I would like to sell my car before the lease is up. I check all the bigger car sites, Cars.com, autotrader.com, etc.. My year car with similar mileage all seem to be selling for more than the buyout. So I figure I can sell to get out of my lease right? The lease company has the title though, so how should I sell? Can I just list it and provide only a bill of sale until I send the money to the lease company for the title?
I do not want to buy it with my money, then sell it.
2006-07-11 03:42:32 · 16 answers · asked by RightLight 3 in Cars & Transportation ➔ Buying & Selling
Wow...11 answers and they are all wrong!
YES you can sell this car. Tell the buyer all about the situation and they will most likely be willing to wait a few days for the title. The lease company doesn't care if you pay it off...or if someone else pays it off as long as they get their money! If it is possible to get out of a lease with your shirt still on your back consider yourself fortunate. Most of the time people lose alot of money leasing a car.
I would let your lease holder know that you intend to sell it and inquire about the time it would take to release the title to you.
Good Luck! Take the money from the sale, add in some savings and pay cash for a car. Payments stink! They keep you poor.
2006-07-11 04:16:50 · answer #1 · answered by FreedomLover 5 · 0⤊ 0⤋
You'll have to buy out the lease first, and then you'll be free to sell it.
You don't have legal title to the vehicle at present, so you cannot legally attempt to sell it. Even attempting to do so could be construed as fraud.
Only a fool would hand over money to you without you handing over a signed title in exchange.
You might be able to coordinate this with the leasing company first so that the buyer sends the payoff directly to them and gives you the difference. The leasing company would then send the title directly to the buyer.
Keep in mind that the buyout price in the lease contract is valid only at the END of the lease. If you break the lease early, it will likely be MUCH higher! Get the current lease cancellation costs from the leasing company before you proceed.
2006-07-11 11:41:11 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No, you can only transfer your lease. Just be careful, under those conditions you're still responsible for that vehicle. Just stay with the car until the lease is over then decide if you want to keep it. Just be careful with leases, next time finance or get a shorter term lease.
2006-07-11 10:55:47 · answer #3 · answered by DON 2 · 0⤊ 0⤋
You have to provide a notarized bill of sale to the new buyer and you have 30 days to buy out the lease from the leasing company and get your lien release and forward it to the new buyer, it is recommended that all checks be cashier checks , and all paperwork be mail via registered mail or overnight service to insure tracking and documentation of all transactions
2006-07-11 11:27:20 · answer #4 · answered by draftman1979 1 · 0⤊ 0⤋
Yes you can, but be careful on the retail prices that you are comparing to. As far as selling the vehicle, it is unlikely that someone will pay for the vehicle and hope to get the title. A bonded dealer can Handel all of the paperwork and pay-off. The person buying the vehicles is insured from the bond that they will get title and the authorization for pay-off must be done to maintain the lic. Try to find a dealer that would be willing to handel the paperwork for a fee.Mark YourGatePass@yahoo.com
2006-07-11 12:48:04 · answer #5 · answered by Mark 2 · 0⤊ 0⤋
You could sub-lease your car if you can find a buyer willing to do so, but chances are anyone wanting to lease a car would want to do so under their own specifications.
2006-07-11 10:49:25 · answer #6 · answered by CW 3 · 0⤊ 0⤋
Sorry, selling a leased car can't be done. It would be like selling a stolen car. You're stuck.
2006-07-11 10:46:17 · answer #7 · answered by Pandak 5 · 0⤊ 0⤋
No. The car doesn't belong to you. If you have a lease on an apartment it means you are renting it which means you don't own it.
2006-07-11 10:48:13 · answer #8 · answered by sittin tight 3 · 0⤊ 0⤋
Read your contract. I don't think you can do that. I wouldn't buy a car from someone without getting the original title in my hands the day I drive off in the car.
2006-07-11 10:47:18 · answer #9 · answered by pamela_d_99 5 · 0⤊ 0⤋
Read your lease contract........you may even get your original salesperson involved if your planning on getting another car from him/her
I've done this before for my customers [in Illinois] and it worked out well We even handled all the paperwork, payoff, lic & title, and loan for both transactions.
Hope it works out for you.!
2006-07-11 11:30:45 · answer #10 · answered by Vicky 7 · 0⤊ 0⤋