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Discussion Starter · #1 ·
Posted originally in the car purchasing forum, but I think I'd get a little more help from here....

I'm selling my baby:

It's on a lease right now and I needed some help with the whole process.
This is what I am planning to do, buy the car out from the lease, and then sell it privately.
What do I need to do in order to make sure the sale is complete? I mean as far as transfer of ownership and making sure the check has sufficient funds.
Anyone here have any experience with selling a car from a lease?
Also, VW credit says it takes a little bit of time for the title to get to me, meanwhile, should I still hand the car over to the next owner if the check clears out?
Anything else I should know, be aware of?
Thanks....
 

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Re: Selling my GTI ... out of a lease! Help! (Dan-B)

Quote, originally posted by Dan-B »

What do I need to do in order to make sure the sale is complete? I mean as far as transfer of ownership and making sure the check has sufficient funds.
Anyone here have any experience with selling a car from a lease?
Also, VW credit says it takes a little bit of time for the title to get to me, meanwhile, should I still hand the car over to the next owner if the check clears out?

If you get a bank check (cashier's check, or whatever), you don't have to worry about sufficient funds. Don't take a personal check, unless you know the person well.
You don't get the title until it's paid off and liens are cleared. If you sell it before you get it, you may want to offer up some sort of contract or see if VW will fax you something saying you've paid it off but you're waiting for the title.
Just a suggestion....take it as you will.
 

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Re: Selling my GTI ... out of a lease! Help! (ATL_Av8r)

Quote, originally posted by ATL_Av8r »

If you get a bank check (cashier's check, or whatever), you don't have to worry about sufficient funds. Don't take a personal check, unless you know the person well.
You don't get the title until it's paid off and liens are cleared. If you sell it before you get it, you may want to offer up some sort of contract or see if VW will fax you something saying you've paid it off but you're waiting for the title.
Just a suggestion....take it as you will.

People forge cashiers checks. If you get a bank check, go to the bank that it's issued from and have them confirm the account number is legit. If you don't recognize the bank, don't hand over the car till the funds clear. Haven't you seen "catch me if you can"...
 

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Re: Selling my GTI ... out of a lease! Help! (Dan-B)

If you buy the car out from your lease, you'll have to add tax, lic & whatever else fee's there are.
Why not just sell it to a private party?
 

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Re: Selling my GTI ... out of a lease! Help! (BlueyedBoi69)

Quote, originally posted by BlueyedBoi69 »
If you buy the car out from your lease, you'll have to add tax, lic & whatever else fee's there are.
Why not just sell it to a private party?

maybe I don't understand leases, but how can he sell a car that's not his?
 

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Re: Selling my GTI ... out of a lease! Help! (Dan-B)

Just go to the dealer which you bought from or call VW credit to find out buy out price. Comfirm the amount and tell them(dealer or VW credit) wanna buy the car.
You will need fill out form and arrenge payment. If you buy out by cash will get title form VW Credit with in month(I think). If finance only you get copy of title.
I dont know whats intension is but why not return the car and move on?
 

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Re: Selling my GTI ... out of a lease! Help! (Dan-B)

i don't see how you could make money on this; i actually would think you'd end up losing money. i really don't understand your motive. are you at the end of the lease? can't afford the payments anymore? i used to finance cars; i didn't really see any cars at the end of their lease terms that were worth more than the buyout figure. almost always less.
 

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Re: Selling my GTI ... out of a lease! Help! (yo vanilla)

good luck. i spent a few weeks this summer taking my car around to every dealer in town and the most i got offered in trade for it was $3000 less than the payoff...
they were all willing to help me roll the difference into the cost of the new car though. (do people really do that??)
 

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Re: Selling my GTI ... out of a lease! Help! (pman81)

Quote, originally posted by pman81 »

they were all willing to help me roll the difference into the cost of the new car though. (do people really do that??)


yes....stupid as it seems but they do.
 

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Re: Selling my GTI ... out of a lease! Help! (yo vanilla)

Quote, originally posted by yo vanilla »
i don't see how you could make money on this; i actually would think you'd end up losing money. i really don't understand your motive. are you at the end of the lease? can't afford the payments anymore? i used to finance cars; i didn't really see any cars at the end of their lease terms that were worth more than the buyout figure. almost always less.

