Car shopping is one of the best memories most people have! Okay, maybe not for everyone. But in 2021, the global car leasing market size was $75 billion.
Car shopping is fun for some, a drag for others. What about selling your lease car? Do you have to go through all the hoopla of browsing rows at the dealership?
You have options when it comes to selling your lease car. The finance company handles all the details. You can get a fair price for the car and move on.
Read on to learn more about how to sell your lease car.
Know the Restrictions in Selling Your Leased Vehicle
The first step is to determine the restrictions associated with selling your leased vehicle. Some leases will have a due-on-sale clause, which means you’ll need to pay off the entire remaining balance of the lease before you can sell the car.
Find a Private Buyer
When it comes to selling your lease car, you’ll first want to find a private buyer. You can search online classifieds, visit car dealerships, or contact car buying services.
Once you’ve found a buyer, you’ll need to provide them with your contact information, the car’s current mileage, and any other relevant details. You’ll also need to arrange a time and place to meet so the buyer can inspect the vehicle.
Complete the Paperwork
Once you’ve found a qualified buyer, you’ll need to complete some paperwork. This will typically include a transfer of lease form and a power of attorney form. After the transfer is complete, the new lessee will be responsible for making the monthly lease payments.
It’s essential to keep in mind that you may be responsible for any early termination fees associated with selling your leased car. Also, you may be required to pay any remaining lease-end charges, such as excess mileage or wear-and-tear charges.
Before you list your car for sale, be sure to check with your leasing company to see what, if any, additional charges you may be responsible for.
Notify the Leasing Company
If you’re planning to sell your leased car, you’ll need to notify your leasing company so they can update their records. You’ll also need to provide them with the contact information for the new owner.
In some cases, you may need to pay a transfer fee. Once you’ve notified the leasing company, you can start advertising your car for sale. Be sure to include information about the remaining lease term and any restrictions on transferring the lease.
You can also sell your car to a dealership specializing in lease returns. How about you try Bidlane.
Make the Process Easier by Knowing How to Sell Your Lease Car
When it comes to car selling, you’ll want to take some extra steps to ensure a smooth transaction. A car selling guide such as knowing how to sell your lease car can come in handy.
First, check with your leasing company to see if there are any restrictions on selling your car. Next, gather up all of the documents you’ll need, including the lease agreement, maintenance records, and a vehicle history report.
Finally, price your car competitively and market it to potential buyers. By following these steps, you’ll be able to sell your leased car quickly and hassle-free.
For more car advice and information, check out the rest of our blog. Our blog is full of informative articles like this one.