Changing Lease Agreement: Removal vs Addition
Can I remove a person from the lease buyout or only add someone new?
Removing a Person from a Lease Buyout
It is possible to remove a person from a lease buyout by negotiating with the leasing company and obtaining their approval. Adding a new person to the buyout may also be an option, depending on the terms of the original lease contract.
Process for Removing a Person
To remove someone from a lease buyout, follow these steps:
- Negotiate with the leasing company.
- Obtain approval to release one party from the agreement.
- Review all details carefully.
- Consult with the leasing company for guidance on how best to proceed in your specific situation.
Important Considerations
- If the original LSE remains on the vehicle even after adding someone to the lease, it is still considered a lease buyout.
- Adding someone who is not on the original lease does not change that it is still considered a lease buyout.If one of the original lessees remains on registration, it is still considered as part oftheleasebuyoutr process.