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To clarify and streamline the Lease Assumption Process,
here's a summary of the steps involved in transferring a GMAC SmartLease:
- Completed and SIGNED Credit Application completed by "buyer"
and returned to Dollinger.
- Application submitted to GMAC for approval.
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After the application is approved, GMAC will require the following
information to prepare the Assumption Paperwork:
- Insurance Information:
- Insurance Company Name
- Policy #
- Agent's Name, Address, and Phone #
(See Insurance FAQ for insurance requirements)
If the vehicle is involved in a GM Recall Campaign, the recall item must be
completed by a GM Dealership and a copy of their completed repair order
submitted to GMAC as proof of completion
The seller must inform the "buyer" whether or not an after market
relay air bag switch has been added to the vehicle.
LEASE ASSUMPTION FEE
The Lease Assumption Fee is $595 and can be paid by either the buyer or
seller or they can split the fee (that's negotiated between the buyer and
seller). (Fee must be submitted to GMAC with the signed paperwork.)
GMAC will prepare the Lease Assumption forms and in most cases send the forms
to Dollinger's office for signatures along with the Vehicle Title. (Paperwork will be
mailed to out-of-area clients)
BUYER WILL
- Sign Paperwork
- Take Title to Secretary of State to transfer information
The following items will be returned to GMAC to complete the transfer:
- Lease Assumption Forms (signed)
- Copy of Title application and new Registration showing transfer
to new lessee
- Lease Assumption Fee of $595
(Any payments due or unpaid charges
(late charges, parking tickets, etc) must be paid at the time of transfer)
That's all there is to it. Once GMAC receives the final paperwork and fee,
the lease will be transferred into the new "buyer's" name!
Not sure if you'll qualify? Get your FREE Credit Report.
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