buying a used car?

thispecialk · 09-08-2009, 07:12 PM

hey i got a question. has anyone ever bought a car that had a lease on it still. its it pretty safe? im scraed the guy selling the car wont release the title to me after i pay him. has anyone ever had a bad experience with buying used car when the other member dont have title in hand

dad · 09-08-2009, 07:32 PM

You can't buy a "leased car" from a private party! It's leased to that person, they do not own it! They can't sell it!

510z · 09-08-2009, 07:40 PM

he is trying to pull a fast one on you

John Bradley · 09-08-2009, 08:48 PM

You can sell a car if you lease it..car still has a lease payoff plus residual.. proably more than you would want to pay though...

thispecialk · 09-09-2009, 12:27 AM

I'm sorry I meant to say lean holder like the bank

thispecialk · 09-09-2009, 12:28 AM

Do bank release the title on the spot

Modshack · 09-09-2009, 08:45 AM

Quote:

Originally Posted by thispecialk

Do bank release the title on the spot

2 checks:

1 to the bank for the pay-off, 1 to the guy for the balance.

Do the transaction at the bank if possible.

Bank may or may not have the title on hand.

If it's a lease (you seem confused) then you must go through the leasing company. The guy does not own the car and will not have a title..
If the seller is "upside down" IE owes more on the car than it's selling for, then he needs to come up with the difference between selling price and payoff.

kannibul · 09-09-2009, 08:51 AM

I would say "avoid" - reason being is that most leases are still within the upside-down part of the agreement.

I would contact the lienholder and notify them that the person is trying to sell their property, and if you're set on buying it, find out what the balance is on the note, and compare that with how much the guy is wanting, along with the book value of the car.

If it still makes sense to you, then go after it. If it doesn't, walk away.

09-08-2009, 07:12 PM	#1 (permalink)
thispecialk Enthusiast Member Join Date: Jul 2009 Location: San Diego, CA Posts: 483 Drives: 2009 370z, manual, Rep Power: 15	buying a used car? hey i got a question. has anyone ever bought a car that had a lease on it still. its it pretty safe? im scraed the guy selling the car wont release the title to me after i pay him. has anyone ever had a bad experience with buying used car when the other member dont have title in hand

09-08-2009, 07:32 PM	#2 (permalink)
dad Grand Prix of Endurance Join Date: Nov 2008 Location: Tennessee Posts: 3,476 Drives: Mulsanne Straight Rep Power: 25	You can't buy a "leased car" from a private party! It's leased to that person, they do not own it! They can't sell it! __________________ We can do without any article of luxury we have never had; but once obtained, it is not in human nature to surrender it voluntary.

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09-08-2009, 07:40 PM	#3 (permalink)
510z Enthusiast Member Join Date: Mar 2009 Location: Phoenix Posts: 328 Drives: 09 370z Blue M6 Rep Power: 16	he is trying to pull a fast one on you

09-08-2009, 08:48 PM	#4 (permalink)
John Bradley Enthusiast Member Join Date: Aug 2009 Location: Athens, Georgia Posts: 419 Drives: 2010 Silver RDZTER Rep Power: 15	You can sell a car if you lease it..car still has a lease payoff plus residual.. proably more than you would want to pay though...

09-09-2009, 12:27 AM	#5 (permalink)
thispecialk Enthusiast Member Join Date: Jul 2009 Location: San Diego, CA Posts: 483 Drives: 2009 370z, manual, Rep Power: 15	I'm sorry I meant to say lean holder like the bank

09-09-2009, 12:28 AM	#6 (permalink)
thispecialk Enthusiast Member Join Date: Jul 2009 Location: San Diego, CA Posts: 483 Drives: 2009 370z, manual, Rep Power: 15	Do bank release the title on the spot

09-09-2009, 08:51 AM	#8 (permalink)
kannibul A True Z Fanatic Join Date: Jun 2009 Location: Jenks, OK Posts: 2,281 Drives: 370z Touring/Sport Rep Power: 266	I would say "avoid" - reason being is that most leases are still within the upside-down part of the agreement. I would contact the lienholder and notify them that the person is trying to sell their property, and if you're set on buying it, find out what the balance is on the note, and compare that with how much the guy is wanting, along with the book value of the car. If it still makes sense to you, then go after it. If it doesn't, walk away.