Vehicle leases

[JABIII]

Rossen Reports: How to make instant cash off your car

May 3, 2022

If you have a car lease coming up, you could pocket some serious cash. The ongoing global shortage of microchips and inflation is forcing used car prices to rise.

Here's what's happening: when you first leased your vehicle, the dealership figured out the price for you to buy it outright after the lease was up — based on prices back then. That's what they call "residual value."

Guess what? Chances are the price of your car has shot up. That means you could potentially buy your car at the end of its lease and resell it to a dealership or third-party site and pocket the profit.

Figure out the value
Figuring out what your vehicle is worth is simple. Websites like Carvana, Carmax, Cargurus, Shift, and Vroom can give you an instant offer by evaluating its condition. Kelley Blue Book can also give you an offer and will then link dealerships that could be interested in buying your vehicle.

First, locate your VIN number (on the inside door jam of your vehicle or in the window on the windshield) or have your license plate number ready. These sites will ask you questions like how many miles are left on the car, special features, the condition of the exterior and interior, for any problems with the engine or tires, etc. Then it will present you with the potential offer to buy the vehicle from you. Some third-party sites will either schedule a drop-off date or it will pick up your car from you.

Things to consider
Ending your lease: Reading the fine print of your lease agreement is key. This is for vehicles that are at the end of the lease term. You would have to buy it from the dealership and then turn around and sell it. Some auto finance companies don’t allow third-party buyouts, where customers sell their leased vehicle to a party other than the dealer from which they originally leased the car, while still in the midst of the lease. Especially right now as dealerships are relying on those cars coming back. Some of the finance companies with restrictions like this include: Ford Credit, GM Financial, Honda Finance, Infiniti Financial Services, Kia Motors Finance, Mazda Credit, Nissan Motor Acceptance, etc.

Replacement vehicle: This one might seem obvious, but make sure you know how you’ll get around once you sell your vehicle. If you don’t need one (maybe your home doesn’t need multiple cars or you’re going to rely on public transportation), you won’t need to worry. Or make sure you have bought/leased a replacement vehicle.

Taxes and title fees: This is another thing to consider. There may be some sales taxes and title fees that you’ll have to pay when purchasing your leased vehicle. Make sure you’ve factored in those costs to see if the profit is worth it.

https://www.wyff4.com/article/how-to...r-car/39896720

[Saltydog235]

Of course then you waste the profit on another overinflated vehicle.

[Bownut]

Of course then you waste the profit on another overinflated vehicle.

Just like they're doing with houses now too.

[Saltydog235]

Just like they're doing with houses now too.

Yeah but that’s great for me renovating them.

[centurian]

Just bought out a lease for $8600 on a low mileage F 150 with a blue book $26,000 to 28,000. Original purchase 24,000. Do not trade that vehicle or beware. Used trucks are like gold.

Been trying to get a new truck for 6 months now have one totaled this morning, really sucks

[Bownut]

Yeah but that’s great for me renovating them.

Get it while you can.

[Palmetto Duck]

Had a friend where the dealership paid 18000 to him over the residual value so he wouldn’t buy it on one car and 11k on another one both since Christmas when leases were up on both his cars.