M & L Leasing - Frequently Asked Questions

Q: Why should I use M&L Leasing?

A: M&L Leasing is a loan and lease guarantee company that can provide you with a means of removing yourself from lease or loan payments without dealership or lender penalties and the associated hassles. Although not stated in your lease or loan, a lending institution cannot legally prevent a registered owner from allowing someone to use your vehicle and make payments to you for it. This is NOT an assignment of your lease or loan, a sublease or rental and thus does NOT violate any terms of your lease or loan. Most finance companies have very strict and almost oppressive requirements for termination of a lease or loan by the original owner; either the owner has to buy-out their lease or loan for more than the current market value of their vehicle or find a suitable person to take over the financial repayment obligation. Most people want to free themselves of their financed vehicles and the associated monthly payments and/or do not have the funds available, so the buy-out option is impractical.

Q: Why shouldn't I just turn my vehicle into to the original lease/loan company?

A: If the original owner decides to simply turn the vehicle back into the Dealer before the lease term ends, then this is considered a “Repossession” which is reflected as a negative rating on the original owner’s credit report for seven (7) years.

Q: What is the process for transferring my lease or loan through M&L Leasing?

A: M&L Leasing handles the entire process for a hassle-free and worry-free experience. We obtain all the necessary information from you and the new authorized driver and have the necessary lease or loan documents prepared and executed by you and the new authorized driver and also verify the new authorized driver's insurance coverage for your vehicle. You simply provide the information, sign the documents and turn over the vehicle to the new user's.

Q: How are the monthly auto payments made?

A: The monthly auto payments are in either cashier’s check or money order made out in the name of you finance company, and sent to the finance company at least ten days before the due date. It is the original buyer’s responsibility to forward these payments directly to the lending institution.

Q: What if new user defaults on my auto payments?

A: in order for new users to lease through M&L Leasing they must set up 2 payments in are escrow services. If there is a default M&L repossess the said vehicle from the user and makes necessary payments through escrow, at that point the process will start over with releasing the vehicle. M&L guarantees all payments for as long as the vehicle is contracted to M&L Leasing.