if i wanted to sell my leased car over to someone else what would i have to do?

Question

you know let them take over the payments .

Answer 1

the only problems that could come of you letting them take over payments are these.
1. can you trust them to make the payments?
2. unless, your credit is impeccable, and income is sufficient, you wont be able to buy another car until that one is paid off or turned in.
3. if they damage the car will they repair it(remember if its still in your name its still your insurance and credit on the line)

but your options are these.
get the pay off from the lender which will include your residual balance.
have who ever buy the car for that amount(highly unlikely because its going to be more than the cars are selling for)

or

trade the car into a dealer apply the negative equity to the new loan and go from there.

if you are within the last 6 months of the lease there are a lot of programs that will payoff you payments and get you into a new lease or finance, or even a balloon loan.

hope that sums it up.
not a lot of good options but that's the real truth to it. which is why i would never lease. to hard to get out of them.

good luck!

FYI the banks are not going to transfer the lease to any one else, you need to have them buy it from you, the other person above me has the right idea but banks will not let you transfer to anyone else. trust me ive been in the business along time.

again good luck

Answer 2

You can do two things. You can sell them the car. This involves calling the bank and finidng the payoff figure for the car. Pay the bank the money and it's his.

To transfer the lease, you would both need to go through an application process. The bank has to approve the new leasee and the lease must be legally transferred.

Answer 3

you will could desire to purchase out the hire first, after which you would be unfastened to sell it. you have not have been given criminal identify to the automobile at modern, so which you won't be able to legally attempt to sell it. Even attempting to achieve this could desire to be construed as fraud. basically a fool could quit money to you without you delivering a signed identify in substitute. you may desire to be waiting to coordinate this with the leasing employer first so as that the shopper sends the payoff directly to them and delivers the distinction. The leasing employer could then deliver the identify directly to the shopper. remember that the buyout value interior the hire settlement is valid basically on the tip of the hire. in case you ruin the hire early, it is going to probable be plenty bigger! Get the present hire cancellation expenses from the leasing employer previously you proceed.

Answer 4

CALL YOUR LOCAL DMV OFFICE, THEY WILL BE ABLE TO ANSWER ANY AND ALL OF YOUR QUESTIONS AND AT THE SAME TIME YOU WILL BE GETTING THE CORRECT ANSWER TO YOUR QUESTION.