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You can't sell
a leased car, since you don't hold the title to it. If you
need to end a lease, you can transfer it to another person
and avoid paying the termination penalty or remaining payments.
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Steps to transfer your
leased car: |
| 1.
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Contact your lessor to make sure it allows lease
transfers or lease assumptions. The lessor probably doesn't
advertise the fact, but may allow it after a certain period
of time. |
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| 2.
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Find someone
willing to take on your lease. Ask acquaintances, friends and
relatives. Advertise. There are Web sites that facilitate lease
transfer for a fee, such as LeaseTrading.com, LeaseTrader.com
and SwapALease.com. |
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| 3.
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Have the buyer
complete a credit application. When the leasing company approves
the application, it will issue transfer documents for
you and the lessee-to-be to sign. |
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| 4.
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Hand over your
former leased car to the
new lessee, who begins making the remaining payments. At the
end of the lease, the new lessee returns the vehicle to the
leasing company (or might have the option to buy, depending
on the company). |
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Overall Warnings: |
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Lease transfer
isn't the same as a sublease. Subleasing a car is not legal
in some states. |
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What to look for: |
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Permission for lease
transfer |
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Someone
to take on lease |
How to Transfer
Your Leased Car