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re: Selling a leased car
Posted on 9/14/17 at 1:05 pm to GetCocky11
Posted on 9/14/17 at 1:05 pm to GetCocky11
quote:
I've always heard that the lender never budges on the buyout price.
that's correct
1
Posted on 9/14/17 at 1:05 pm to ThuperThumpin
quote:
Selling a leased car
Why would you think you could sell a leased car? If you rented a house, would you think you could sell it?
Posted on 9/14/17 at 1:14 pm to Nuts4LSU
quote:
Why would you think you could sell a leased car? If you rented a house, would you think you could sell it?
Uh did you bother to read any of the responses that show how this is done? Or just google it. Leasing a car is not the same as renting a house. I've never rented a house where the owner told me I could by it once my term was up at a locked in price. You dont technically own a car you are financing either but you can sell it. It the same sort of depending on the terms of your lease.
Posted on 9/14/17 at 9:08 pm to ThuperThumpin
quote:
I've never rented a house where the owner told me I could by it once my term was up at a locked in price
I've seen lots of real estate leases that included an option to buy at the end of the lease for a fixed price.
quote:
You dont technically own a car you are financing either but you can sell it.
Yes, you do own a financed car. The lender has a security interest, but the title to the car is vested in you. You can sell a financed car for the same reason you can sell a financed house, because you own it. Your only obligation is to pay the lender who holds the security interest out of the proceeds and, in most cases, you need the lender's permission to sell because they have the right to make sure you get enough for it to pay them off.
You can buy the car at the termination of the lease and then sell it, but in that case it ceases to be a leased car when you buy it and is then a car you own when you sell it.
Posted on 9/14/17 at 9:23 pm to Nuts4LSU
Everyone on this thread needs to eat crow. As an attorney, I can tell you that yes, you can sell a leased car. If you have low mileage and the car is worth more than the residual value, numerous dealers will pay you the equity that you have in the car. The residual price is a payoff, just like a loan. Leasing is just glorified financing. If the car is worth more than the residual value, a dealer will buy the car from you or apply the equity into a new car. Here is a great link to the Car Pro Show guy that gives all of the in's and out's of leasing.
Your Options at the end of your car lease
Now, apologize to the OP.
Your Options at the end of your car lease
Now, apologize to the OP.
Posted on 9/14/17 at 9:34 pm to Steauxn
quote:
quote:
I've always heard that the lender never budges on the buyout price.
that's correct
Correct. The residual is a pre-set amount written in the contract that is non negotiable.
However, depending on the manufacturer, you can turn in the car to a dealership, and then possibly purchase the car from the dealership at a different price than the residual amount.
Posted on 9/14/17 at 9:42 pm to Nuts4LSU
quote:
Why would you think you could sell a leased car? If you rented a house, would you think you could sell it?
You clearly have no idea what you're talking about because you can, in fact, sell a leased car.
Posted on 9/15/17 at 8:20 am to Nuts4LSU
quote:
ou can buy the car at the termination of the lease and then sell it, but in that case it ceases to be a leased car when you buy it and is then a car you own when you sell it.
Do some research. You dont have to do it that way unless the terms specify it. You can bring the car to a dealer and they buy the car from the leasing company and you can profit from the equity in the form of trade in credit or possibly a check. Its not the same a you selling it directly but the result is the same. I think you guys are getting bent out of shape over the term selling.
Posted on 9/15/17 at 8:25 am to ThuperThumpin
You CAN sell a leased car - or trade it in. If the payoff is lower than the blue book value dont just turn it in.
Posted on 9/15/17 at 8:39 am to ThuperThumpin
There is a residual / payoff value you can call and get the amount at any time. At any point you can sell the vehicle and pay the bank the payoff just like selling a traditionally financed car.
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