How do I get rid of my leased car?
October 10, 2013 3:50 PM   Subscribe

I want to get rid of my leased car, I have about a year and a half left. I'm way under my miles, what's the easiest solution where I'm losing the least amount of money.
posted by geoff. to Work & Money (5 answers total) 1 user marked this as a favorite
Lease trading is a thing.
posted by saeculorum at 3:57 PM on October 10, 2013 [1 favorite]

We found someone to take on our leased car, but of course even though he signed a (private) contract with us that he'd be liable, we were basically anxious the whole time and turning the car in was a bit of an ordeal because he literally would not return our messages or emails until the very day it was due to be turned in...then he gave us 30 minutes to meet him at the dealership.

We feel extremely lucky it all worked out ok. Watch out - if you do trade the lease, bear in mind you're still liable (in most states) of they pursue the new person and can't get anything out of them. So be careful!
posted by arnicae at 6:07 PM on October 10, 2013

AFAIK, you can arrange privately for a lease takeover, and then the dealership will do the paperwork and charge you a fee. You should contact the dealership to find out what the fees are for a lease takeover. Then you can advertise or autotrader or craigslist or whatever.
posted by Dasein at 7:53 PM on October 10, 2013

Leases have buyback amounts the same way loans have payoff amounts. Call your lender and find out what that amount is. See if you can sell the car for that price.
posted by gjc at 11:46 PM on October 10, 2013 [1 favorite]

Do you want a different car? If so, take your current vehicle to the dealership and see what they can do for you.

As gjc mentions, your leased vehicle has a payoff, just like a financed vehicle. First, go to your financing entity and find out what it is. Then go to KBB or Edmunds and see what the value is for your vehicle.

You can take it anywhere they purchase cars. Carmax, Dealerships, etc. Once you know what the payoff is, and once you know what the value is, you can negotiate with one of these folks until you get the best deal.

You could sell to a private person for more money, but it's more of a hassle.
posted by Ruthless Bunny at 9:18 AM on October 11, 2013

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