Automotive

Best way to takeover my parents car lease?

  • Last Updated:
  • Dec 9th, 2018 10:25 am
[OP]
Jr. Member
Nov 10, 2013
136 posts
27 upvotes

Best way to takeover my parents car lease?

Hi everyone, I made a recent thread but a couple of things changed and wanted to ask what's the best way to proceed with taking over my parent's car lease.

I am a Quebec resident and my parents are in Ontario. They will no longer need the car but put down quite a bit of down payment, so we don't want that to go to waste. I'm just wondering what's the best way for me to get this car to Quebec, get it plated and insured here.

I'm thinking my parents could remain responsible for the lease, and I can pay them directly. But I'm not sure if this is possible.

Thanks.
4 replies
Deal Addict
Jan 15, 2017
2327 posts
1633 upvotes
You simply apply to the leasing finance company to take over the lease. As part of the lease takeover, you will have the vehicle registered and insured in Quebec.

Do not leave your parents responsible for the lease and you simply pay them directly. Always remember that with a lease, you are not the legal owner of the vehicle. The leasing company will want to know that you are now the primary driver of the vehicle and that the vehicle is being driven and parked in Quebec.
Deal Addict
User avatar
Mar 10, 2009
2231 posts
105 upvotes
Mississauga, ON
So what happens when time comes to return the lease? .... Worst comes to worst, you have to return it back at an Ontario Dealership?
Deal Addict
Apr 6, 2008
1694 posts
1018 upvotes
win-star wrote:
Dec 8th, 2018 4:49 pm
So what happens when time comes to return the lease? .... Worst comes to worst, you have to return it back at an Ontario Dealership?
I would assume the finance company deals with all of Canada so you could return it to the nearest dealer of that brand. Dealership doesn't own the car, they are just doing the finance company a "favour" by collecting the car for them.
Sr. Member
User avatar
Mar 23, 2009
783 posts
132 upvotes
Halifax
This is a easy process.

1). Contact your local dealer or any authorized dealer of the vehicle and discuss with the finance manager the cost of a lease transfer. It is likely you parents will need to do this.

2). The dealer will require you to apply for credit, complete the form and you will hear within the same business day if you are approved. Depending on the vehicle manufacturer or leasing company, there may be a non-refundable charge for this part of the lease transfer fee.

3). Once approved, your parents will provide the leasing details so the paper work can be filed.

4). Once the dealer finishes the paper work, you both go to the dealer to sign the paper work, or it you can courier the papers if long distance.

5). Once signed, you are now the lessee, you obviously need suitable insurance (and proof at signing). The dealer should be able to take care of plates/registration but may depend. You should ask before starting the process.

And remember you are now the lessee and fully responsible for the car and any damages upon return, even if the damage was done prior to the signing.

You can return the car to any authorized dealer in Canada.

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