Can I sell a leased car to the dealer if it's upside down?

bridq

I ended my lease on a 2012 Kia Rio  by early payoff because the car was too small. I'm 16,000 miles over mileage. 

I tried to sell the car to Carmax to avoid mileage fees, disposition fees, and early termination fees. 

The residual value of the car is $11,789, but Carmax will only buy it for $10,000. I already have another car and I don't want to keep this car. 

Does anyone one have any advice on what I can do? Is their anyway to lower to buyout quote to $10,000? Can I sell the car to another person on Craigslist? 

Im sure someone has been in a similar position. Any help is greatly appreciated. Thanks!

Mr_Shiftright

(from the Edmunds website, Published: 11/15/2011 - by Philip Reed, Senior Consumer Advice Editor

"(Yes, you can) sell your leased car to a neighbor, friend or family member. This method requires a bit of trust, so it helps to sell your car to someone you know. However, this will work with any buyer you find, and it will get you the private-party price for the car, which is higher than the trade-in price dealers pay.

Here's what you do: After finding a buyer, get him to mail a check for the buyout amount to the leasing company. Once you receive the title (the leasing company will only send it to the person leasing the car), sign it to release your interest in the vehicle and give the title to the buyer. The buyer can then register the car and pay sales tax at that time. Be careful here, however. If the buyer waits longer than 10 days, the state might try to charge you both sales tax, which would wipe out your profit.

A way to prevent this, according to the Auto Club of Southern California, is to pay the sales tax and DMV fees as soon as possible and then return to conclude the deal with the title in hand. This transaction is called a "lease buyout transfer." Contact your state's DMV for more details.

Michaell

You would owe the $1789 over the trade value.

Mr_Shiftright

He could get more from a private party sale.

bridq

Thanks shift right. Like you said a lot of trust is involved, but I have to figure out a way to make it work.