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We've listed some general guidelines for the normal time frame of completing a lease assumption. Of course, sometimes "Murphy's Law" applies and things don't always proceed on schedule, but that's the exception, not the rule. This is only to give you a general idea, so please don't hold us to the schedule if something unusual comes up!
Application submitted to GMAC, answer normally returned the following day.
Buyer will be notified of approval and requested to provide proof of required insurance.
If the vehicle is involved in a recall campaign, the campaign items must be completed prior to the transfer.
GMAC will request the vehicle title from their vaults which normally takes around 3 days.
Upon receipt of the items required by GMAC and after they receive the title, the lease assumption paperwork will be prepared and sent to either Dollinger's office or mailed to a customer who lives out of the area.
The paperwork will be signed, the title work processed with the Secretary of State and the paper work returned to GMAC (possibly more mailing time involved).
Much of the time frame depends on mailing time and the time it takes to provide insurance information, other needed documents or to complete a recall campaign.
In general, the lease assumption procedure takes from 5 to 10 days.
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