People often don’t realize that a leased car can turn into a huge amount of cash. It would be no less than a smart-move if you think of it the other way and try to get benefited with the rising values of the used-cars. In fact, some happy consumers are getting thousands of dollars in cash that’s eventually helping them reducing the payment on their next cars. Before hopping into how you can do it, let’s understand the lease first.
When you are up to a car lease in Qatar, leasing companies usually predict that what will be the actual worth of a vehicle when the lease terms end. It’s known as the residual value upon which the entire leasing calculation is based. Though the leasing firms have great expertise in predicting the actual residual value but the cars sometimes worth more than the residual value just because of the fluctuation in the marketplace. In order to get benefited with your leased car in the form of cash, it’s important to estimate the equity that’s the actual profit.
How to calculate the Equity?
As per the experts, it’s highly essential to check out the total value of your leased car especially when the lease terms end. As you are heading for the car lease in Qatar, it’s also important for you to learn how you can exactly calculate the equity. In order to calculate the equity, you will require the residual value first. You can easily find it from your contact. Just simply subtract the residual value from the current market value of the car. Subject to whatever negotiation you’ve had with the dealer, you will get the approximate equity with this calculation.
It’s time to dig in and discover how you can turn equity into cash;
Sell Your Leased Car and Get Paid
Just take the car to any dealer apart from the one you arranged lease with. Most probably, the dealer will buy the car at the trade-in price, you can also find the prices online. Paying off the leasing company that you owe to them is all the dealer’s headache now and you will simply get paid the equity amount. Just keep in mind while cashing out the leased car, you should not expect the money immediately. You will receive the check through mail once your leased car gets a clear title.
Get the Friends or Family buy your Leased Car
For sure, it’s a matter of trust but this way, you will be able to sell your leased car to someone you know. Once you start dealing within your friends and family circle, the deal turns up even more lucrative for you because the price you get paid with is comparatively higher than the one you could possibly get from the dealers.
Once you find the buyer within your circle, ask him to mail a check to the leasing firm. You will soon receive the title, you can just sign it to release your interest in the car so that the buyer can get the title. It would then be easier for the buyer to register and head on with all the legal formalities to get the car lease in Doha, Qatar.