Have you ever considered selling your lease for a profit at the end of your lease term?
I’m on my second back to back lease with my current one coming to an end this summer. In spite of working in the automotive industry most of my career, I’ve never considered selling my lease for a profit until someone mentioned it recently.
I’d imagine that most of us who have a lease have one for the convenience of easily getting out of our vehicle and into a new one at the end of the term without the hassle. As we near the end of our lease term, we get all the new vehicle marketing and instructions on our lease turn in process. Dutifully we read the material and follow along.
What the car dealership and the manufacturer won’t tell you, is that depending on the lease agreement, you can actually sell your vehicle to any car dealer who wants it.
More importantly, if your vehicle is worth more than the residual value at the end of the lease, you can actually stand to make a profit.
Is There a No-Hassle Way to Sell My Lease?
It turns out that it’s not as big of a hassle as you might think. Similar to a loan, the financial institution that financed your lease just cares about getting the final payoff if you choose to purchase the vehicle. That payoff amount - the residual value - is set in your contract.
If your residual is $25,500 and your vehicle is say worth $26,500, you could stand to make $1000 by selling it directly with no more hassle than if you had sold a vehicle that you had an outstanding loan on.
If you lease your current vehicle, as your lease is coming due, be sure to check to see if your residual value on your contract is less than the current market value. The market may just be in your favor!
Before you enter in to any car deal, check out the all-new VingoTM Car Value Calculator and find out what your car is really worth. It’s free and getting an accurate value takes just two minutes.