When the vehicle is in another province, you’ll need someone to be your eyes to make sure the vehicle is exactly as listed. Often the original selling dealership will perform this service for you at little to no charge or there are third-party vehicle inspection services that will perform a more thorough inspection at a reasonable charge. LeaseBusters recommends the prospective buyer hires an independent inspection company after they have reviewed actual photos supplied by the seller.
Cash Incentives, Lease Transfer Fees and Disbursements
All Lease-Take-Overs contain some type of cash and fee component. The buyer and seller must note their cash incentive and fee responsibilities on the Offer to Lease to avoid any confusion in the transaction.
When cash incentives are part of the deal, the dealership acts as a clearing house and accepts the incentive on behalf of the buyer. LeaseBusters recommends the dealer accept a credit card payment or take a photo of a bank draft.
Licensing & Registration
Each province has its own way of doing things so you need to do some research. It’s a good idea to visit your local licence office and ask:
what documentation you need to convert the ownership from a vehicle in another province to you. For example, when transferring pickup trucks, cargo vans, and any other trucks that can be deemed as commercial; find out if your local licence office requires a weight slip.
how to purchase licence plates.
Some things to know:
The owner (which is the leasing company) of the vehicle will not change; only the lessee of record changes. If you’re taking over a Toyota lease from another province, the vehicle will still be in Toyota Financial’s name after the transfer is complete.
Licensing rules vary between provinces but in every province, the seller should provide:
The original vehicle ownership from the originating province – a photocopy is not acceptable. You can get an original document from the leasing company, the original selling dealership or the seller’s local licensing office
A vehicle licensing Power of Attorney from the leasing company. This is mandatory or the deal won’t be processed.
A photocopy of the lease-transfer contract
A temporary trip permit to allow the buyer to drive the vehicle before they buy licence plates
You’ll need to decide who will hire the shipping company and who will pay for the shipping (buyer, seller, or split between the two). Record the decision and amount in the Offer to Lease. Each reputable shipping company also does a vehicle inspection. The seller signs off on the inspection report before the vehicle is shipped then sends a copy of the report to the buyer. You’ll need that report to do a vehicle inspection when the vehicle is delivered.