When I advertise my car for sale: how should I word the ad? My lease is up Jan.31,2017. I thought Craigslist would be a good place. Other suggestions are welcomed. I nixed carmax because they will take my equity and I want it all. 🙂 j/k but not really
Kristin: At lease-end you have three choices: 1) return it if you have no equity, 2) buy it from the lease finance company if you have equity and/or simply want the car, or 3) trade it to a dealer if you have any wholesale trade equity (the dealer buys the car from the lease finance company) and gives you the equity as a down payment on a new car.
Otherwise you can't sell the car unless your lease finance company approves a third-party buyout — and you have equity. Otherwise, you don't own the title to the car to be able to sell it — unless you buyout the lease, in which case the title will be signed over to you. You must then get a new title in your own name, and pay sales tax before you can sell to someone else.
Since your lease end date is still 3 months away, how do you know you will have equity at that time?
If you have it on lease unless you buy it from them you don't own it. The Lease is just another way of saying long term rent with them supplying the insurance and another car if required. The normal thing is that they ask you if you want to buy it and they will tell you how much. If you do it is then yours to sell. One problem people have is that you get no Insurance No Claims Bonus to take to another Insurance company
A lease is the same as renting. You don't own it so you can't sell it. You have to return it to the dealer. Whe you do if the tires are worn they'll charge you for them. If the car has more mileage than allowed i the lease you'll be charged extra. If there's damage on the car or maintenance which needs to be done they'll charge you for it. If the interior is stained or torn you'll be charged for it. Lots of luck.
Ok unless you pay off the remaining amount at the end of the lease you don,t own the car to sell it,period,
How sweet. You think you have equity in a lease.
You will have little, if any.