A dealer can only give you cash for your leased vehicle if your car's value exceeds your lease buyout amount. A dealer must pay your leasing bank for the car's value before purchasing. You might be able to find a dealer who wants to purchase your car, but you might make more money by selling the vehicle privately.
Lease Buyout
You can purchase your leased vehicle at any time. If you trade the car to a dealer, it must satisfy your leasing bank to obtain a clear vehicle title, a state requirement for resale. The dealer can then return the leftover vehicle's value after the lease buyout if you decide not to apply it toward another loan. If you want to sell the car privately, you must provide the leasing bank with the buyout amount before you can obtain the title, which is necessary to transfer ownership. You can then keep any profit you make from the sale after satisfying your leasing bank.
Wholesale Versus Private Sale Value
You're likely to make more money from selling your vehicle privately than from trading or selling it to a dealer. Dealers offer wholesale value for trade vehicles, which is the least amount of money you can expect for a car. Private sale values are often thousands more than wholesale value. To gauge the difference in values, go to Edmunds.com, the Kelley Blue Book and NADA Guides websites. All three guides offer differ values, so use a median value to determine your vehicle's worth. Have a dealer appraise your leased vehicle to help you decide if you should sell it privately instead.
Warning
If you decide to end your lease early, you may still owe additional money to your bank. If you've exceeded your wear-and-tear balance or mileage allowance, the bank will charge you for the car's loss of value after you turn in your lease. Unless you trade in the car or sell it, you must still abide by your lease contract. Have an inspection completed before you decide to terminate your lease. Most leasing banks offer a lease inspection before returning the vehicle to avoid extra fees.
Finding a Dealer to Take the Lease
Some dealers may not want to purchase your leased vehicle unless you trade it toward another purchase. Call around to dealers to find out if one will purchase the car from your bank and give you cash for car's value after it pays the leasing bank. If you plan to trade the leased car toward another purchase, and the car's value is more than the buyout amount, consider putting the excess amount toward your new loan to increase your vehicle equity. You might also find that a dealer can pay your last lease payments so you don't have to trade the car.
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