Selling a leased vehicle is a question that sits at the intersection of finance, automotive ownership, and personal budgeting. The leasing company will then release the title to the new owner.
How to Successfully Sell a Leased Car and Transfer the Title
By paying the residual value stated in your contract, you become the legal owner of the vehicle. A lease transfer is different; you find a qualified buyer who takes over your existing lease agreement, assuming the monthly payments and adhering to the original terms.
While a transfer can be simpler and avoid early termination fees, not all leasing companies allow them, and they often require the new buyer to qualify for credit through the lessor. Handle the title transfer and payoff with the leasing company upon sale.
How to Successfully Sell Your Leased Car and Transfer the Title
Research the vehicle's current market value using tools like Kelley Blue Book or Edmunds. Only after securing this number can you accurately price the car for sale, ensuring the sale proceeds cover your financial obligations.
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