So I recieved a phone offer ony my car for $15k cash, So I am a bit optimitstic on if this person is going to actually come through. So assuming he does, I will not have a title for him until he gives me the money and I send it to the finance company which is not local so will have to be sent via the mail. If he brings a check I told him that I would have to hold on everything until it cashes. Any other advice on how to broker this?
I think if you get him to bring a bank check, and deposit that into your account, they can then wire the money to the company that holds the lien. Then the lien company send a waiver or cancellation of the lien. That is what you'd take to the secretary of state (or DMV) to make it all happen. I've had all of that done in an afternoon.
Talk to the finance company - they tend to have procedures for stuff like that.
Usually you'll end up getting two cashier's checks, one for the finance company and one for you. Obviously, you see those printed at the bank in front of you.
Send one off to the finance company, get them to send over the title, pass title to buyer.
2nd the call the finance company advice. I did this fairly recently and it was really easy, just told them I was selling, they got the title and sent it to a convenient office, then I got the check from the seller and they stamped the title to release the lien. I did have to fill out an intent to sell form for the buyer, since they were also financing, but that was very short and simple.
Well this is a leased car so not sure if that changes anything.
I did this 2 years ago with VWOC. The buyer was told up front what was required:
trigun7469 wrote: Well this is a leased car so not sure if that changes anything.
It does, because it's not your car to sell, it belongs to the leasing company. Completely different scenario.
if the car is a lease, then you are essentially trying to sell a car you are renting.
BoxheadTim wrote:trigun7469 wrote: Well this is a leased car so not sure if that changes anything.It does, because it's not your car to sell, it belongs to the leasing company. Completely different scenario.
Yes, big difference.
Leasing equals renting. As such, you can not sell a house you rent because you do not own it.
But, you can buy the house and then sell the house. Same with car.
You will have to buy the car. This will typically mean that you have to pay the dollar amount of all the remaining monthly payment and then pay the buy-out price or "residual" that should be stated in your lease documents.
In addition, when "buying the car" for the residual, your state may require that you pay sales tax on that amount.
Example:
$2,000 for $200 per month lease payment for remaining 10 months.
$13,000 residual payment to buy out the car.
$750 for sales tax on the $13,000
$15,750 total due
If you can sell the car for more than $15,750 then it is a good deal for the seller.
If, in this example, you would loose more that $2,000 then you would be better off just sending in the remaining lease payments that equal $2,000 and getting out of the car. Cut your losses and put the whole experience behind you.
That would be akin to paying the rent on a house you no longer want to live in just as a way to move on to a new place.
I always knew I didn't like the idea of leasing …just didn't know WHY I didn't like the idea of leasing 
Don't some leases offer the option of transferring it to someone else? That may get the next guy making the payments for a while and then deciding to either turn it in or buy it when the lease is up.
Yeah, leasing is not the same as having a lien. I have personally never seen an 'assumable' lease. If by chance it does exist, the person wanting to assume the lease is going to have to qualify and if they can't no deal. Don't make the mistake of thinking the new 'owner' can pay you then you can pay the lease company! If the leasing company finds out you are in deep doo doo.
FWIW, I learned a LOT about this back when one of my brothers was a 'car broker'. Basically, Person A had a car either leased or with a lien that they needed to sell, so for a monthly fee my brother would set them up with Person B who signed a contract saying they would send my brother a monthly check which covered the payment plus that fee, also they agreed to keep full coverage insurance etc. and at the end of the lease/lien the title would be transferred to Person B. There were a lot of small offices that popped up around the state doing this, BTW.
Well, as you can imagine a lot of the Person B's had terrible credit and fell behind, the whole thing just fell apart. The banks got wind of all this and had legislation introduced making the whole thing illegal.
In reply to Datsun1500:
I agree, but that's not a lien payoff. It's a lease payoff.
I have looked at different avenues on leasing, some lease allow you to transfer the actual lease, to another person upon approval. Unfortunately not in this case. I have also had dealerships purchase a leased car from me and currently have a offer. Right now I have $1k in lease payment left +$400 insurance +$48 for registration. If he gives me $15k I am making $1k plus I am saving on expense and freeing up my garage. All the car does is sit in my garage because I have another vehicle I use and I am close enough to work that I just walk or ride my bike so having two cars is worthless to me. The other option I was considering was contact the local dealership, because all Kia's are financed and leased through Kia/Hyundai Finance, perhaps they can broker the deal?
Sounds like you just need to call Kia finance and see what the buy out amount is and then talk with them on what the process would be. They would be able to talk you through it. The dealer probably won't do it fo you just out of good will. The F&I guys are commission sales just like everyone else there.
In reply to Datsun1500: $13.8k, What do you think a dealer would charge?
Two local dealerships have low balled me at $12k, for a vehicle that listed for $24k and only has 9800 miles.
sounds like a huge hassle. can't you just toss them the keys and a check for a grand and wipe your hands clean of it? i understand trying to make a little money on the deal, but i also understand wanting to just get it over with and all the running around, calls, or headache necessary to make a little money.
In reply to patgizz: I have a offer from a dealership in Akron for $13.5k so I may just go with them.
In reply to Datsun1500: Sorry for the confusion the current buyout is $13.8 the the buyout at the end of the lease is $12.5k
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