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Selling a leased car
Posted on 9/12/17 at 8:22 pm
Posted on 9/12/17 at 8:22 pm
Lets say Im at the end of a 3 year 30000 mile lease and I only put about 12000 on the vehicle and its in great condition. If the car is worth more than the residule value I should/ can sell it right? I mentioned this to the finiance guy at the dealership I leased with and he said something like it does not work that way. Anyone sell a leased vehicle?
This post was edited on 9/12/17 at 8:23 pm
22
Posted on 9/12/17 at 8:23 pm to ThuperThumpin
quote:
it does not work that way.
Posted on 9/12/17 at 8:24 pm to ThuperThumpin
You can't sell what you don't own...
Eta: well you could assign stuff to another person I guess, but don't know why anyone would want to buy your leased depreciating asset
Eta: well you could assign stuff to another person I guess, but don't know why anyone would want to buy your leased depreciating asset
This post was edited on 9/12/17 at 8:26 pm
Posted on 9/12/17 at 8:24 pm to ThuperThumpin
Have bought a leased car from someone. He took a pretty big loss. Basically we showed up at the dealership. I paid the price we agreed and he paid the remaining balance.
He had run up the miles a bit higher than his lease allowed.
The price to buy a lease is usually a lot higher than buying that same car, especially private party.
He had run up the miles a bit higher than his lease allowed.
The price to buy a lease is usually a lot higher than buying that same car, especially private party.
This post was edited on 9/12/17 at 8:25 pm
Posted on 9/12/17 at 8:24 pm to ThuperThumpin
Not expirienced selling a leased car but I just made a killing selling my leased condo last month.
Posted on 9/12/17 at 8:25 pm to ThuperThumpin
How can you sell what you leased? You can't sell an apartment you're renting.
Posted on 9/12/17 at 8:26 pm to ThuperThumpin
I sold a rental car once. Enterprise was pissed
Posted on 9/12/17 at 8:26 pm to ThuperThumpin
until you pay the buyout you cant sell it but once you do you can sell it.
never ask the guy who stands to make money off reselling it if you can resell it, wtf do you expect him to tell you?
just be sure you know the exact payoff number first because they charge for mileage and depreciation based on condition and that can reduce your profit margin, plus you cant depend of selling it for asking price so estimate a reduced price to guestimate you true profit zone. its definitely a fidley situation to figure out accurately
never ask the guy who stands to make money off reselling it if you can resell it, wtf do you expect him to tell you?
just be sure you know the exact payoff number first because they charge for mileage and depreciation based on condition and that can reduce your profit margin, plus you cant depend of selling it for asking price so estimate a reduced price to guestimate you true profit zone. its definitely a fidley situation to figure out accurately
Posted on 9/12/17 at 8:27 pm to ThuperThumpin
Lol you are so dumb
Posted on 9/12/17 at 8:27 pm to DeafJam73
quote:
How can you sell what you leased? You can't sell an apartment you're renting.
Best I can describe you are selling the rights to the purchase option at the end. Which is usually a shitty offer.
Or you are taking the purchase offer then selling the car outright.
Leases are usually shitty on the backend from what I have seen. You pay a large sum upfront then they basically deter you from buying it at the end by making the price absurd to do so.
Posted on 9/12/17 at 8:28 pm to ThuperThumpin
I'll make the craigslist ad for you!
Posted on 9/12/17 at 8:32 pm to ThuperThumpin
I believe your option would be to pay the residual. Then sell it or trade it to cash in on the value in excess of residual.
I could easily be wrong so value this advice equally to what you paid for it
I could easily be wrong so value this advice equally to what you paid for it
This post was edited on 9/12/17 at 8:37 pm
Posted on 9/12/17 at 8:34 pm to ThuperThumpin
you are playing with a losing proposition...save yourself some angst and walk away when your lease is up. if you feel good about it, get another lease...if you don't then figure out another way to get your next vehicle.
Posted on 9/12/17 at 8:34 pm to ThuperThumpin
If you pay the residual you can sell it, but you won't be profiting
Posted on 9/12/17 at 8:49 pm to keakar
But it is possible to make money off of it if the numbers are right? Probably not worth the headache just curious
Posted on 9/12/17 at 8:51 pm to ThuperThumpin
How can you sell something you don't own? I'm sure the dealership appreciates the great care you gave the vehicle and looks forward to reaping those benefits once they list it on their lot
Posted on 9/12/17 at 8:52 pm to ThuperThumpin
quote:
But it is possible to make money off of it if the numbers are right?
Think that is a huge "IF"
Car companies know what they are doing. They don't set themselves up to lose money.
Posted on 9/12/17 at 8:54 pm to ThuperThumpin
quote:
Lets say Im at the end of a 3 year 30000 mile lease and I only put about 12000 on the vehicle and its in great condition. If the car is worth more than the residule value I should/ can sell it right? I mentioned this to the finiance guy at the dealership I leased with and he said something like it does not work that way. Anyone sell a leased vehicle?
It's amazing how you motherfrickers get through life being this stupid
Posted on 9/12/17 at 8:55 pm to ThuperThumpin
Contact the lender, not the dealer, and ask if they will negotiate the buyout. They frequently will offer you the vehicle for thousands les than the residual. You absolutely can sell a leased vehicle, but not until you exercise your option to take title to the vehicle.
Posted on 9/12/17 at 8:58 pm to majoredinwhitehorse
quote:
Contact the lender, not the dealer, and ask if they will negotiate the buyout. They frequently will offer you the vehicle for thousands les than the residual. You absolutely can sell a leased vehicle, but not until you exercise your option to take title to the vehicle.
It's not a leased vehicle at that point, you have to buy the car from them and then sell it
So no, you can't sell a leased vehicle
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