Selling a Lease to Private Party California

Anyone have experience selling a lease to a private party in California? I’m considering selling my lifted 2018 DC Off-Road and want to weigh my options as I’m not trying to completely eat all the modifications on a trade-in. Yes, I know you should never modify a lease however I fully intended to buy it out right and still might if that’s my best option. I recently got engaged and need to cut back expenses a bit.

From what Toyota has said, it can be done through a bank but not by cash. Any insight is greatly appreciated.

Thanks,

 

You wouldn't be technically selling your lease, but either sub-leasing, or having the other party assuming your lease outright. Depending on your buyout, this can be attractive. For you, having someone assuming your lease is preferable, as a sub-lease still holds you liable for the term of the existing lease. If you have the option of buying out the lease and then selling the truck to the third party, this may be even more preferable.

 

You got engaged, apparently you don’t care about money that much!

Just messing with ya man. Congrats! I’m not from California and would never lease a vehicle ever but that’s just me. Many people really love the leasing deals I just happen to not be that guy. Best of luck finding a buyer!

 

Sorry, not trying to shit on here; but mods don't ad resale on the street either, sometimes reducing value. Yeah, I know there may be long-game, and you may eventually find that one buyer that wants exactly what you have,,,, but there's a good chance he'll know the mods don't ad value and price accordingly.

Congrats on the engagement and good luck!

 

You have 2 options;
1. You could sell the truck, just have to check with TFS for your buyout amount.
2. You could use Swapalease and hope someone is willing to take over your lease. You will need to check your contract to see if Toyota will allow someone to take over your lease and what the stipulations are i.e., fees, and liabilities.
Some manufacturers give the liability to the new leaser, while others like Audi, will allow lease swaps, but still hold the original leaser 100% responsible if the new leaser defaults, doesn’t return the vehicle, or for fees once the car is returned if the new leaser doesn’t pay.
Your best bet is to sell it outright, depending on market value in your region, you may come out positive on the deal.

 

That's what I'm going for, an outright sale. I was just wondering if anyone has had experience with how the transaction works from buyer>me>TFS>me>buyer.

 

Thanks. I know mods don't fully add resale. But I'm hoping on a forum like this, a built rig, ready to go might be enticing to someone. I'm fully aware that I wont get back what I've put in but I'm sure it's going to be better than a trade-in.

 

The easiest thing would be to buyout the lease, then negotiate with your buyer.

 

Sure, but then I'm paying registration and taxes only to sell it. Unless, there is a loophole in California to get around that that I'm not aware of.

 

Read on Edmunds.com: https://www.edmunds.com/car-leasing/3-ways-to-turn-your-lease-into-cash.html

 

you registration you have to eat to keep it up to date.. your buying out your lease so there is no tax on your part. its tax only if its transfer to someone else...or sell to a 3rd party dealer but also depend on your lease.. if your lease payment is under 300 a month then your stuck. you would owe more then whats its worth..

 

I’ve never done it personally, but I believe the easiest way to do this is you would take out a loan from a local credit union/bank to pay the buyout amount from TFS. The title would than get transferred to that credit union/bank. You would then go to that credit union/bank with the buyer and the buyer would pay off the loan you have. Then you could get the title to the new owner. I’ve heard numerous people do it this way. I’m sure there’s lots of ways of handling this, including getting an escrow account set up so the buyer knows he isn’t getting ripped off.