Asked in Auto Loans and FinancingRepossession
Can a lease car be sold as a new car?
March 02, 2011 1:08AM
No. When a car is new, it does not come with a title. Only a certificate of origin, which is turned in and replaced with the cars first title. To be new, a car must never have been titled. On a lease, the "lender" actually purchases the car, thus titling it, eliminating it from being new. Now, that having been said, some states will allow a dealer to "demo" a vehicle, and then sell it as new. It will have around 5000 miles on it, and the factory warranty probably will be shortened, so buyer, beware.