When an individual or a company gets a car on lease from a bank or leasing company, the original ownership and rights of the car remains with the bank until the lease period completes and then the ownership is transferred to the leaser. This is done when the client finds out that he has paid the bank for the car lease in full and now that the lease period is completed, it’s time to request the bank for transfer of the ownership of the car. The letter that we are discussing here is used for that purpose. It is a very common and simple letter in which you just need to inform the bank about the lease period completion with the documents and paperwork that proves the lease is completed and ask the bank for transfer of the ownership.
Brief Description of Letter to Bank for Car Transfer at Lease Period Completion:
It is a common knowledge that when you get a car on lease from a bank or leasing company, you get the car and you pay the monthly lease payments to the bank but until you pay the bank in full, the ownership of the car remains with the bank. This is a leverage tactic that banks used in order to get the monthly installments on time from the client and if he doesn’t pay the installment, the bank has the right to take the car back and sell it to another person. As soon the leaser or client pays the full lease payment to the bank, the bank transfers the ownership of the car to the client and then he can keep the car or sell it if he wants.
As an individual, when your lease period is completed and you have paid full lease to the bank, it is time to make the formal request to the bank and ask them to transfer the ownership of the car on your name. To do so, you need to write this formal request letter to the bank and ask them to start the process. You also need to attach the required documents with the letter that show you have paid the lease and the lease period is completed.
Sample Letter to Bank for Car Transfer at Lease Period Completion
To: Senior Manager
National Citizen bank, main branch
New York NY 35094
Subject: car transfer at least period completion
Date: 7 February 2015
Last week, I talked to one of your leasing managers and informed him that my car lease is completed and I have paid full lease to the bank. He told me that now that it’s time to transfer the ownership of the car on my name, I need to make a formal request to the bank in order to initialize the process.
So I am writing this formal request letter to you in order to ask you that you should start the process of transferring the ownership of my car with registration number ABC12345 on my name. I have attached the required documents and lease papers with the letter and if there is anything else, please let me know.
I hope you will make the transfer as soon as possible.
Lease number: 765-7827-582761-581