‘Don’t just turn in your car’: Woman leases Honda. Then she calls other dealerships trying to sell it.

When it comes to purchasing a car, it’s important to know all of the contributing factors that come with it. However, some people may consider leasing a car, as it’s deemed cheaper and more favorable. 

In a nine-minute video that has since garnered over 100,000 views, TikToker Raena (@theraenaeeffect) showed viewers the do’s and don'ts of turning in a car at the end of its lease.

Raena says she saw another video on TikTok instructing car lessees to get more bang for their buck. ”Go and try to get money back, like equity for your car,” she recalls.

But how do you do that?

To check the equity of the leased car, Raena suggests checking out well-known car sites like Carvana and Kelley Blue Book. After getting all of the needed information for her own leased Honda, Raena decided to shop the vehicle at other dealers instead of just turning it in.

She called six dealerships to see which ones would appraise her car, inspect it, and offer a quote.

“Do your research, because these people are going to want to get your car for as little as it costs,” Raena says.

Dealerships will sell the car at a higher price, which to Raena, means she won't accept a lowball offer. She says most dealerships did not initially provide the best offers, and one salesman even tried to trap Raena into getting a new vehicle.

How can you sell a car you’re leasing?

Within the car world, it’s common practice to sell a leased vehicle. As the Daily Dot previously reported, one can sell their leased car either during or at the end of their rental term. Rocket Money notes that one can sell the car back to the dealership, a third party, or privately. However, they suggest checking for third-party buyout restrictions in your lease agreement, which may require permission from the leasing company before selling the vehicle. 

Another TikToker named Aisha Patel (@mindful.living.at.40.) also experienced a similar scenario. Patel advised people to never turn in their cars at the end of their leases, as some dealerships will try to buy the car at a reasonable price. 

Is it worth it?

Many viewers shared their honest opinions about Raena’s situation, and most could relate to her. One person wrote, ”Carvana sell my bf car for 18k now they offering 10k, not worth it.”

Another commenter wrote, ”The car dealership I bought my car from years ago wouldn’t stop harassing me about buying it back, so I checked my car's value and it went up by thousands. It all made sense after that.”

A third person wrote, ”Girl I needed this. My car is worth $15k more than my buyout price and the lease is ending in May. I had no idea you could do this.”

Some commenters also took the opportunity to advise others about being cautious on what to do after the end of a car’s lease. One commentator wrote, ”this is why in the long run it’s better to be an honest salesman than a sketchy one. Long term it comes back to you.”

Another person wrote, ”I work at a dealership and always try to sell your lease before turning it in! If you don’t want a new car we’ll cut you a check, if you want a new car it’ll roll over as a down payment.”

@theraenaeffect Not me learning about positive equity. The more you know.. God is good. #carlease ♬ original sound - raena

The Daily Dot reached out to Raena via TikTok DM.

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