DJNile

I've come across an Acura TSX that I'm interested in buying, however, the owner does not have the title in hand as she's leased the car. I was curious as to how a sale like this would work. She says she would give me a bill of sale and then in approximately 10 days she would be able to give me the title as thats how long it takes for it to be processed. I'm new to this kind of purchase and am weary that in some way this can be some kind of hustle. Anyone have any experience with this? Would it be a safe buy?

150shot

iTrader: (1)

Lien Holder should have the title. Basically the company/org that she is making payments to. I dont know if she would get a title in 10 days, but I would think the only way to get a title in your hands would be to pay off the car, where there is no lien holder at all.

icemiko

iTrader: (2)

You can take over her lease or she can buy out the lease, then sell you the car. What you can do is run a VIN check after 10 days and see if there's still a lien on the car or not.

DJNile

Thanks for the replies guys. Yea my main concern is that I would cut her a check for the negotiated amount for the car and she goes off and never pays off the car leaving me out XX,XXX dollars and a car.

Itchytoe

She can't sell you the car, in any way. She doesn't own it. What she's doing is basically trying to sell you her neighbor's car. I recently went through exactly the same situation when getting my TSX.
You could go ahead and pay her, but that doesn't obligate her to buy the car from Honda (or whatever agency she's leasing it from) and you have no recourse against her not doing so because the bill of sale is useless since she doesn't have any rights to the vehicle. She will probably buy it then give you the title, which gets you the car, but I wouldn't trust anyone to do that. Basically she acts like a dealer and facilitates the sale between you and Honda. Also, if you're planning on financing the vehicle, no bank will do this for you, because they have no way of getting a lein on the vehicle when they pay for it.
Your other option, which is what I did, is have her buy the car, then when she has it in her name, buy it from her directly. This is by far your safest option and what your financing institution will do.

In short, you can't sell a vehicle you're leasing, ever. There are no ifs, ands, or buts about it.

ZildJonKim

You could also take over her lease until it ends and buy it from honda after the lease term is over. There is a pretty minimal transfer fee as long as you qualify for the same kind of lease rate that the current leaser is fixed in at.

DJNile

Thanks Itchytoe. That was precisely was I was thinking but figured I'd get some first hand experience from someone who would know more about it. I don't know her so I definitely don't trust her and as you said being that she doesn't own the car I doubt I'd be able to take any recourse against her if the deal went sour-bill of sale or no bill of sale.

As for taking over the lease....eh....I am ready to flat out buy a car. Thanks for all the replies

miner

If American Honda is the lein holder of the leased car you won't be able to buy the car from her, period. Honda won't allow lessee sell the cars - Honda would have to sell it to you. To buy from her she would need to buy the car first from Honda