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Buying a car that is personal lease

commentkashcommentkash Posts: 1
edited January 19 in Honda

hi I am new here so please go easy. I looked up a used 2013 Honda Odyssey at a small dealer shop (not a honda dealer). The carfax of the car states that it was a personal lease. When i verified the title for the VIN and car plates with the carfax they matched. The dealer had blocked out the name of the owner from the title for confidentiality. As per the dealer the couple is going thru a divorce and want to sell the car. I am fairly new to this and did not understand how do i buy a car that is personal lease ? i asked the dealer and he said that as a dealer his company paid of on the lease - is that possible ? i would think if that was done then would the title not have his name on it ? I am confused here. just want some clarity from you guys on this. Please all help and advice is highly appreciated.

Comments

  • kyfdxkyfdx Posts: 28,057

    A leased car always has a payoff amount. The bank can make the payoff different for a Honda dealer, another dealer, or the lessee. A used car dealer can take the vehicle in trade, or purchase it outright. It's possible that he doesn't have clear title, yet, because he's trying to flip it and get the money, before he pays off the bank. (New car dealers will do this, too).

    I've yet to purchase any used car from a dealer, where they already have clear title to the car, unless it's been on their lot for awhile. (the actual title, not that they don't own it). However, when dealing with a small dealership, it's good to be vigilant, and ask them if they have paid off the lease yet, and maybe ask for some proof, before you hand over your money.

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