More details to this question:
I bought a car in 2013 with a small leasing company, they sold my contract to a new company and I haven't had any paperwork drawn up with the new company for a lease agreement. If they only have they paperwork from my old lease company is that binding with the old company or do they have to have a new lease drawn and my signature on it with their company name? Which is lease is binding for my lease on my vehicle?
1 ANSWER
Unless the lease provides otherwise, which I very much doubt, the leasing company can assign their interest in the lease to anyone they choose. It is just like if I give you a check for $200 to pay for a bicycle I bought from you, and you then sign the check over to your brother to pay a debt you owe him. Your brother can cash the check the same as you could; I would not have to write a new check. In this case, the new owner would have the same right to enforce the lease as did the old, and would not need any new paperwork.
Answered on Oct 14th, 2014 at 12:16 PM