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It is indeed possible to sell the car to someone else, send the payoff into Saab, and then transfer the title to the new person.
As already noted, unless you had a really great residual at the end of the lease, you probably will lose money on this (though you're virtually guaranteed of that anyway...and I'm very sorry about that.)
The other issue is, the buyer has to have lots of patience. It'll take time for the payoff to reach Saab, and then get the title back to you. During that time period (as long as two weeks) he won't be able to drive the car in spite of paying for it (unless you don't mind letting him drive it on your insurance and registration.)Generally, you would also want to find someone who wants to pay with cash...I remember banks getting into this process and being bitchy about things.
There is yet a third issue, and that has to do with taxes. There are some states which will tax your initial transaction of paying off the car with Saab Financial, and then will further tax the transaction of the guy buying the car from you (Saab will likely not just sign the title off to the other guy, and I don't believe they can anyway.) California won't tax the first transaction as long as the second one happens in ten days. On the other hand, I believe my Ohio won't tax the second transaction, but will the first (Attorney General opinion I read a few years ago when I was an early lease term specialist with BMW. And I think that's changed.) Either way, lots of taxes of some sort will be due, so check with your Motor Vehicle Services office and keep that in mind if you wish to take that route.
Oh...finally, BMW financial used to hold the original leassee liable for the lease, even if the new assuming leassee had good credit and was approved by BMW FS. Dunno if they still do, but I thought that wasn't very nice of em. Not sure if Saab Financial does that.
That's all I can say for now...it's been some time since I've done an early lease termination.
posted by 69.47.60...
, Mon, 13 Oct 2003 15:43:27, Tue, 14 Oct 2003 17:01:52, Mon, 13 Oct 2003 18:01:13, Mon, 13 Oct 2003 18:02:38
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