Quote:
Originally Posted by Derek Sutton
There are two important factors you are over looking. Buying/ selling a vehicle with a lien is not comparable to what this discussion is about And you have to have ownership of a vehicle, whether outright or with a lien in order to sell it. If the registration shows as “leased” it cannot be sold. The 11 hour process requires a lot of cooperation from both the selling and buying parties as well as a dealership finance manager and the registry office. Step one, get payment from the buyer. Step two, deposit payment and take payout amount to dealer. Step 3, get bill of sale from the dealer, return to registry office. Step 4, registration is transform “leased” to “owned” by registry office. Step 5, bill of sale is completed and new owner can register the vehicle. Now this process is more “arduous” then my earlier suggestion.
I’ve gone through the process a couple of times and getting all your ducks in a row ahead of time will make the transaction flow the smoothest.
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This is correct.
The lessor owns the vehicle. Auto leases generally include a term, where the car can be bought be the person leasing for a pre-determined amount. If you pay the buyout and the end of the lease (or earlier, usually with a fee), you then own the vehicle and can do what you want with it.
If you've leased a vehicle, you could enter into a contract for sale contingent on you buying out the lease. I wouldn't do that unless you are have absolutely everything in place with the leasing company for the buyout. If the buyout terms/market conditions are favorable to you buying out the lease, I'd just do that and then sell the car. You'll be in a much better position as a seller, if you've already bought out and own the vehicle. It doesn't take that long to do so. If it takes a few weeks longer to go this route, but makes you a couple of extra thousand dollars, it's worth it.