Hello, I am considering selling out my lease through TFS to a Toyota dealership for a profit, as the residual is lower than what they are willing to pay. I went in yesterday to have an initial discussion, and they indicated they do it all the time and could cut me a check on the spot. After thinking about it, I’ll probably go through with it but I have a question on the process. Do I get the check or even sign paperwork with details before I give them keys and sign the odometer papers to ground the car? I worry once I do that, what’s to stop them from saying “just kidding”, keep the car, end my lease, and stiff me the money?
You may not get a check on the spot, but that is very unlikely for the second to happen, especially if you are getting equity. You definitely won’t get your check before you sign anything. If you’re really concerned, ask them to put it in writing I guess. Recourse to CYA. You will ofc have to sign paperwork to sell the lease or ground it.
Alternatively, I might suggest @derekoh1991, a Dallas-based Toyota dealer. Good guy, and can buy your car if you really have concerns.
Make sure you’re maximizing your equity
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