How does it work?
LeaseZilla provides an online forum where those looking to exit their lease anywhere in the US can post a vehicle and gain exposure to credit-screened individuals seeking to take-over a lease. When a potential buyer sees a vehicle he/she is interested in, they can utilize the website to contact the person who has posted it. Both parties are able to communicate with one another in order to negotiate mutually acceptable lease transfer terms. The buyer will have to gain the credit approval of the original Finance Company holding the lease agreement. And the seller will provide his/her chosen buyer a copy of the original lease agreement for accuracy review.
There are 5 easy and simple steps in the process:
Step 1: A Seller will list their vehicle on LeaseZilla.co
If you are looking to exit your car lease, post your vehicle on this website. This is a quick process, but the car details must be accurate in order to provide potential buyers with precise information and avoid triggering erroneous interest. We recommend you reference the exact information in your lease agreement while posting your ad.
Step 2: Buyers express interest in taking over a particular vehicle
Potential buyers join a 365-day program and immediately start communicating with sellers through the platform’s messaging system. Buyers must be credit-screened in order to communicate directly with sellers.
Step 3: The Buyer and Seller communicate directly with each other
Both parties communicate with one another in order to view the vehicle and negotiate mutually acceptable lease transfer terms. Once all questions and/or concerns are addressed and answered, the seller and buyer are both ready to move forward with the transfer.
Step 4: Both parties review and sign the lease transfer documents
The seller will request the formal credit application from his/her Finance Company and provide it to the buyer, who will return it directly to the Finance Company. The seller will also share a copy of the original lease agreement with the buyer to review for accuracy. Once the buyer is approved by the Finance Company, the transfer documents are reviewed and signed by both parties. The official documents are requested by the seller, who signs them and then forwards them to the buyer. The buyer then signs the transfer documents and sends them back to the Finance Company for processing. The completed transfer documents will then be sent to the seller and the buyer. The buyer will use the documents to pick up license plates and other registration items from his/her local Department of Motor Vehicles (these processes vary by state).
Step 5: The vehicle is transferred!
Once the documents are fully processed by the Finance Company, the Seller may now hand over the vehicle to the Buyer and the transfer is done! The buyer can now take possession of the vehicle. If the buyer and seller are not located near each other, the vehicle can be transported using a shipping partner.
