I have a super clean 2015 Limited with 37k miles that I have built equity in. I want to sell, but would prefer to not float my cash to payoff the lease first. I'd like the buyer to cut two checks, one to me for the equity, one to Toyota credit to payoff the lease. Has anyone on this forum sold a leased vehicle this way? I'm in the Pittsburgh area and naturally, the dealers want to go below KBB. I'd sell to a dealer that was reasonable if I find one.
Anyone ever sell their leased 4Runner?
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99problems
New member
You can't sell what you don't own. You can either pay the leasing company what you owe them, get your title transferred to your name only, and then sell the vehicle... or you can see if a dealer will give you more in trade than what is owed on the lease (generally unlikely given how these things work), in which case you get a check for the positive balance.
'You can't sell what you don't own'? Really? Thanks for the words of wisdom
I would like to see if anyone has done it, and any lessons learned. I explained that I wanted to avoid additional steps in the process-that which involve me using my cash to buy the vehicle from the leasing company, take title and then sign the title over. I have already contacted Toyota credit, and they can help me expedite by giving title to the buyer who pays off the lease directly to them thus avoiding me taking title and then transferring to the buyer. Given that I owe $26k on the lease, and the vehicle has a strong residual and better resale value, I have already been offered $31k from a dealer, but know there is considerably more room.
So....I'll try again...has anyone done this successfully as a sale directly through Toyota? If so, any other guidance you can provide would be helpful. While I have sold many vehicles which I held the clear title to, I have not done this before.
Thx...
t
I do not see why this would be any different than selling a car that still has a loan on it, which I have done before. It was many years ago... but I think it went down something like this. We met at the buyers credit union. The credit union contacted Honda financial for the payoff. I am guessing they wired Honda the payoff. At the same time, the credit union then cut me a check for the difference between the payoff and the agreed price. Honda financial then (I am assuming) sent/released the title to the CU.
A cash transaction would be more challenging, and would require a lot of faith on the buyers part, that you would not just take the money and run, but would do the payoff, wait for Toyota to send the title, and then give it to the new buyer. But most likely, few potential buyers of a 30k+ vehicle would be cash buyers.
A cash transaction would be more challenging, and would require a lot of faith on the buyers part, that you would not just take the money and run, but would do the payoff, wait for Toyota to send the title, and then give it to the new buyer. But most likely, few potential buyers of a 30k+ vehicle would be cash buyers.
Toffees
Member
You can probably arrange a similar situation through a dealer, although that may vary by state. But basically if you agree a price with a third party but want to purchase from a dealer, you should be able to facilitate the trade/sell through the dealer to the third party.
Rodtheviking
New member
Check your lease contract, we had a lease on a 2015 Kia and it strictly said we could not sell it during the lease terms. We had to "purchase" the vehicle at the end of the three years for the agreed upon price at the time of the contract signing, ended up being KBB. We ended up buying a different vehicle anyway.
Thanks
Thanks for the replies. I checked with Toyota before I opened the thread and I'm good to get out of the lease or sell it to a third party (obviously provided the lease pay off is satisfied in the transaction). I have three dealers interested and I'm up to $32,600, so I may run with that if I can't get the number up in the next couple of weeks. I have until mid-late Nov, worse case.
Thanks for the replies. I checked with Toyota before I opened the thread and I'm good to get out of the lease or sell it to a third party (obviously provided the lease pay off is satisfied in the transaction). I have three dealers interested and I'm up to $32,600, so I may run with that if I can't get the number up in the next couple of weeks. I have until mid-late Nov, worse case.
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99problems
New member
If that amount supersedes your total current investment into the vehicle, then congratulations you've essentially beaten the system (for now). :thumb:
My advice would be to sell it to a dealer (since that causes the least amount of hassle on your end, their (Toyota finance?) end, and the next buyer's end collectively) and claim victory before Murphy's Law somehow rears its ugly head. :hippie:
Sold
Found a reputable firm who came to my home, appraised and inspected the vehicle and bought it on the spot. Give me an overage (+ equity) check and sent the residual value/ payoff directly to Toyota. They were a little less than the dealer but saved me a 90 minute drive one way to the dealer to do the deal.
Very easy. And I 'sold something I didn't own' lol as the first poster replied I couldn't do. Kinda like selling a home, etc. too funny. I don't want to advertise for the company as I am not affiliated in any way, but they are headquartered in NJ and are growing rapidly. Very solid operation if you are looking to sell out of your lease or any vehicle with a lien.
Found a reputable firm who came to my home, appraised and inspected the vehicle and bought it on the spot. Give me an overage (+ equity) check and sent the residual value/ payoff directly to Toyota. They were a little less than the dealer but saved me a 90 minute drive one way to the dealer to do the deal.
Very easy. And I 'sold something I didn't own' lol as the first poster replied I couldn't do. Kinda like selling a home, etc. too funny. I don't want to advertise for the company as I am not affiliated in any way, but they are headquartered in NJ and are growing rapidly. Very solid operation if you are looking to sell out of your lease or any vehicle with a lien.
LandCruiser
New member
So you got less than the dealer which was offering less than KBB value.
You really didn't come out ahead, then, and just unloaded a lease vehicle for less than you would have if you owned it.
Actually, in my situation, I think I did fine.
- I put next to nothing down on a new car and had a reasonably low payment
- drove the car for 3 years
- DID get > KBB trade in value and which generated $6k in + equity
Current KBB dealer trade is about $31.5-31.7. I got $32k
- DIDN't spend much on maintenance (one set of tires and one set of brakes, dealer took care of oil changes)
-Didn't have to hassle with gymnastics of buying the car outright, paying balance of sales tax and then market the car on my own, deal with selling and transferring title, taking calls from every we buy any car, and dealer looking for a deal etc...
Come out ahead? Didn't get rich, but it was a fair deal for us both, so I think so. It's not overly common to end a lease term with positive equity. Toyota and some others enjoy that position in the market with higher than average residual values. I fully understand leasing isn't for everyone, but I like the options leasing a vehicle provides given that I enjoy getting into a new vehicle every 3 years. Writing a check for a car or putting big money down on (even if you intend to keep it and drive it until it falls apart) doesn't feel like a good plan to me given that your money can work better for you in so many ways now with a strong stock market or in other real estate investments.
Just my $.02.
99problems
New member
I'm 90% sure that this post is just an advertisement at this point.
Brilliant
Too funny...You figured me out. I actually came here for a little guidance from those in the know. Thanks for all of the wisdom and investigative reporting.
Too funny...You figured me out. I actually came here for a little guidance from those in the know. Thanks for all of the wisdom and investigative reporting.
