In addition, you should also look through your lease contract to find the vehicle’s residual value. Once you’ve managed that, you can just fill out the paperwork and keep your leased car. @jefe, to answer your question though…that’s illegal and referred to as a “Straw” purchase. Good Idea or Not? Yahoo fait partie de Verizon Media. © 2021 CarGurus, Inc., All Rights Reserved. Purchase price is set by the lease finance company company at the initiation of a lease. Leases can often be an excellent option to car ownership because after the term is complete, you can simply return the car to the leasing company without the hassle of finding a buyer, negotiating, or certifying your vehicle. If, for some reason, a family member or friend cannot go to the DMV to register a new vehicle, you may be able to go instead. The dealership also put the log book in my name as they identified me as the owner of the vehicle … When you purchase a vehicle, if you drive more miles than you expect, you will not owe an excess mileage charge, but the vehicle will probably be worth less when you trade or sell it. Découvrez comment nous utilisons vos informations dans notre Politique relative à la vie privée et notre Politique relative aux cookies. But there’s a big problem with this: leasing companies will typically let you transfer the contract to another person, but not completely—in most cases you’re still ultimately liable for the lease. For instance, go to a Honda dealership to sell a Honda. My leases are registered to me, and nowhere on the registration is the captive (the real owner) listed. For instance, … They are on said person’s insurance. You’ll almost certainly have to purchase liability insurance. While it’s rare, you can actually make money on the deal if your vehicle is worth more than the total of the residual value and disposition fee. You may pay off your leased vehicle and then sell it to a third party. Since you’ll have to come up with the cash to buy the car from the leasing company, selling a leased car privately is best for those with a vehicle that's worth more than residual value plus any early buyout fees that may be written into your lease contract. When you lease a vehicle, you agree to a set term that you will make lease payments on a vehicle. You can sell your vehicle back to the dealership you leased it from, or you can sell it to another dealership. If you were to get into an accident or be found guilty of another serious infraction, you could actually cause that person’s insurance rates to also skyrocket. Please contact our Customer Service Department toll free at 1-866-876-3018 for more information. Most lease contracts specify who is allowed to drive a leased car. Here are some specific scenarios where you may be considering having someone else insure your vehicle: When the Driver is Young. That means that if the person you transferred it to stops paying, or if they damage, destroy, or disappear with the car, you’re on the … It will help them get out of their old vehicle and into a new one with the least hassle. If you transfer the lease to someone, they take over the payments for the remainder of the lease term. Please see our, How To Sell a Car You Haven't Paid Off Yet, Everything You Need to Know About Leasing. You can sell your vehicle back to the dealership you leased it from, or you can sell it to another dealership. Pour autoriser Verizon Media et nos partenaires à traiter vos données personnelles, sélectionnez 'J'accepte' ou 'Gérer les paramètres' pour obtenir plus d’informations et pour gérer vos choix. You can pocket that cash or use it as a down payment for your next vehicle. Start by visiting dealerships. How To Sell a Car You Haven't Paid Off YetThe Truth About Trade-InsEverything You Need to Know About Leasing. Completing what’s known as a lease buyout is usually fairly straightforward, but a lot of people don’t realize that a trip to the dealership is not required to purchase your leased vehicle. If you like your leased car and wouldn’t mind owning it, and the residual value is less than the market … In most situations, it is not recommended that you have someone else insure your vehicle. In many cases, you can negotiate the residual value of a car lease, but it’s probably best to do this up front. Selling your leased car privately may be a better option, because you stand to make more from a private sale than a dealer trade-in—about $1,200 more, on average. Dealers have no authority to negotiate or change the … Contact your dealership to discuss purchase or finance options. Most leases limit the number of miles you may drive before you are charged for additional mileage (often an average of 12,000 or 15,000 miles per year). But watch out! Purchase Your Leased Vehicle? In order to get the best trade-in offer, find a dealership that sells the brand of vehicle you’re trying to sell. Insurance for leased cars. Nos partenaires et nous-mêmes stockerons et/ou utiliserons des informations concernant votre appareil, par l’intermédiaire de cookies et de technologies similaires, afin d’afficher des annonces et des contenus personnalisés, de mesurer les audiences et les contenus, d’obtenir des informations sur les audiences et à des fins de développement de produit. Registering a Vehicle for Someone Else. If you hand your leased vehicle back to the leasing company, you will likely pay one fee, and if you purchase your leased car, you will probably pay a different one. When an individual assumes a lease, their essentially going to take over a … My lease is due this summer and I am too far over my kilometer allowance to give it back without paying a huge penalty. Buying out your leased vehicle shouldn’t be a hassle, but some dealerships seem to make it as difficult as possible. Can someone else purchase my leased vehicle? It is also the guaranteed price for which you can purchase the car according to the lease terms. The real owner ) listed Truth About Trade-InsEverything you Need to Know About Leasing have n't Off! And then sell it to another dealership dealership that sells the brand of vehicle ’... Payments for the remainder of the lease to someone, They take over the payments for the remainder the! Price for which you can pocket that cash or use it as a “ Straw ” purchase lease vehicle... Is set by the lease terms, Everything you Need to Know About Leasing our, How to sell car. 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