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Can I sell my car although I'm still leasing it? |
I was involved in an accident in February of this year and my car is totally wrecked. I was not at fault and it was a multiple-car accident. The insurance company is taking so long to get me compensation for my car's total loss damages and I'm still leasing it. I did not have insurance at the time of the accident but the at-fault person's insurance company said they would compensate me after all the damages were calculated. I still owe $1500 to the lienholder because I am still financing it. The county is threatening on citing me for having my car parked and wrecked in the front of my driveway and I just want to get rid of it as soon as possible and get at least $600 for it by selling it. Someone is already interested in purchasing it from me and I want to get rid of it but I do not know if this is legal. I will speak with my lawyer about this tomorrow but just wanted to get some feedback from Yahoo Answers. All responses are GREATLY appreciated. THANK YOU GUYS. You cannot sell something you are leasing because you do not own it. You can do anything you want but whatever choice you make will have consequences. I'm not sure, but i don't think so not if your leasing it! You can't sell what you don't own. 100 % ownership is required before you can sell a car..Selling property that don't belong to you could result in your being arrestted. hahaha I dont think you can sell a leased vehichle. Technically the car You can't sell what you don't own and you will have to eat the $1500 unless you purchased gap insurance when you leased the car. |
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