John510

Its finally time to sell my car. I love it dearly but unfortunately it will not fit 3 car seats. I even bought the Diono Radian seats that are the skinniest on the market and still not even close to fitting because the "bucket" design of the rear seats and its just not wide enough.

So I have a few questions… I leased it instead of buying it to get the tax write off and I have 2 years left on the lease. My lease payment is high because of negative equity from previous car. How do I sell it? Should I just payoff my lease amount to get the title then sell it private? Has anyone done this before? Or can I pay more principal down and have someone start a new lease?

It is a Neb gray/Riojo, BSM, F sport, Nav with clear bra, and full tint front and rear. I had a guy offer me 32 but Im not sure if that is a lowball or normal? What should I let this thing go for? There is 9000 miles.

Thanks

Dark9t316

Sorry to see you have to sell your car John. Have never been in your situation but based on a normal amount of miles, your car will probably sell for around (people's average purchase price right now for your car new in our area without taxes) * 0.87, which is assuming 13% year over year deprecation. Your upgrades won't really fetch you more money.

gmanusmc

John - be careful if you pay it off - I think CA requires you pay the sales tax on the payoff within 10 days. If you find a buyer, you might be able to time it so you pay it off and you both go to DMV to transfer title and the buyer pays the sales tax at that time. I think that way you escape paying it. But if you pay it off and then sell it more than 10 days later, both you and the buyer may end up paying the sales tax.

Bill G

specONE

iTrader: (3)

You can sell a lease?
Or is "selling" a lease vehicle equal to transferring a lease.

gvan1998

Good luck with your sell. Just out of curiosity, I thought u had alot of interest at 38k on CL. I guess my estimation was correct.

Reeladdict

you can sell it, you just are responisble for the remaining lease payments, and the buyout amount, anything left is yours to keep.

Joeb427

iTrader: (1)

You say you were upside down on your trade and the negative equity number was rolled into your lease.
Unfortunately it's going to be almost impossible to sell or find someone to take the lease over.With 2 years left,it's going to cost a lot to get out of the lease.

John510

Thanks for the info. Maybe Ill find a buyer and pay it off when they they take it over to save tax. The IRS is already getting too much money from me this year.

I did get quite a few emails when it was posted at 38. Car has not been posted on CL in a few months. I am getting info before I repost it as to what a realistic price would be to get rid of it. I need to find a new one sometime by Aug/Sept

Nothing is impossible to sell. I have the option to buy out the lease to get title then sell to private party. Id expect to lose between 10-15K.

Joeb427

iTrader: (1)

Of course.It's just a matter of how much it will cost you to do so.
With the negative equity,you're probably better off paying off the lease and walking away from the IS and start fresh with something else.
After a year with the negative equity,you have to owe more than the IS is worth.

John510

Well if anyone is curious… I was about to sell private party tomorrow for 34. I went to the dealer to see what I could get and they offered 36. Adios car!

gmanusmc

Way to go John!

gvan1998

Thats an excellent trade in value from dealer. What are you getting and how much are you getting the new car for?

I sold my 8 month old FRS with 4k miles to Carmax. When listed my car on Cragslist, it was all lowball offers, everybody wanted to buy below trade in value, below what carmax offered. When i tell them why will I sell it to you when i can get more money from carmax, they just get mad. Its common sense.

gmanusmc

Not to mention that as long as you are happy with what they give you, it's such an easy and painless transaction at Carmax - I've used them several times.

Another good thing about John using the dealer is he won't need to be concerned with CA's strict sales tax requirements.

Bill G

John510

Ill add details. It was a 2015 Yukon XL sold at supplier pricing (65680 MSRP down to 61,660) and 36K on the trade in. Yukon XL should be here in about 4 weeks.

Now lets keep in mind this was all VERBAL with the Internet manager. Im going back over there today to hopefully finalize this deal and leave the deposit for the Yukon. Im hoping the 36K for my car will stick. I do a lot of business with this dealer so I hope they come through. Ill keep you guys posted.

There is no Carmax anywhere near me. Closest one is in Fairfield and thats far from Castro Valley.

FSPORTJC

I have two convertible car seats both Recaro for the two window seats and a booster seat that uses seatbelt for the middle. I have a 2014 iS FSport and It works out perfectly