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Malithm

Sell my used car with leasing

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Hi Friends

im planning to sell my used maruti 800 buddy.

it has a leasing balance.

can anyone pls tell me what’s the procedure to sell it myself without doing 

documentation etc...

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Just give the car and take the money. No documentation needed. 

After about a month, if the CID visits your home, thats the only time u will need documentation. 

  • Haha 5

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Sorry guys..

wanted to know what are the steps when selling it by myself with leasing. Want to know From a-z. Can anyone help me?

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46 minutes ago, Malithm said:

Sorry guys..

wanted to know what are the steps when selling it by myself with leasing. Want to know From a-z. Can anyone help me?

Why dont you visit to your leasing company and ask them about the procedure ?

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Posted (edited)

Most leases cannot be transferred 

Only way is to let someone continue paying it and hope they wont screw you over, which mostly they do and you end with a crib note and possessed car,  maybe a court case 

Handing over with a lawyers note or a police entry etc may link the new buyer to the car but will not save you from the leasing company or court as any lawyer can counter it saying you are the owner. 

Otherwise discuss with the new buyer and ask him to settle it, and you take the remainder to hand, safest way. If you don't Have the funds to continue it or to settle it and sell it, an obvious way is to borrow the sum, settle it, sell it and return the money.

Edited by tiv

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10 minutes ago, tiv said:

Handing over with a lawyers note or a police entry etc may link the new buyer to the car but will not save you from the leasing company or court as any lawyer can counter it saying you are the owner. 

I see so many advertisements where the seller is mentioning that the prospective buyer can settle the lease so does it mean it's not anything formal and simply an understanding between the buyer and the seller?  

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7 hours ago, matroska said:

I see so many advertisements where the seller is mentioning that the prospective buyer can settle the lease so does it mean it's not anything formal and simply an understanding between the buyer and the seller?  

Yup, only a letter attested by a lawyer, or a police entry just to prove the vehicle will be run / used by the new owner, mentioning the mutual hand over / transfer but there is no legal cover

However the lease agreement and the original owner is the person who opened the lease and will remain answerable to any issue pertaining to the lease. 

The above is when they mention continuing the lease "gevagana yanna denava"

By settling the lease I guess he has a price which the new buyer will hand over and he will settle the lease and keep the balance for himself (seller)

 

People try to sell vehicles that have issues in getting leasing facilities ex; Nissan Leaf (depreciation) 4dr5 Jeep (age) , Minis / Suvs etc (book CR issues) etc, so these vehicles with a lease may look attractive for a person considering to settle the cost via a lease / hire purchase overall making them fast sellers

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Is it legal to sell a vehicle in open papers as you don't own the vehicle document wise

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Is it legal to sell a vehicle in open papers as you don't own the vehicle document wise

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When selling a vehicle, the buyer and seller both have responsibilities. 

  • The seller has the responsibility of filling four forms of MTA-6, handing over two copies to the buyer, sending one copy to RMV and keeping one copy for records. If this is not done within 14 days, the seller can be liable for a fine
  • The buyer has to fill MTA-8 form and submit the two MTA-6 forms recieved from the seller.

The accountability is on the seller. If the seller does not follow the process and if the buyer uses the vehicle to commit a crime, the seller may also be an initial suspect for it.

There have been instances, where rapes, murders and drug trafficking have been committed using vehicles under open papers. In all such cases, the guy who sold the car on open papers have got in to deep sh*t, including getting arrested and being remanded for 14 days. If in doubt, ask the nearest police station.

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