals and gents? I haven't been on here in a while haha but here's a little backstory on my situation. so I leased my car back in August of last year, 2015. It's a 2015 IS250 and I absolutely love it, don't get me wrong but I messed up and got that rather than the IS350 which was only $20 more a month. So now I spoke to my sister earlier today and I asked her if she'd like to take over my lease (because she's been wanting my car since I got it) so I can get the IS350 she told me she'd be cool with doing that. 

 

Now I have a few questions. One, does she have to have good credit, I'm saying like 700+, to take over the lease? Second question is, my credit card utilization is under 15% and I've always paid Lexus on time or even before the due date. Would I be good? My current scores are EQ at 697, TU at 713, and EX at 693. When I got my car back in 2015, I got it with absolutely 0 down. Would I still be able to get 0 down with those scores? Oh, and a last question which you guys may or may not be able to answer, would I be able to keep my license plate? Because it's a vanity plate and I don't want to give that away lol

 

 

Thanks

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: Transferring a lease

Did you lease with Lexus Financial? You'll need to reach out to them directly, they'll have the answer to most of these questions. Typically they will require the transferee to submit a credit application to them directly, and once approved there's a specific set of transfer paperwork that they will send to you to fill out that they send out in a packet... it includes the DMV transfer, etc. There's also a fee associated with it, I think somewhere in the range of $200-250. Do yourself a favor and overnight the stuff if they don't let you digitally send in documents, 'cause TMF/LFS are notoriously slow in consumer-based interactions.


You should be able to keep your plate, as typically those go with the person not the car. I traded in a Tacoma for my Tundra lease and was able to keep my original tag. Some states' DMVs are loopy af though, so I would verify directly with them.

 

She will need to qualify for credit. Anything below 670 or so is going to throw her into sub-tier four level and be ridiculous - I'd say you really want to be around 690+ to have any decent leasing terms.

Message 2 of 7
Anonymous
Not applicable

Re: Transferring a lease


@Anonymous wrote:

What's going on, gals and gents? I haven't been on here in a while haha but here's a little backstory on my situation. so I leased my car back in August of last year, 2015. It's a 2015 IS250 and I absolutely love it, don't get me wrong but I messed up and got that rather than the IS350 which was only $20 more a month. So now I spoke to my sister earlier today and I asked her if she'd like to take over my lease (because she's been wanting my car since I got it) so I can get the IS350 she told me she'd be cool with doing that. 

 

Now I have a few questions. One, does she have to have good credit, I'm saying like 700+, to take over the lease? Second question is, my credit card utilization is under 15% and I've always paid Lexus on time or even before the due date. Would I be good? My current scores are EQ at 697, TU at 713, and EX at 693. When I got my car back in 2015, I got it with absolutely 0 down. Would I still be able to get 0 down with those scores? Oh, and a last question which you guys may or may not be able to answer, would I be able to keep my license plate? Because it's a vanity plate and I don't want to give that away lol

 

 

Thanks


You can go to the dealership where you got the car and they will be able to transfer the lease to your sister.  Or you can use LeaseTrader or Swapalease and tell them specifically that you want the lease transferred to your sister. These services will charge you a fee though to do so..

 

Make sure you read Toyota/Lexus fine print about transferring leases.  With some lease transfers, you are required to be on the lease also in case say for example, your sister defaults or something then they can come after you.  So call them about their lease transfer policies.

 

With your scores now, you should be able to lease but it will be impossible to tell if you still get the 0 down with your scores.  It all comes down to your entire credit file.  So I suggest you call the people you leased from prior thus, if you plan on using them again to see what offers they currently have.

 

Lastly, the answer is [NO] to the license plates.  You won't be able to use the same plates.

Message 3 of 7
RonM21
Valued Contributor

Re: Transferring a lease

Yeah the original dealer should be able to handle most of this. What were your scores the first time?


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 4 of 7
Anonymous
Not applicable

Re: Transferring a lease


@Anonymous wrote:

Did you lease with Lexus Financial? You'll need to reach out to them directly, they'll have the answer to most of these questions. Typically they will require the transferee to submit a credit application to them directly, and once approved there's a specific set of transfer paperwork that they will send to you to fill out that they send out in a packet... it includes the DMV transfer, etc. There's also a fee associated with it, I think somewhere in the range of $200-250. Do yourself a favor and overnight the stuff if they don't let you digitally send in documents, 'cause TMF/LFS are notoriously slow in consumer-based interactions.


You should be able to keep your plate, as typically those go with the person not the car. I traded in a Tacoma for my Tundra lease and was able to keep my original tag. Some states' DMVs are loopy af though, so I would verify directly with them.

 

She will need to qualify for credit. Anything below 670 or so is going to throw her into sub-tier four level and be ridiculous - I'd say you really want to be around 690+ to have any decent leasing terms.


Yup, her credit score is not all that great. I'll have her apply tho and see if she gets approved. She has money for the down payment if she has to put any down, that's not really the issue. It's mainly her credit score. I'll call the dealer I got my car from and have them email me everything I need to try and get it transferred over to her. 

Message 5 of 7
Anonymous
Not applicable

Re: Transferring a lease


@Anonymous wrote:

@Anonymous wrote:

What's going on, gals and gents? I haven't been on here in a while haha but here's a little backstory on my situation. so I leased my car back in August of last year, 2015. It's a 2015 IS250 and I absolutely love it, don't get me wrong but I messed up and got that rather than the IS350 which was only $20 more a month. So now I spoke to my sister earlier today and I asked her if she'd like to take over my lease (because she's been wanting my car since I got it) so I can get the IS350 she told me she'd be cool with doing that. 

 

Now I have a few questions. One, does she have to have good credit, I'm saying like 700+, to take over the lease? Second question is, my credit card utilization is under 15% and I've always paid Lexus on time or even before the due date. Would I be good? My current scores are EQ at 697, TU at 713, and EX at 693. When I got my car back in 2015, I got it with absolutely 0 down. Would I still be able to get 0 down with those scores? Oh, and a last question which you guys may or may not be able to answer, would I be able to keep my license plate? Because it's a vanity plate and I don't want to give that away lol

 

 

Thanks


You can go to the dealership where you got the car and they will be able to transfer the lease to your sister.  Or you can use LeaseTrader or Swapalease and tell them specifically that you want the lease transferred to your sister. These services will charge you a fee though to do so..

 

Make sure you read Toyota/Lexus fine print about transferring leases.  With some lease transfers, you are required to be on the lease also in case say for example, your sister defaults or something then they can come after you.  So call them about their lease transfer policies.

 

With your scores now, you should be able to lease but it will be impossible to tell if you still get the 0 down with your scores.  It all comes down to your entire credit file.  So I suggest you call the people you leased from prior thus, if you plan on using them again to see what offers they currently have.

 

Lastly, the answer is [NO] to the license plates.  You won't be able to use the same plates.


Let's say I do get that transferred over to her, I'll be able to get approved for another IS, right? I don't want to be left without a car if it does indeed get transferred to her lol. I ask because I tried applying for the IS350 under my name since she has not-so-great credit, and they denied me. My broker said it was because of my income; it's too low to have both cars under my name. Actually, his exact words were "the income, the fact that I already have a car in my name, and my credit depth". My broker told me my current score is a 703.

Message 6 of 7
Anonymous
Not applicable

Re: Transferring a lease


@RM21 wrote:
Yeah the original dealer should be able to handle most of this. What were your scores the first time?

691. It's a 703 now.

Message 7 of 7
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