Help! selling a leased vehicle (questions)

[gkAeris]

ok so i'm helping my sister who moved overseas sell her lease car, the lease is up 2012 but i have listed it on autotrader

and someone wants to buy it...

i called volkswagen they say i need to write a check for the buy out price. but the buyer wants the car, how does this work?

do i get the buyer to write the check to volkswagen and then i write the remaining balance?

or do i have to buy out the car first and wait for 2-3 days to clear the lease? But i do not want to do that as i also have it up on lease busters, i just want the car gone, so whatever sells first, a lease car or a lease free car.........

also does my sister have to be here or can i just have her fax over her signature?

anybody can help me shed some light?

please and thanks.

[Seanith]

Since no one has posted yet, I think I have an idea. Basically I think the buyer will just write YOU the check for the full buyout price (i'm assuming you will pay the transfer payment costs) and then you go in and pay the dealership.

[Tik-Tok]

Originally posted by Seanith
Since no one has posted yet, I think I have an idea. Basically I think the buyer will just write YOU the check for the full buyout price (i'm assuming you will pay the transfer payment costs) and then you go in and pay the dealership.

That would be one way.

Another would be to transfer the lease to the new person, then that person can buyout if they like.

[suen17]

Originally posted by Tik-Tok


That would be one way.

Another would be to transfer the lease to the new person, then that person can buyout if they like.


Yes, but this might cost you more in the end since you will have to pay the lease transfer fee, whereas iirc you wouldn't incur this charge if you are buying out the lease before "selling" the car.

[01RedDX]

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[rage2]

Originally posted by gkAeris
do i get the buyer to write the check to volkswagen and then i write the remaining balance?
^^ This.

I just did this when I sold my leased GTI to a fellow beyonder.

The car is sold to you, then you sign the back of the registration to give to the new owner, they go and register it. VW can't sell directly to the new owner, so it gets sold to you, and you sell it to the new owner on the spot. The new owner calls VW to obtain a release, and about a week later gets full lien release of the car.

Make sure you get the exact $ amount for the buyout and both you and the new buyer have a bank draft. They wont take a cheque in case you're a Banerjee.

You'll have to ask VW if your sister can do it over phone/fax. There's a shitload of stuff to sign, and I'm pretty sure your sister HAS to be there. I could be wrong.

Just call VW and ask for the business office. The leasing ppl will tell you everything you need to know, and book an appt to get it all done.

[Aleks]

I sold my Rabbit that was financed by having the buyer write a cheque directly to VW finance and take it to Fifth ave with me.

I did the same thing with my leased 330I. I think that's the easiest way. You get your payout letter in the mail after a few weeks for your records.

[gkAeris]

so they get the car right away??????

i'm confused or do they have to wait for the lease to be released.

[Redlyne_mr2]

Ok a little bit of misinformation in this thread.

The vehicle is owned by VW finance as it is a leased unit. The originating dealer holds the lease on this unit. Call the originating dealer to make an appointment to pay out the lease. Obviously make sure that you have received a payout from VW credit/originating dealer so that you know what the buyout is. Bring a money order when you go to meet with the dealer, they will then issue a bill of sale to you under your sisters name. The VW dealer pays the lease off on your behalf and you take this new bill of sale to the registries showing them that your sister is now the owner of the vehicle and they will remove VW finance off the registration. At this point you are now free to write a bill of sale between you sister and the new party selling them the vehicle.

[rage2]

Originally posted by Redlyne_mr2
Bring a money order when you go to meet with the dealer, they will then issue a bill of sale to you under your sisters name. The VW dealer pays the lease off on your behalf and you take this new bill of sale to the registries showing them that your sister is now the owner of the vehicle and they will remove VW finance off the registration. At this point you are now free to write a bill of sale between you sister and the new party selling them the vehicle.
You're the one dishing off bad info here... when you pay it off, they will give you a bill of sale. Then you sign the registration (selling the car) off to the new owner. The new owner can register the car using the VW to you bill of sale, as well as your old registration (with VW still on it) which is now the bill of sale from you to the new owner. This can all be done on the same day, in fact, I had everything done to the new owner within 1 hour.

[Redlyne_mr2]

Originally posted by rage2

You're the one dishing off bad info here... when you pay it off, they will give you a bill of sale. Then you sign the registration (selling the car) off to the new owner. The new owner can register the car using the VW to you bill of sale, as well as your old registration (with VW still on it) which is now the bill of sale from you to the new owner. This can all be done on the same day, in fact, I had everything done to the new owner within 1 hour.
Isn't that what I said? I just gave her the steps involved with doing it.