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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

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Old 09-08-2009, 07:12 PM   #1 (permalink)
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Default 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
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Old 09-08-2009, 07:32 PM   #2 (permalink)
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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!
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Old 09-08-2009, 07:40 PM   #3 (permalink)
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he is trying to pull a fast one on you
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Old 09-08-2009, 08:48 PM   #4 (permalink)
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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...
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Old 09-09-2009, 12:27 AM   #5 (permalink)
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I'm sorry I meant to say lean holder like the bank
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Old 09-09-2009, 12:28 AM   #6 (permalink)
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Do bank release the title on the spot
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Old 09-09-2009, 08:45 AM   #7 (permalink)
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Quote:
Originally Posted by thispecialk View Post
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.
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Old 09-09-2009, 08:51 AM   #8 (permalink)
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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.
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