I am not at the end of my lease... But I would be buying the car from VW Credit, and then selling it to a private party...
I am just wondering what sorts of things need to be done. The prospective buyer is coming over tommorow, and he said if he likes the car, he already has a loan set up. I'm just wondering what I need to do, as far as legal work, and financial before I turn over the keys.
Do I need to go to the DMV or Tax Collector's office with the buyer in order to sign something?
Should I hand him the car before I get the title from VW Credit (of course, as long as the check clears)?
I've never sold a car private party...
 

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Re: Selling my GTI ... out of a lease! Help! (Dan-B)

I wonder if you could just do a lease transfer to the other guy and wash your hands of the whole situation. You're going to lose a crapload of money on the operation otherwise. If you just want out of the car, that might be the easiest way. Not sure if it's possible though.
 

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Re: Selling my GTI ... out of a lease! Help! (Dan-B)

Quote, originally posted by Dan-B »

I am just wondering what sorts of things need to be done. The prospective buyer is coming over tommorow, and he said if he likes the car, he already has a loan set up. I'm just wondering what I need to do, as far as legal work, and financial before I turn over the keys.


well, I think you should figure this out before you have people come look at the car. I was helping a friend of mine look at a Jetta Wolfsburg with this same deal.
him- "I'm leasing the car so I need you'll need to figure out how that works, I just want to get what out of it what I paid"

us- "uhh, yeah.
"
....car is still sitting there.
 

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Re: Selling my GTI ... out of a lease! Help! (smd3)

Quote, originally posted by smd3 »

maybe I don't understand leases, but how can he sell a car that's not his?

All he would have to do is send VW a check for the pay-off amount & write his VW account number on the check. VW will then mail him the title and it would arrive in just under a month. Once he has the title, he would just send it to the new owner. To protect both him & the buyer, they would just have to make a BIll of Sale, and sign it & keep copies for both of them.
I did that when I sold my JEtta a few years ago. I was leasing it, didnt want it anymore & sold it to someone else. They wrote ME a check, I then wrote a check to VW for the payoff & it was done. Got the title a few weeks later, mailed it to the new owner... BOOM... done.
Seriously... its pointless to buy the car himself FROM VW. Like I said, HE would have to pay tax, license & registration fee's on how ever much the pay off price was. Why not just sell it directly to the new buyer? VW doesnt charge you or anything for getting out of leases early.
 

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Re: Selling my GTI ... out of a lease! Help! (BlueyedBoi69)

Wait a min...
Why not just give it back to the dealer at the end of the lease?
Even if you have high milage (of course depending on how many miles and how much per mile) you will probably end lossing the same amount minus the headaches you are about to go thru.
Good luck seeling it though
 

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Re: Selling my GTI ... out of a lease! Help! (Dan-B)

Go to the DMV web-site they have step by step instructions. There are forms you can actually print from the site for absent title. But in the case of the lease, you may have to wait cause you don't technically own the car. (The new owner won't beable to register it.) And you will lose $$$
 

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Re: Selling my GTI ... out of a lease! Help! (VdubChaos)

Maybe he doesnt wanna keep it anymore.
I'm kind of in the same boat....
I have an 02 GTI that I'm leasing... I have 1 year & 6 months left, but I have VERY low mileage & some paint scratches. The dealer has already said the scratches will cost me about $1500 if I trade it in. Screw that! I can sell it private party and break even on what I owe EASILY. I just dont want my car anymore... I'm bored of it.
 

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Re: Selling my GTI ... out of a lease! Help! (pman81)

Quote, originally posted by pman81 »
good luck. i spent a few weeks this summer taking my car around to every dealer in town and the most i got offered in trade for it was $3000 less than the payoff...
they were all willing to help me roll the difference into the cost of the new car though. (do people really do that??)

EVERYBODY does that.
 

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Re: Selling my GTI ... out of a lease! Help! (Dan-B)

Quote, originally posted by Dan-B »

I am not at the end of my lease... But I would be buying the car from VW Credit, and then selling it to a private party...
I am just wondering what sorts of things need to be done. The prospective buyer is coming over tommorow, and he said if he likes the car, he already has a loan set up. I'm just wondering what I need to do, as far as legal work, and financial before I turn over the keys.
Do I need to go to the DMV or Tax Collector's office with the buyer in order to sign something?
Should I hand him the car before I get the title from VW Credit (of course, as long as the check clears)?
I've never sold a car private party...

k. laws are different in different states, but i think all you should have to do is pay the buyout to vw (a dealership or vw credit can tell you that, as long as that's who you leased through) and then the car is yours. basically you buy the car from vw credit, and it's yours to do as you please. just be prepared for a figure that may be higher than what your buyer is offering.
 
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