Selling a lease vehicle?

[Nerseus]

Totally not programming related, but I dont where else to turn to. Ive scoured carpoint.com for TOO long...

Ive got a leased vehicle (in the US) that has a few months left. I want to sell it, Im sure I can. Now, when the transaction is ready to go through, what do I do? So the buyer has a check for $ that he gives to me. I deposit it, but I have no title to give him until Ive paid off the car. I read that the new buyer can get a temporary permit for my car, but what assurances does he have that I will give him the title once *I* get it (by buying the car with HIS/HER money)? Is there a standard contract we both sign?

Im clueless, and none of my friends/family have leased or sold the vehicle after the lease.

Thanks,
Nerseus

 

[iebidan]

Contact a lawyer

 

[quahog]

This may help.....http://www.leasetrader.com/default.aspx or it may not.

I got the url from a search on transferring automobile leases. It will definitely walk you through the process of finding a seller who wants to transfer a lease.

Another suggestion is call yur local DMV custoimer service rep. They will tell you the process pf transferring the lease to a buyer.

As usual, I am not financially connected to either www.leasetrader.com or your local DMV.

Either way good luck.

 

[Nerseus]

Excellent link, quahog - thanks. Whod have thought there was a whole website dedicated to this?

-Nerseus

 

[Rdstne]

I would contact the dealership or leasing company where you leased the car from, as they may have specific rules on how to go about doing it....they will also be the best people to tell you how long it will take to get the ownership transfered into your name ect...thats what I would do anyway...

 

[Robby]

At any point during the lease you should be able to obtain a balance owing on the vehicle (from the dealer), although you have have a few remaining your balance right now is still lower than your buy-back value.

Normally you would purchase the vehicle from the leaser then do what you want with it.

 

[Nerseus]

@Robby, That would be ideal, but I just bought another car and still have one other thats almost paid off. Buying the lease would a third loan, albeit only for a few weeks until it sells. Of course, if it doesnt sell, Im outta luck if Ive bought it.

In the end, I found out a few things - some from the local MVD/DMV and a few from my lienholder. Its all good - now I just have to sell it

Thanks for the help everyone!

-Nerseus