How to End Your Car Lease Profitably
- 1). Maintain your vehicle according to the manufacturer's recommendations. Keep a record of all services performed; service records may help you sell the vehicle for maximum profit at lease end.
- 2). Don't go over your mileage limit. The estimated residual value in a lease is determined partially by the mileage plan--driving in excess of your mileage limit could reduce the value.
- 3). Check the value of the vehicle two to three months before the lease is up. Determine if you'll be able to sell it and end your lease profitably. If the current value is far less than the upfront agreed-upon residual value, you may not be able to end the lease profitably.
- 4). Market and advertise the vehicle two to three months prior to the lease ending. It can take awhile to sell a car yourself. Starting early will increase your chances of finding a buyer before the turn-in date.
- 5). Negotiate with potential buyers and agree upon a selling price. Use your residual value as your bottom line--any amount you can draw for the vehicle over the residual will be money in your pocket.
- 6). Contact the leasing company to obtain the correct title transfer forms. Each lender has a different system for processing lease-end purchases and transfers. Coordinate with the buyer's finance source to pay off the amount owed to your leasing company.
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