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You Can Sell Your Leased Car for a Profit (Here’s How Much)
The idea of selling your leased car for a profit was once a foreign concept. Today —amidst an ongoing chip shortage and subsequent new vehicle shortage — selling your leased car for a profit is more common than you think. How can you sell your leased car and make the...
Sell your car for the most money
Free checklists to help you get the most when you sell your car.
How to sell a vehicle you own
Get your current payoff
If your car is financed, call the bank or credit union that has the lien on your vehicle. Get a 10 day payoff to allow enough time for the funds to arrive at the bank.
Research potential purchasers
Contact third party used car purchasers such as CarMax, Carvana, Vroom, Shift and others to compare offers and decide whether or not you would want to sell to one of them.
If you’re selling to a third party:
- You will need to provide them with your loan account number so they can contact the lender to get the current payoff. They will make the payoff and you will receive whatever balance is remaining if there is one.
- You will need to provide them with the title if you have it or you will have to sign a motor vehicle power of attorney instructing the bank to release the title to the buyer when the vehicle is paid off.
If you’re selling to a private party:
- Get your vehicle professionally detailed prior to listing it for sale.
- Advertise the vehicle and always be sure to meet any potential buyer in a very public place and bring along someone to accompany you.
- Never allow the potential buyer to test drive the vehicle by themself. Always accompany the potential buyer on the test drive and have a friend tag along as well.
- Establish the test drive route prior to leaving and set the ground rules for how the vehicle is allowed to be driven. The driver must obey all traffic safety rules and stay within the posted speed limit at all times.
Finishing up
- Once you have agreed to sell the vehicle, complete the transaction at your bank, credit union, motor vehicle agency or local police station to protect all parties involved.
- Provide the buyer with a signed and dated bill of sale showing the agreed upon selling price and date of sale, retain a copy for your records.
- Cancel your automobile insurance at the time of sale.
- If you are in a state where the license plates stays with you, be sure to remove the plates prior to allowing the purchaser to drive away. If you are in a state where the plates stay with the vehicle, leave the plates on the vehicle.
How to sell a vehicle you’re leasing
Buy out your lease
- To sell your lease, you need to first buy it from the lease company.
- Call the lease company and get your current payoff. Get a 10 day payoff to allow enough time for the funds to arrive at the bank.
- Make arrangements to buy the vehicle out directly from the lease company if they allow you to do so. Not all leasing companies allow this, so you will need to ask your particular lender.
- If you cannot pay cash for the vehicle, make arrangements to finance the balance. Some lease companies can assist you with this. If not, check with your credit union or local bank.
- If buying the vehicle out with the assistance of the dealer, be aware that the dealer may charge you their doc fee, collect all taxes due, if any, and collect the title and registration fees. They can also assist you with financing if needed. A word of advice: they very well may attempt to mark up the interest rate on the loan and also attempt to sell you their normal F&I protection products.
Research potential purchasers
Once you have purchased the vehicle and had the title and registration issued in your name you can then sell it. Contact third party used car purchasers such as CarMax, Carvana, Vroom, Shift and others to compare offers and decide whether or not you would want to sell to one of them.
If you’re selling to a third party:
- You will need to provide them with your loan account number so they can contact the lender to get the current payoff. They will make the payoff and you will receive whatever balance is remaining if there is one.
- You will need to provide them with the title if you have it or you will have to sign a motor vehicle power of attorney instructing the bank to release the title to the buyer when the vehicle is paid off.
If you’re selling to a private party:
- Get your vehicle professionally detailed prior to listing it for sale.
- Advertise the vehicle and always be sure to meet any potential buyer in a very public place and bring along someone to accompany you.
- Never allow the potential buyer to test drive the vehicle by themself. Always accompany the potential buyer on the test drive and have a friend tag along as well.
- Establish the test drive route prior to leaving and set the ground rules for how the vehicle is allowed to be driven. The driver must obey all traffic safety rules and stay within the posted speed limit at all times.
Finishing up
- Once you have agreed to sell the vehicle, complete the transaction at your bank, credit union, motor vehicle agency or local police station to protect all parties involved.
- Provide the buyer with a signed and dated bill of sale showing the agreed upon selling price and date of sale, retain a copy for your records.
- Cancel your automobile insurance at the time of sale.
- If you are in a state where the license plates stays with you, be sure to remove the plates prior to allowing the purchaser to drive away. If you are in a state where the plates stay with the vehicle, leave the plates on the vehicle.
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