About Leasing term ending

[Dilu87]

About Leasing term ending

Edited September 1, 2020 by Dilu87
duplicate

[Dilu87]

Hi Guys,

My leasing term is ending and i want to get an idea about what the process is when it comes to ending the policy. 

My  original registration document and my spare key is with the leasing company. So they will release the spare key and the registration is there something else that i need to get from them?

On my registration document it says the Leasing company as Absolute owner does this need to change too?

Appreciate any advice from the community

Thanks,

 

 

 

 

 

Edited September 1, 2020 by Dilu87
content change

[fiat fan]

After you are done with all the payments. Go to the institute and tell them you are done paying and you want your stuff back.

They Must give you a letter saying that you have paid off and that they have no interest in said vehicle.

Also get a absolute owner deletion letter to hand over to the RMV. Then take the original book and the letter with other necessary docs to RMV and get the institute’s name deleted off your book.

Go home and have a beer while enjoying the freedom. Avoid the temptation to sell the car and buy another expensive car with leasing. Its very easy to do and sales buyyas are very good at convincing you. 

[Dilu87]

9 minutes ago, fiat fan said:

Avoid the temptation to sell the car and buy another expensive car with leasing. Its very easy to do and sales buyyas are very good at convincing you. 

Well said.

 

Thanks,

[tux]

I'm also just finished lease of my car and got the deletion letter.

Instead of visiting RMV and deleting absolute ownership, can I just handover deletion letter to future owner when selling the car few years down the line? So, that person can do it when transfering the vehicle ownership. 

[Kavvz]

On 9/1/2020 at 4:35 PM, fiat fan said:

Go home and have a beer while enjoying the freedom. Avoid the temptation to sell the car and buy another expensive car with leasing. Its very easy to do and sales buyyas are very good at convincing you. 

But when I have a few beers is when I feel like I need another car...and my alcohol addled brain starts convincing itself that I can afford it!

[Quiet]

1 hour ago, tux said:

I'm also just finished lease of my car and got the deletion letter.

Instead of visiting RMV and deleting absolute ownership, can I just handover deletion letter to future owner when selling the car few years down the line? So, that person can do it when transfering the vehicle ownership. 

yes you can

[JackKim]

When my lease ended, I got the spare key and updated the registration to reflect the ownership change. Also, make sure to settle any outstanding fees or damages. Thanks to Mortgage Broker Derby, I made the right decision and now own my favorite car. Smooth sailing from there!

Edited December 13, 2023 by JackKim

[MadisonCunningham]

Just went through the leasing term wrap-up myself. The leasing company usually handles releasing your spare key and returning the registration. Quick heads up, might wanna check if there are any wear-and-tear charges, just to be on the safe side. As for the "Absolute owner" thing, you're good as is. No need to stress about that, it's just a standard phrasing on the docs. Oh, and speaking of stress, I recently bought my first home and got fantastic Mortgage Advice Essex from this Mortgage Broker. Super helpful, made the process a breeze. Highly recommend reaching out if you're ever in that boat.

Edited December 19, 2023 by MadisonCunningham