Selling a leased car can be scary and confusing, but it doesn’t have to be.
Here, we will share some advice about selling your leased car, ensuring you don’t lose your hard earned cash and even make a profit.
Selling leased cars is more popular than ever thanks to used car buyers in this economic slump. Increased interest has resulted in a smaller supply of used cars, creating higher demand, allowing you, the seller of a leased car, the ability to charge more.
First and foremost, check to see what your car is worth exactly. This is imperative to ensure you don’t lose thousands of dollars. Second, remember the money and equity built is yours. Equity is the result of the leasing company under-evaluating the residual value of the car at the end of the lease. Third, when selling your leased car, you can take it to any dealer. It doesn’t have to be the one where you got the car. Fourth, when the dealer or private party purchases the car, they will pay the amount due on the leased car. Then they will write you a check for the amount of equity gained, assuming you aren’t upside down on your car.
Here are a few additional tips if you’re interested in selling your leased car:
1) Leased cars with high mileage are harder to sell, which makes it harder to cover the payoff.
2) Ask your dealer about any fees that the dealership might charge if the lease is broken.
3) Investigate whether the leasing company will sell directly to the perspective buyer. If they will, it saves you and the buyer from paying sales tax.
If you choose to sell a leased car, make sure you know how much your car is worth and whether you are able to collect earned equity. If you reside in the great, big and beautiful state of Texas make sure you make vOffer your first stop when selling leased cars for cash in Dallas.