Lease End Options
Selling your leased car to another customer
You may also sell your vehicle to another consumer, but this can be a lengthy and complicated process. You may opt to do this if you want to get rid of your lease obligations and cannot or do not want to do a lease assumption. Selling your vehicle out-right can be complicated because there are several steps involved.
- First, you must buy your vehicle from the lessor so that you own it. You may not sell a vehicle that you currently lease, as the leasing company is the owner. To buy a vehicle, you must pay for the tags, taxes and title transfer (which can be anywhere from a few hundred to a few thousand dollars) plus the negotiated price (or residual value) for the vehicle. This process usually takes a few days to complete.
- After you purchase the vehicle, you must find a buyer with good credit. Sites such as Swapalease.com are good places to find a buyer.
- Once you find a buyer whose credit has been approved, you then go through the transfer of title/tags/taxes process again.
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