Selling a car to a friend..?

Question

I have a 2004 Honda accord that I am leasing and I can buy out the lease for $11,500. If I return the lease I will not have to pay anything. It is in perfect condition and 29k miles. Would it be wrong to sell it to a friend and make $1500 to $2000 profit? At the sametime the Kelly Blue Book value on the car is $15,500 and I would be selling it to them for $2000 to $2500 less then the value of the car. What would you do?

The lease is a contract to drive the car, now the contract is up and everything outside of the contract can be considered a profit. I would highly recommend leasing a Honda. Added up to $3,200 a year for 3 years of worry free driving.

Answer 1

There is nothing wrong with you buying the car for the payoff (buyout) price and selling it for market value. You are not making a profit per se, you have paid for the car, other than the buyout already, and are just getting some of that money back.

I recommend that folks ending a lease always have the car appraised before they turn it in. If someone will by it for more than the payoff, it is a good idea to sell it yourself!!

Answer 2

I recently sold a car to a relative. It was used and had alot of miles. I put a contract together explaining everything I thought was wrong with the car and mentioned that this sale was "as is". Even though you are selling it to a friend, make sure you have a contract in place. Since your car is still in great condition make sure your friend understands that this car will be sold "as is". Nothing wrong for making a few dollars on the sale while it is still being sold at a good price.

Answer 3

those issues on no account artwork out. ascertain you do the failings below in case you insist. a million. sign the motor vehicle over to her even in spite of the undeniable fact that she hasn't paid in finished yet. (you do no longer desire the motor vehicle on your call, criminal themes, parking tickets, etc...) 2. Get your self listed as a lien holder on the call. (So she cant sell the motor vehicle without paying you off first) 3. Draw up a suited contract mentioning the right month-to-month fee AND what is going to take place if she does not pay. GET IT NOTARIZED with the two certainly one of your present (I.E If a fee will become 60 days previous due, i'm going to repossess the motor vehicle and sell it to fulfill the debt. you will no longer get any of your previous fee back, etc..) 4. save the canceled verify or money order for each fee she makes (NO money!!!) 5. clarify to her that it particularly is a enterprise association, purely like with a economic enterprise. this implies NO excuses, no sympathy if she will't pay. 6. Make an extra key and save it in case you may desire to repo the motor vehicle. 7. Take huge photos of the motor vehicle and the difficulty. 8. incorporate in the contract that the motor vehicle is offered AS-IS, the place IS. this implies even if if a week is going by potential of and strengthen, transmission is shot, costing $2000, wager what, she nonetheless owns the motor vehicle and he or she nonetheless owes you the stability. (you're no longer RENTING the motor vehicle to her, you're promoting IT) it isn't any longer proper to the motor vehicle, yet very virtually the money she owes you, motor vehicle broken, stolen, wrecked or in any different case. 9. heavily evaluate no longer doing this and in case you do, be attentive to that there is a sturdy probability you will get your down fee and proper to the equivalent of three or 4 month-to-month money and then no longer something. 10. tell her to borrow the money someplace else and get the money!!

Answer 4

if it's as you say i don't see a problem. it's a win win deal you get back some of the money you paid in on the car and your friend gets the car below book value. if he bought the car after you returned it he would probably pay more. good luck

Answer 5

There is an old saying. "Never do business with a friend or family member." It's good advice. If something goes wrong with the car, guess who gets blamed.. Advertise it in the newspaper. Keep your friends..

Answer 6

Your not making anything because you have been paying through the *** for the lease.Sell him the car.

Answer 7

go ahead & sell it to him & even make profit no problem.
But you must be honest with him & tell him every thing
Good friends are not easy to find

Answer 8

SIR , YOUR FRIEND COULD BE ONE TO YOU, FOR LIFE AND THROUGH THICK AND THIN. CARS WILL NEVER DO THAT OR EVEN $ 2000 .

Answer 9

stop being greedy and sell it to charity....... and you better choose me for best answeror I neverwill choose you ever or Medusa