Who is responsible for providing the current odometer reading in the lease transfer process?

In the lease transfer process, the lessor, who is typically the financing institution or the leasing company, bears the responsibility of providing the current odometer reading. This information is crucial because the lessee's mileage can have implications for the lease agreement, including any potential charges for excess mileage or the overall value of the vehicle at the time of transfer.

The lessor maintains records of the vehicle's mileage and is responsible for ensuring that the figures reported are accurate. By supplying the current odometer reading, the lessor helps safeguard the integrity of the lease transfer, allowing both parties involved—the buyer and seller—to make informed decisions based on the actual use of the vehicle.

The other parties involved, such as the buyer, seller, or dealership, may have roles in the transfer process, but they do not have the authoritative responsibility for providing the current odometer reading as established by the lessor. This structure helps maintain clarity and accountability throughout the leasing process.