Auto lease transfer between two private parties.

[KevinNew03]

I have a truck leased through Ally Financial and I found another party to assume liability of my lease. There is a small grey area in this process that is putting a little bit of risk on one of us. I want to keep the truck in my possession until all the paperwork is done, and he wants the truck in his possession. It's just a piece of mind that there will be no damage or any other issues until the paperwork is done. We both understand each others concern, so the thought was to have something written up between us. He would have to agree that the vehicle is free of any damage at the time I dropped it off in his yard, and he would assume the liability should there be any damage to it while parked on his property.

The question is; does a piece of paper that explains who is responsible for damage and what not, signed by both parties, hold any weight in court? Does this piece of paper even matter?

We are in Ohio, if that matters. Any sort of information that could help our situation is welcomed! Thanks in advance.

 

[quincy]

I have a truck leased through Ally Financial and I found another party to assume liability of my lease. There is a small grey area in this process that is putting a little bit of risk on one of us. I want to keep the truck in my possession until all the paperwork is done, and he wants the truck in his possession. It's just a piece of mind that there will be no damage or any other issues until the paperwork is done. We both understand each others concern, so the thought was to have something written up between us. He would have to agree that the vehicle is free of any damage at the time I dropped it off in his yard, and he would assume the liability should there be any damage to it while parked on his property.

The question is; does a piece of paper that explains who is responsible for damage and what not, signed by both parties, hold any weight in court? Does this piece of paper even matter?

We are in Ohio, if that matters. Any sort of information that could help our situation is welcomed! Thanks in advance.

You need to read the terms of your lease. There is a good chance it is not transferable.

 

[Zigner]

You need to read the terms of your lease. There is a good chance it is not transferable.

The OP is already in the middle of the process and is just worried about the processing time, not the overall ability to transfer the lease.

 

[KevinNew03]

The OP is already in the middle of the process and is just worried about the processing time, not the overall ability to transfer the lease.

Exactly. The process has been started and the buyer was approved. We’re both just concerned about the liability if any damage were to occur in the middle of waiting on the paperwork to be finalized.

 

[justalayman]

Ask the leasing company to handle the exchange, if possible. See if they will do something)f similar to when a lease ends such as take it to a dealer, have them inspect the vehicle and fill out a condition report.

Then the new lessee takes the truck with him



It may cost you s couple bucks but It may solve your

 

[adjusterjack]

Do not release the truck to the new lessee until the paperwork is done. That piece of paper you refer to is meaningless if he has an accident while your name is still on the paperwork and you get sued for it.