Removing Leasing Companies from Book

[prageeth89]

Hello, 

Is it possible to remove the leasing companies from the book when registering to a new owner? If so, what's the procedure?

Thanks

Edited August 15, 2021 by prageeth89

[ghostwriter]

Assuming you're referring to removing "Absolute Ownership" name from the CR,

1. Get a letter from the leasing company confirming that the lease has been ended and that they have no objection in deleting the absolute ownership from the CR of the vehicle (commonly known as the "deletion letter").

2. Submit that letter along with the MTA 6 form when putting the CR for transfer at RMV. There will be an additional charge for deleting the absolute ownership. You can do both the deletion and transfer at the same. 

Edited August 18, 2021 by ghostwriter
aa

[mazdaspeed]

mmm so does this reflect on the number of previous owners ? 

e.g When planning to by the car there are 1 leasing company and 2 other individuals which shows as 3 owners . Hence If I do the transfer and deletion letter  at one time, will there be 2 previous   owners without the leasing company info ?

[ghostwriter]

14 hours ago, mazdaspeed said:

mmm so does this reflect on the number of previous owners ? 

e.g When planning to by the car there are 1 leasing company and 2 other individuals which shows as 3 owners . Hence If I do the transfer and deletion letter  at one time, will there be 2 previous   owners without the leasing company info ?

Previous ownership list and absolute ownership are different things. Absolute ownership field is only relevant when you have obtained a lease/loan (mortgage) for the vehicle. when there is a mortgage, you have the ownership subject to completing the payments to the institute from which you have obtained a lease/loan from. If you buy a vehicle paying the full amount upfront, i.e. no lease or no loan, then there is no absolute ownership, that field will be left blank in those instances.

In instances where there is an absolute owner, the name of the absolute owner can be deleted from the CR when you have finished paying the lease/loan as they have not right for the vehicle after the mortgage has been paid off.

If there is a leasing company in the list of previous owners, that's a different case. That could be instances where that leasing company has bought that vehicle for their use or could be a condemned vehicle which they have transferred to their name from the owner. Previous ownerships cannot be deleted/ reduced. They only gets added up at every transfer. 

[mazdaspeed]

On 8/19/2021 at 2:12 PM, ghostwriter said:

Previous ownership list and absolute ownership are different things. Absolute ownership field is only relevant when you have obtained a lease/loan (mortgage) for the vehicle. when there is a mortgage, you have the ownership subject to completing the payments to the institute from which you have obtained a lease/loan from. If you buy a vehicle paying the full amount upfront, i.e. no lease or no loan, then there is no absolute ownership, that field will be left blank in those instances.

In instances where there is an absolute owner, the name of the absolute owner can be deleted from the CR when you have finished paying the lease/loan as they have not right for the vehicle after the mortgage has been paid off.

If there is a leasing company in the list of previous owners, that's a different case. That could be instances where that leasing company has bought that vehicle for their use or could be a condemned vehicle which they have transferred to their name from the owner. Previous ownerships cannot be deleted/ reduced. They only gets added up at every transfer. 

Thanks a bunch for the info - very useful

[K.o.N.o.S]

On 8/18/2021 at 8:38 PM, ghostwriter said:

Assuming you're referring to removing "Absolute Ownership" name from the CR,

1. Get a letter from the leasing company confirming that the lease has been ended and that they have no objection in deleting the absolute ownership from the CR of the vehicle (commonly known as the "deletion letter").

2. Submit that letter along with the MTA 6 form when putting the CR for transfer at RMV. There will be an additional charge for deleting the absolute ownership. You can do both the deletion and transfer at the same.

Has anyone done this recently? If so please share your experience at RMV. I got my original CR and need to delete the absolute ownership.

[warteney]

When it comes to removing leasing companies from a vehicle's registration, it can vary depending on your location and specific circumstances. I'd recommend reaching out to a local authority or a Mortgage Advisor Bristol for advice. While they specialize in mortgages, they might be able to point you in the right direction or connect you with someone who can help with this particular issue.

Edited October 27, 2023 by warteney