Transfer of a long-term vehicle rental agreement refers to the transfer of contractual rights and obligations from an original lessee to a new lessee. In essence, the original lessee assigns the contract to another person or company who becomes the new lessee of the vehicle.
There can be several reasons for a transfer of a long-term vehicle rental contract, for example:
- The need to transfer the contract due to a sale of the business or a change in ownership.
- A lessee who wishes to transfer the contract to another person for personal or financial reasons.
- The company having a rental contract in the name of an employee who leaves the company and the new employee takes over the contract.
The specific requirements for a long-term rental agreement to be vaulted may vary depending on the rental company's policies or contractual provisions. However, they usually require the original lessor's consent, the new lessee's evaluation and approval, and official documentation of the transfer.
The following information is required to initiate the turn-over process:
- Full details of the long-term rental agreement, including the contract and chassis numbers of the vehicle.
- The identification of the original lessee and the new lessee, including their personal and financial details.
- The rationale for the contract being turned over.
There may be costs or expenses associated with transferring a long-term vehicle lease agreement, such as administrative fees or transfer fees. It is important to consult the lease agreement or contact the leasing company directly to find out about any applicable costs or fees.