How to Sell a Lease Outright

Car leases allow you to use a car for a designated period of time, the lease term, in exchange for regular payment during that time. At the end of the term, you have the option to return the car to the dealer or buy it at the buyout price. If you want to get out of the car lease before the term is completed, you may have penalties to pay. Instead of returning the car and paying penalties, you can sell the lease to a willing buyer.

Instructions

1

Call the leasing company at the number listed on the lease agreement.

2

Ask what the buyout amount is on the car. If you are just starting the sale process, get the buyout amount for the next few months since it will go down with every payment you make.

3

Find a buyer for the car who will pay at least the amount you owe on the lease buyout. If the car is in good condition with minimal mileage, you may be able to get a fair market price for it. However, don't have high expectations of making a lot of money. In fact, you may not even be able to get fair market value, depending on how the lease payments and buyouts are structured.

4

Write a contract between you and the new buyer. You don't officially have the title on the car so you can't transfer the title to the new owner as of yet. State in the agreement that for the money given, the title will transfer as soon as the lease buyout is completed and the title is released.

5

Obtain the cash and pay the lease company with the money from the sale.

6

Wait for the title from the lease company. Transfer the title to the new owner and file the appropriate paperwork with the department of motor vehicles.