How do you sell someone your leased car?
09-30-2005, 06:34 AM
#11
I'm in Utah. IIRC, some states may require the seller of a lease
to actually buy the car & pay the sales taxes. Then the lessor can sell it. I think you are right - it may depend on the state rules.
09-30-2005, 06:35 AM
#12
AudiWorld Uber User
Join Date: Mar 2000
Posts: 66,965
Likes: 0
Received 0 Likes
on
0 Posts
Pretty much what others stated.
I leased my old A4 through a 3rd party, but the lease was financed through my credit union. I had to pay the credit union the buy out number on the car, which was $XXXXX from the buyer + $XXXX because I was a little upside down. The credit union closed out the paperwork and sent a letter to the leasing company indicating the car had been paid off. I sent another letter to the leasing company asking them to sign the title off to the next owner. A week later he had the title and it was done.
The difference here is when you're dealing with AFS, you don't have two separate entities to deal with. But the others are right...AFS may not sign the title over to the new owner directly. What I'm not sure about are tax implications if your name is on the title.
The difference here is when you're dealing with AFS, you don't have two separate entities to deal with. But the others are right...AFS may not sign the title over to the new owner directly. What I'm not sure about are tax implications if your name is on the title.
09-30-2005, 06:45 AM
#13
yeah, I know in IL, Audi Financial will not let someone else buy the lease at the end.......
They will ONLY sell to the original leasee - I tried to do this once, they wouldn't let me.
I bet this depends a lot on the leasing company as well.
I bet this depends a lot on the leasing company as well.
09-30-2005, 07:17 AM
#14
Member
Join Date: May 2003
Posts: 2,739
Likes: 0
Received 0 Likes
on
0 Posts
When I sold my A4 I met the buyer at his bank and recieved a check made payable to audi financial
as well as a check to my self (sales price minus amount owed to audi financial). In return I parked the vehicle at the persons house and gave him the keys and a bill of sale as well as informed him that the title would arrive from audi financial services within a few weeks.
I mailed the check to audi financial services and they sent the title to me which I then signed over to the new owner and met up to deliver. Then the new owner was able to register and drive the car.
I was fortunate to find a trusting buyer and one who was willing (while it was difficult) to wait for the title to come in even after handing over a check for such a large amount. Though my car was not leased (it was financed)it was a similar situation as audi held the title and the buyer provided a bank check to pay off the loan amount.
best of luck!
I mailed the check to audi financial services and they sent the title to me which I then signed over to the new owner and met up to deliver. Then the new owner was able to register and drive the car.
I was fortunate to find a trusting buyer and one who was willing (while it was difficult) to wait for the title to come in even after handing over a check for such a large amount. Though my car was not leased (it was financed)it was a similar situation as audi held the title and the buyer provided a bank check to pay off the loan amount.
best of luck!
09-30-2005, 08:35 AM
#17
I think one of the issues here is that many lease companies use different rules......
and there are also some differences depending on where you live.
(ie: Audi Financial may have different rules re: buy-out by someone other than the original leasee than Wells Fargo.)
(ie: Audi Financial may have different rules re: buy-out by someone other than the original leasee than Wells Fargo.)
09-30-2005, 12:59 PM
#19
True ...
Terms vary by lessor, but I've sold vehicles under AFS, major banks and CU leasing partners and never had to purchase first (at least not any more so than if I had a loan to settle).
It might be semantics, but payoff was settled either by the buyer's finance company funding or private party check. Once paid, title was forwarded me and I signed over to buyer. Point is, I didn't have to come up with cash to buy the vehicle before I could sell it.
Also worth noting that vehicles I've sold with traditional loans against them worked similarly, in that title was sent to me after payoff rather than directly to the buyer. No steps saved in the process simply because it was loan vs lease.
It might be semantics, but payoff was settled either by the buyer's finance company funding or private party check. Once paid, title was forwarded me and I signed over to buyer. Point is, I didn't have to come up with cash to buy the vehicle before I could sell it.
Also worth noting that vehicles I've sold with traditional loans against them worked similarly, in that title was sent to me after payoff rather than directly to the buyer. No steps saved in the process simply because it was loan vs lease.
