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| Sell Leased Car | |||
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The term, sell leased car, usually refers to the concept of ending a lease early by selling the car to an interested party. Although selling a car that is being leased is certainly possible, it usually turns out to be not very practical. First, selling a leased car early may not provide enough money to full pay off the full balance owed on the lease. Most lease accounts are "upside down" until near the end of the lease term. Therefore, it is wise to check with the lease company to determine the early termination payoff amount before selling. Also check the current market value of the car to determine if there's a negative difference between the market value and payoff amount. If so, it may not be practical to sell, unless you can come up with the extra cash needed to pay off the difference. If you find that the vehicle can be sold for more than the lease balance, you'll still need the permission of the lease company. After paying off the balance, the lease company will send you title to the vehicle, which you can then send to the new buyer. Be aware that both you and the new buyer may have to pay sales tax unless the lease company is willing to sell directly to the new buyer. This avoids paying sales tax twice. For more information, see: The Lease Guide
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