my car is leased can I sell it?
Asked by sarahnasto Jan 26, 2019 at 11:20 PM about the 2015 Kia Optima EX
Question type: Car Selling & Trading In
My car is leased but I need to get rid of it as it doesn't fit my family any longer. It
is worth about $8,000 and I still owe $13,000 on the loan. Can I sell it so I can
use the cash to pay down the loan?
2 Answers
No. That would be like selling the house you are renting. You are upside down and the only way out would be to get someone to take over the lease or to pay it off.
Contact your leasing company. They should hold the title and allow another party to pay off the car. They would then transfer the title to your buyer directly. In this instance, think of yourself simply as a broker between your buyer and your leasing/finance company that owns the car. It may take a little longer than a normal sale but it can help to get you out of a bind. If your payoff is $13k and the car is worth $8k, you need to come up with $5k to make your leasing company whole. May save you in the long run. Good luck!
