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How do you sell a leased car if you cannot make the payments on it?
Wiki User
∙ 18y ago
You don't own a leased car, so you can't sell it. That'd be the same as renting a house and trying to sell it. If you can't afford it anymore, contact the leasing agent, and make arrangements with them. Without a doubt, there will be some stiff penalties, though. This isn't actually true at all. We are currently leasing a Toyota Corolla Sport and have contacted the company handling our lease and they have specifically told us that it is entirely possible to sell the leased car at payoff amount, whatever that may be at the time you decide to sell. It isn't the same as renting a house due to the fact that when renting a house you aren't tied to it for 36 months and then you have the option to own, trade it in or walk away. Leasing a vehicle is practically the same thing as getting a loan on the vehicle which you can pay off, but the catch is... If you don't sell it before the lease end, then you drop it off (hoping there isn't any extra money due to extra miles and wear and tear), buy it for the current value of the car or trade it in for another car. Leases allow people to get lower payments and this is what drives most people to take a lease on. Otherwise, the best option is to buy the vehicle which is almost the same as leasing accept after 36 months you own it and can do whatever you want with it... or you can sell it before hand (same as a lease) and move on. So... if this doesn't make sense or answer the question... We just sold our leased vehicle... So it is possible.
Wiki User
∙ 18y ago
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Can you sell your car with payments left on the loan?
Someone cannot sell his car if there are still some pending payments on a loan. It is however possible to enter an agreement with the financier so that the remaining payments can be financed by part of the proceeds from the car sale. An extra interest payment may be charged for that.
Can't make the payments and can't sell what do I do?
Talk to the lienholder to see what they want you to do. You might be able to renegotiate the payments. As a worst case scenario, you could do a voluntary repossession, which at least saves you from having to pay the repo fees.
Can a bank refinance your car if you are upside down on the payments?
YES! You don't make your payments and they will repo. They will then sell the car and you will be responsible for the difference in what the car sells for and the balance on the note. Don't let it happen. Contact the lender and work something out.
If you have never been late on mortgage payments and file bankruptcy can the trustee make you sell your house to have more income to pay creditors?
If you have a lot of equity they can take your house, but if your loan is about what the house is worth then they don't want it..... They want to be able to sell somthing to pay the creditors.... It is very rare for a home to be seized and sold in bankruptcy; generally it is done voluntarily by the debtor/filer because they cannot manage the mortgage payments or a reaffirmation agreement is not possible. The state homestead exemption is what protects a home from a forced sale in bankruptcy or in a creditor lawsuit.
How do you sell goodwill?
You cannot sell goodwill, at least in accounting. Goodwill is the amount that you overpaid. You can sell an asset at a high price but you cannot sell directly the goodwill.
How do you turn in a leased car?
All you do is call a dealer that sell that make. If not leased by the manufactuer call the leasing company for instructions
If it is true that creditors can sell the car and sue for the deficiency if a person cannot make the payments how do they collect when the person in already financially desperate?
they can, but rarely do
Can the cosigner sell the house if his name is not on the deed and the primary borrower has missed 3 payments?
No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.
Can you sell your car with payments left on the loan?
Someone cannot sell his car if there are still some pending payments on a loan. It is however possible to enter an agreement with the financier so that the remaining payments can be financed by part of the proceeds from the car sale. An extra interest payment may be charged for that.
Can a bank sell your vehicle the day after it is repossessed in Alabama?
Depending on how many payments your behind. If you are behind a great margin I think they would to try to make back the money lost but if you're one or two payments behind they will give you a chance to catch up and if you fail to make any payments after they contact you they will sell.
How long after a reposession can you reclaim a vehicle?
Up until the day they sell the car. As long as you pay the repossession fees and make up all back payments plus any administrative charges. That is if the lender agrees which they do not have to do. You broke the contract when you failed to make the payments on time so they can refuse the payments and sell the car.
Should you voluntarily surrender Freightliner truck and continue to make payments until its sold and clear the deficency your unable to get ins required unless leased to company or be default for ins?
If you can't make your insurance payment, you need to surrender or sell that truck. The worst thing you can do in this scenario is continue operating without insurance - the DOT will come down on you like a ton of bricks.
How do you make tom nook to sell paintings?
you cannot make tom nook sell anything unless you control him he sell what ever is available to sell
Can I sell a leased car to a third party in CA without a dealer's license?
no
When creditor puts lien on your home will mortgage company make you pay it or foreclose on your home?
As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.
If you still owe a considerable amount on your car that isn't running should you continue to make the payments and insurance or voluntarily surrender it or sell it and take out a loan for the balance?
Sell or continue to make the payments. Do not let the car be repossed. This would hurt your credit and is the last thing to do.
How do you sale a car on payments?
Very bad idea. Never, ever, sell someone a car and let them make payments to you. If they cannot get a loan from a bank or financial institution this proves they are not a good credit risk. You may end up not getting any money and then having to go through the legal hassle of trying to repossess the car. Sell the car to someone who can pay you cash.
