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      01-02-2016, 12:01 AM   #1
bobbydigital
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Simple lease transfer question regarding proration

I'm mid lease and transferring it to another person. Assume my payment is Jan 22, 2016 and he's assuming the lease Jan 10.

Are lease payments for the month that just passed or the coming month? This impacts the proration calculation and whether I pay him or he pays me.
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      01-02-2016, 12:46 AM   #2
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Quote:
Originally Posted by bobbydigital
I'm mid lease and transferring it to another person. Assume my payment is Jan 22, 2016 and he's assuming the lease Jan 10.

Are lease payments for the month that just passed or the coming month? This impacts the proration calculation and whether I pay him or he pays me.
I assume a lease back in August. We didn't even discuss "pro-rating" the hand-off month, but I suppose we could/should have!
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      01-02-2016, 10:03 AM   #3
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IIRC it is up to both parties to figure out proration since BMW does not, perhaps because you pay in advance on a lease. When I relinquished a lease once I remember having just made my payment and a few days later the paperwork went through. The guy I was dealing with understood that he was legally the owner of my car regardless of me having just made a payment but he did give me back the remaining prorated month. Some folks might not be as accommodating since they legally have no mandate to do so. Definitely something you might want to agree upon beforehand.
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      01-02-2016, 10:58 AM   #4
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Quote:
Originally Posted by bobbydigital
I'm mid lease and transferring it to another person. Assume my payment is Jan 22, 2016 and he's assuming the lease Jan 10.

Are lease payments for the month that just passed or the coming month? This impacts the proration calculation and whether I pay him or he pays me.
Coming month. Think of how you've got to give them the first month's payment before you take the car. Good luck with your transfer!
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      01-02-2016, 12:04 PM   #5
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Quote:
Originally Posted by bobbydigital View Post
I'm mid lease and transferring it to another person. Assume my payment is Jan 22, 2016 and he's assuming the lease Jan 10.

Are lease payments for the month that just passed or the coming month? This impacts the proration calculation and whether I pay him or he pays me.
Unlike a typical auto loan, leases are prepaid. When you picked up your car you paid the first month right then. So you've paid up until the 22nd. The payment due then is all for the new lessee. Personally I wouldn't worry about prorating the overlap this month.
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      01-02-2016, 12:46 PM   #6
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Quote:
Originally Posted by bobbydigital View Post
I'm mid lease and transferring it to another person. Assume my payment is Jan 22, 2016 and he's assuming the lease Jan 10.

Are lease payments for the month that just passed or the coming month? This impacts the proration calculation and whether I pay him or he pays me.
Well--it really all comes down to what the 2 of you agree on. If your payment is due on the 22nd, and he's assuming on the 10th, technically, he owes you for the 10th through the 22nd (if you pay in advance--vice/versa if you pay in arrears). But you both need to agree on all the details--and that's what the deal is.
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