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What are the responsibilities of the
"Buyer" and "Seller"? |
| (Actually, you're not buying or selling
the lease vehicle, the "Lessee" is transferring the lease to
the "New Lessee") |
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| New Lessee: |
- When the lease is assumed by the New Lessee, they assume all the
obligations (and options) outlined in the lease agreement.
- Any security deposit involved will be returned to the New Lessee
at lease maturity if all the requirements of the lease have been
met, such as:
- contract mileage, no outstanding payments or charges, vehicle
condition and maintenance
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For more details on lease terms and
options, click on the link to GMAC's Smartlease Web Site!
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Current Lessee: |
- When the Lease Assumption paperwork is completed, you are no
longer obligated under the terms of the lease agreement.
(Until the paperwork is completed,
you must continue to make the monthly payments)
- Prior to the Lease Assumption completion, you are responsible for
maintaining the vehicle in accordance with the terms of your lease
agreement (condition, maintenance, etc.)
- If there are any unpaid payments or charges due, such as late fees
or unpaid parking tickets, those must be paid prior to completion of
the assumption.
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