How to Remove Someone From an Automobile Leaseby Brooke Pierce
Call the Lender<p>Get the <strong>lease agreement</strong> and go through it to understand fully the restrictions it has on removing your partner. Call the lender and inquire whether you can remove the other person. Depending on the reason for removal, the lender will advise you accordingly. The lender will inform you to gather some documents.<br></p>
Gather Required Paperwork<p>This depends on your reason for removing the other person. A <strong>death certificate</strong> is necessitated in the case of the death of the individual. In the case of divorce, the court’s decision does not affect the joint lease. The couple is still be jointly liable for payment. The <strong>legal settlement paperwork</strong> will be required, and your partner has to <strong>write a statement</strong> accepting her removal. For bankruptcy of the party, you will be required to provide <a href="http://www.uscourts.gov/forms/bankruptcy-forms">legal documents</a> that prove your joint lease partner is bankrupt. In the case of incapacitation, you will need to provide <strong>medical documentation</strong> proving their state of incapacitation.<br></p>
To be declared bankrupt, you must file a voluntary petition form to the court. Having an attorney to guide you is important.
Make Changes to the Lease Agreement<p>Give the lender documents that verify your income and your current obligations, for example, your paystub. This enables the lender to verify that you can begin paying the lease on your own. Change the lease agreement to read your name only. There are <strong>fees</strong> that accompany the amendment of the lease that your lender will tell you about<br></p>
Reregister Your Car.<p>Bring the new registration papers that the lender will issue to you, indicating you as the new owner, to a <a href="http://www.dmv.org/car-registration.php">local motor vehicles agency.</a> Also bring the previous statement indicating that had joint ownership. Apply for a new registration certificate. There are <strong>fees</strong> that you will need to pay at the office.<br></p>
If you find that you cannot be able to carry the car lease on your own, you can either go back to your lender or identify someone to shoulder your payments on your behalf. You can go back to your lender to discuss the alternative of trading in your leased car for a cheaper one. Note that the value will have depreciated and most lenders will not agree to this. The best option is identifying an individual who will help with payments. This is called a lease transfer. A majority of companies do accept this. Advertise your car in websites like Craigslist and eBay Motors.
The lender can refuse your request to remove the other party, and you will remain responsible for the payment of the lease.