How can I transfer the possession of my vehicle to someone else who will become liable for my loan?

You need to go through a process called a Transfer of Possession. To begin this process, you will need to request an application for another credit-worthy individual to complete. If the individual is approved, we'll supply you with the necessary documents to complete the transfer into the new owner's name.

•   Business Application
•   Customer Application

Please keep in mind that any fees associated with the transfer, including registration and tax on the transfer, are the responsibility of the new owner. Be advised that you will remain on the loan as the guarantor, and in the event that the new owner defaults on the loan, you become responsible for outstanding payments. Any derogatory credit reporting occurring after the transfer will affect you as the guarantor as well as the new owner.

Once we've received the completed and signed application, it will go through a review process that will take approximately 5 business days. Once the application is approved, you'll receive several documents requiring the signatures of both parties including:

• A Transfer of Possession Agreement
• An Insurance Validation Form
• A cover letter with instructions for signing the documents

Upon receipt of these signed and completed documents, we will make the appropriate changes in the system. Mitsubishi will then forward to the new owner the following paperwork:

• A Letter of Permission
• Copies of the title and contract
• A copy of the Transfer of Possession Agreement

For more details, click here.