Can You Sell a Leased Car? |
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Answer:
If you prefer to get a new vehicle every two to three Persons who lease a vehicle save approximately $50 a month. Plus, finance companies offer great rates to borrowers with excellent credit. Unfortunately, auto leases may include additional fees. Borrowers must return the vehicle at the end of the lease period, and dealerships require that cars are free of dents and scratches. If an accident occurs, all repairs are the responsibility of the borrower. What’s more, lease owners are only allotted 15,000 miles per year. Those who exceed the mileage pay a $.10 per mile surcharge. Although the dealership or bank owns the car once the lease period concludes, lease owners can sale the car. Selling a leased car involves transferring the lease agreement to another person. For example, borrowers who consent to a three year lease can sell the vehicle after the first year. In turn, the new borrower continues to make payments until the lease ends and the car returns to the bank. Lease assumptions are common, and the original borrower can profit from the deal. However, banks have specific guidelines. In many cases, the new borrower must undergo a credit check.
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