Is there any chance that I can sell the vehicle to pay back the debt?
2007-09-14 02:35:53 · 6 answers · asked by Arssle 2 in Cars & Transportation ➔ Buying & Selling
You can call the lease company and ask them for a customer buyout (most, but not all, lease companies offer this). This will be the money you will need to payoff the loan and get out of the car now. You will compare that to how much you can sell the car for. If you can sell it for the payoff, then you are ok, if not, then you will have to make up the difference if you decide to sell.
In most cases, your buyout is more than the car is actually worth. You can also try a dealer to see if they want to buy it. Depending on what year, make, model, and miles, they might want to take a look at it. They will get a dealer buyout, which will be less than yours because the dealer won't be charged tax. Luck 2Ya
2007-09-14 04:59:30 · answer #1 · answered by Janet 4 · 10⤊ 0⤋
Call up the bank and get a payoff number for the lease. A lease is just like financing. You are simply financing a portion of the car for a stated amount of time. At the end of the lease, the bank sells the car and hopefully makes a profit. The payoff number is the amount that the bank will take for the car now. If you can sell the car privately for this number, you are all set.
2007-09-14 03:26:57 · answer #2 · answered by Jay P 7 · 1⤊ 0⤋
If you return it before the lease ends you will be responsible for any unpaid payments and any losses the lease company suffers when they sell the vehicle. This could be a LOT of money. And it will ruin your credit if you don't pay.
You may buy the car and resell it but odds favor the car will sell for a lot less than you must buy it for because of the depreciation schedule. You're best bet is to try and find someone to assume the lease and make the payments. READ YOUR LEASE AGREEMENT
2007-09-14 02:48:18 · answer #3 · answered by GILMEISTERA 3 · 2⤊ 0⤋
The upload each and all the lease end expenses to the cost of your new motor vehicle. do not even think of that they'll lose funds on any deal. Early termination: The penalty for terminating the lease early is only the cost for something of the lease term. they'll make all tries to get you to pay that. and that they'll make a TON of money whilst they resell the motor vehicle. you would be paying down the cost of the motor vehicle to a three-12 months old motor vehicle, yet they are going to be promoting a one million-12 months old motor vehicle. for many folk, leasing a motor vehicle is the costliest thank you to lease a motor vehicle (you by no skill own it). that's totally corresponding to financing a motor vehicle at approximately 12% APR, then giving the motor vehicle lower back to the broker with out any repayment.
2016-12-16 19:51:45 · answer #4 · answered by hillhouse 4 · 0⤊ 0⤋
There is a chance I guess.
I am still trying to work this one out. As I had to let default on a lease. My wife had cancer, we had lost our jobs. So there was no money. Still isn't. She is still in treatment after surgery.
We still are getting calls about arranging to pay the difference between what they got selling it and what the total obligation was.
I tried to buy out the lease before letting them have it back. This could of lowered our payments, but because of our employment situation, they said no.
Before you give up, you may want to buy it out, and finance that amount as a loan.
Other wise you are at their mercy.
2007-09-14 02:49:45 · answer #5 · answered by teamepler@verizon.net 5 · 1⤊ 0⤋
sell a car that doesnt belong to you ...hhmmmm...think about it....ahhh...NO...turn it in and your credit will b ruined...talk to lease people before u do anything dumb....
2007-09-14 02:42:52 · answer #6 · answered by Anonymous · 0⤊ 1⤋