Original Dealer: The first option that you can exercise is going back to your original dealer. It is helpful in different ways if you turn in the vehicle to the original dealer. Staying with one dealer can develop a good relationship and they can help in getting a good deal for you. Having a comfortable relationship with your dealer will help you in working out the extra costs associated with the turn-in.
Leasing Company: You should consult with your leasing company about the locations to drop-off the vehicle. It is important because the leasing company is the actual owner of the vehicle. They will inform you about the dealerships and auctions lots that are their most common drop-off locations.
Selling to a Consumer: Another option to turn-in your vehicle would be to sell it to a consumer. But keep in mind that you have to be patient with this option as it is tricky and may take longer than usual. Typically, the users use this option if they want to get rid of their lease obligations. This option is also selected if they do not want a lease assumption. That’s what the creditors do. If you turn in the vehicle to the leasing company, they will sell the car at public auction or at a private dealer’s sale. But these options do not offer the maximum value of the car. A private buyer may be willing to offer more than what the leasing company is likely to secure at a dealer’s sale or auction. That is why selling to a private buyer can be the route to go.
As mentioned before, this option can be complicated comprising of several steps:
1. First, you have to buy the vehicle from the lessor. You cannot sell it until you own it. Since the real owner of your current vehicle is the leasing company, you may not be able to sell it until you buy it outright from them. This is where it gets complicated. There are many steps involved in buying a vehicle and you do not have enough time for it. You must pay the taxes, tags, and the title transfer charges. Only the title transfer charges can be anywhere from a few hundred to a few thousand dollars including the negotiated price for the vehicle. And this whole process is going to take a few days to complete.
2.After you are done buying the vehicle, the next step would be to find a buyer who has the cash or financing readily available. Here you have a chance and sites like Quitalease.com are the right places to find a buyer.
3. Once you find the buyer with the right bid and credit approval. The final step would be to transfer title/taxes/tags process again.
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It was easy to use the website. Took me some time to find the buyer for my car lease, but it was all worth it for all the money I have saved from not terminating my lease.
Just a week ago, I found out that lease transfer is a thing, and just about now, I have already found Quitalease and dropped off my car to the new lessee for my car lease.