Lease Agreement Assumption details, terms and conditions

Once Mitsubishi has received the completed and signed application, it will go through a credit review that takes approximately five business days. Upon approval, you will receive several documents that require the signatures of both you and the new applicant, including an Assumption Agreement, Lease Insurance Validation Form and instructions for signing the documents. When we have received these completed and signed documents, Mitsubishi will make the necessary system changes to reflect the new assignee and will forward paperwork to the assignee, including a Power of Attorney form, copies of the Title and Contract, and a copy of the Assumption Agreement. Once this is completed and entered into the system, billing statements will go to the assignee.

• All fees associated with this transfer are the responsibility of the new assignee.
• The original lessee will remain on the lease as a guarantor and will be responsible for outstanding payments should the assignee default on the lease.
• The credit reporting will begin fresh with a cleared report for the assignee once the transfer is completed. In addition, any negative credit reporting that occurs after the transfer will affect you as a guarantor as well as the lessee.