Is it possible to sell a Lease?
03-09-18, 04:08 PM
#2
You can, but will probably take a pretty big hit to the wallet. Good luck!
03-09-18, 05:21 PM
#4
Lexus Test Driver
You can sell it like any other financed vehicle. You will need to pay the vehicle off, therefore if the price you get is less than the payoff you will be responsible for the difference. Unfortunately, because this is a lease, it will be very difficult for you to sell it for more than what is owed on it (unless you put down a sizable down payment - normally not the case in leases). I recommend you stop by a CarMax or a Lexus dealer and have the car appraised to see where you stand as far as market value versus payoff.
03-10-18, 01:12 PM
#7
Instructor
I've usually had 5yr leases and you're usually upside down financially until around year 3. At this point, I could usually swap cars early with no loss financially.
If you put cash down at the start, you will also be out that as well. Which is why I've also always done $0 down on a lease. All the cash down does is reduce the monthly and needs to be amortized over the term of the loan to figure your true monthly.
So even if you find someone to take over the lease you'll be out your down payment
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03-10-18, 02:08 PM
#8
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03-10-18, 02:14 PM
#9
03-20-18, 05:55 PM
#10
Instructor
The program leases are usually 2-3yrs because they want the cars certified and low miles. They also usually require a down payment to cut the monthly.
The 5yr was usually through a 3rd party bank rather than the car finance company.
$0 down
5yr term lowered the monthly
I would tend to be upside down until year 3 then I'd often trade the car early, the dealer was usually happy to buy the car since I was taking out another one.
When I switched from an SC430 to a Boxster, the Porsche dealer even picked up my property tax ($800) on the trade in.
In reality, you can negotiate a lease the same way you can a purchase. The worst that happens is you hold the car to term.
03-21-18, 06:54 AM
#11
Yeh I suppose the 3 year standard is mostly for the dealers to be able to sell a gently used Lexus w low miles.
I looked into selling a lease back when I had a 2010 Chevy malibu with AC that never really worked. It turned out to be too much trouble.
I looked into selling a lease back when I had a 2010 Chevy malibu with AC that never really worked. It turned out to be too much trouble.
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