Request a Novation to transfer your lease agreement
A Novation is the official term for transferring your lease agreement from one party to another. The new hirer takes over the existing contract with no amendments, although they may be able to amend the term or mileage after the Novation has been completed.
You might need to request a Novation when a business is acquired or merged, or if the existing hirer no longer needs the vehicle, or is in insolvency. However, agreements can only be transferred to and from any public/private limited or unlimited company, or large partnership.
To Novate your Alphabet vehicle, the agreement must have at least 6 months left on it, and all payments must be up-to-date. There is also a fee of £250 for the first vehicle (plus £25 for each additional vehicle on the request.) These charges are subject to VAT.
If your vehicle is taken out within a company car scheme, you'll need to discuss with your fleet manager before contacting us to request a Novation.