Lease Takeover: Transfer Before the Next Payment

Although the title of this article seems very "ideal," it is actually possible. Since we started our Lease Takeover Marketplace, I've seen deals go away in less than 12 hours and some other to take 8 months to be completed. Either way, there is one key aspect when it comes to finalizing the transfer: the meeting with the new potential owner.

Found Someone: "I want to see the car!"

This is what you were waiting for. Someone reached out and is interested in the deal. They potentially want your car with the contract. From this point on, it will all depend on your capacity for speeding up everything. Now, before doing so, let's see a sample "transfer completion" schedule:

Lease Takeover: Transfer Before the Next Payment - Step 1

  • Day 1 - The buyer: You found someone! Someone saw your ad and wants to jump into your contract. He/she is interested in taking a look at the car, test-drive it and confirm the numbers in your papers. The most common case here is to set up a date for it, usually during weekends, when both your calendars have availability for getting this done.
  • Day 6 - The meeting: You both meet. You wake up early that day, take the car for an interior/exterior wash with the idea of improving the "brand new" feel. Expect the buyer to be meticulous, test everything and check every single detail of the bumpers, paint, entertainment system and drive it around. At this point, if everything goes smooth, he will probably "confirm" later.
  • Day 8-9 - The decision: "OK, I'll take it!". At this point, the buyer will ask you: "What's next?" Here is where you have to explain that they need to run a credit check over the phone with your dealership.
  • Day 11 - Credit Approved: They receive a call that the manufacturer financing entity has approved the transaction based on the Credit Verification. At this point, an appointment is set between all parties involved. Usually, it takes a week to get it scheduled.
  • Day 18 - The Transfer: This is the last day you will probably see the car (unless you live pretty close to the buyer). You'll bring it to the dealer, and you will take either an Uber or a taxi back home with a significant relief in your chest.

Now, this is all approximate. Keep that in mind. Although it is a normal schedule, it can vary a lot. Multiple players involved, various calendars and factors outside of your control.

The Payment Date

So, let's assume you have your payment scheduled to be on the on Day 16:

Lease Takeover: Transfer Before the Next Payment - Step 2

What do you do? The transfer is supposed to be completed in two days?! Well, basically your options are limited to:

  • Paying for the full first month for the new owner. Maybe it was part of your agreement, perhaps not. Either way, you'll have to. Keep this in consideration when negotiating.
  • The first month was offered to be paid by the new owner to you.
  • The transfer fits, by coincidence, with the schedule and the next payment will be debited from their bank account.

Speeding this process up is hard, as I said before, but there is only one key factor that could save you lots of time: being proactive when it comes to showing up the vehicle.

Be Willing to Go Today. Waste No Time

When someone shows up with interest or an offer, there is only one thing holding everything to start: where the car is located. If it is a neighbor, that time lapse will be virtually nothing, but if it is someone on the other end of your city, it will then take a lot of time, probably up to a week.

My suggestions:

  • Be willing to drive to their place, after previously agreeing on it.
  • Meet on a mid-point. Maybe a mall, a parking lot, a Walmart or at his/her work.
  • Send photos, do a video call or simply send a video doing a pan of the vehicle.
  • Bring a photocopy of all contract details and vehicle oil change receipts and a CarFax® Report. Transparency is the #1 closing speed factor when it comes to a lease transfer.

Lease Takeover: Transfer Before the Next Payment - Step 3

So, you want to transfer before the next payment: waste no time. Get those days of waiting to show the vehicle on your side ;)

About the author

Jorge Diaz is a passionate car lover, winter driver & Software Engineer. For the last 10 years, he has built Online Solutions used by more than 5,000 companies across the globe. He founded LeaseCosts in 2016 with the purpose of simplifying and helping Canadians to better understand the complex market of car leasing in Canada. You can connect with him at

Jorge is also the author of Car Leasing Done Right: A Canadian Guide for Understanding & Optimizing Vehicle Leasing Costs, released on Nov. 5th, 2021. It is available at