Legal Question in Business Law in California

How do I buy out someones auto lease

I am in the process of trying to buy a car from someone who is leasing the car and wants out. We are being told that the only way to go about this is to buy out the remaining payments and pay the residual value of the auto. Fine, but they will only sell it to the leasee, not me, which puts me in the uncomfortable situation of handing over a big chunk of money to someone I hardly know so that he may pay off the car and transfer the title into my name. Is a notarized document between the two of us stating that he will turn the title over to me sufficient? If not, what do I need to do to prevent myself from getting the shaft? Thanks-


Asked on 7/29/99, 7:51 pm

1 Answer from Attorneys
John Hayes The John Hayes Law Offices

Re: How do I buy out someones auto lease

The agreement sounds like a good idea. However,

you will want to make sure that it is a sound and

legal contract. I would be happy to speak with you

regarding the contract and the important points you

should include. It sounds like a good chunck of money

that you are going to give a complete stranger to pay

off his car. Have you actually talked to the lease

company? I would be happy to discuss this matter with

you free of charge. If necessary I could draw up the

contract for you for a small fee. Please feel free

to give me a call at 888-5NETLAW (888-563-8629.

The call and the consultation is free. I look forward

to hearing from you.

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Answered on 7/30/99, 10:54 pm


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