October 31, 2006

Hello Tony

Here is the quick down and dirty on my situation: I am currently Leasing an '06 Chevy HHR. Being in the military I am going to use the SCRA (the one way a service member can get out of a lease without penalty) to get out of this lease before I deploy to Iraq for one year.

I have someone that wants to buy this car, but he wants to finance it. Is there anyway to pull this off without going through the dealership?

Any info will help.

Thank you

Sergeant Kristofer M.  USMC

Answer:

Hi Sergeant,

What you would have to do is contact the leasing company and ask them for a total payoff on the vehicle. This is the amount you would have to pay to own the vehicle. Then see if the person who wants to buy it is willing to pay this amount. If so, he or she would have to arrange financing and arrange for the finance company or bank to pay the leasing company direct. Once the leasing company is paid off they will sign off on the title. Then it's just a matter of transferring the title to the new owner with a lien on it for the new finance company.

It sounds complicated, but it's really not. These finance companies and leasing companies are used to jumping through these kind of hoops, and can help to expedite the whole transaction. You can send your buyer to the following page on my website: Car Financing Tips for a variety of online financing sources.

The key to the whole thing is the payoff. If it's not too outrageously high you have a chance to sell it in this manner.

I just want to tell you to keep your head down and be safe. My prayers are with you and all the brave men and women who serve this great nation. I am proud of all of you, and consider myself to be very privileged to be a citizen of the great United States of America.

You come back safe and healthy, and tell those Marines under your charge to stay low and shoot straight!

May God bless you and your family . . .

All my very best...

Tony Iorio