Automotive

How to sell vehicle with Open-end Lease?

  • Last Updated:
  • Apr 5th, 2020 8:21 pm
[OP]
Deal Addict
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Jun 12, 2003
2891 posts
78 upvotes
Markham

How to sell vehicle with Open-end Lease?

I got a vehicle that's got 36 months on it with an open-end lease (lessee must by out the car for $15k).

What's the best way to sell this vehicle/transfer lease? What's the best way to value it. I need to get rid of it as it's not being used.
3 replies
Deal Fanatic
Apr 16, 2007
7976 posts
3265 upvotes
Financial District B…
chinaboy1021 wrote: I got a vehicle that's got 36 months on it with an open-end lease (lessee must by out the car for $15k).

What's the best way to sell this vehicle/transfer lease? What's the best way to value it. I need to get rid of it as it's not being used.
To sell an open ended lease it's really no different than selling a closed ended lease.
Open just means the residual is guaranteed by you(no walk-away option) versus the Lessor.
The best value for it is the value between what you want to sell it for and what the buyer wants to buy it for. simple
Transfer is the same, once you payout the Lessor they will re-register it into your name and then it's free and clear for you to do whatever you want with it.
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Deal Expert
Mar 23, 2004
28751 posts
9183 upvotes
I didn't even think they did open-ended leases, I thought they just did balloon finance instead. But anyway should be the same as transferring any other lease, just make sure you disclose that it's open-end and the transferee is obligated to buy it out.

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