09-24-2020, 06:44 PM | #1 |
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Early lease buy out
Evening everyone,
My buddy wants to buy out my lease, 2018 M3 Comp pack which ends in April of 2021. Is this possible and if yes how PITA is this gonna be? I will just give to Vroom if it is. Thanks. |
09-25-2020, 12:53 PM | #3 |
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He'd have to get the payoff quote (available in his account page online) and pay BMW that amount.
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18 SMB M3CS - MPE/BM3/BMC Filters/Eibach V1's 481.1hp/505.5tq
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10-04-2020, 10:55 AM | #4 |
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What you want to do is have a dealer broker the sale. If your friend wants to purchase the car from you, you would need to buy it out first form BMW, of which you would pay sales tax on, then would sell to your friend, who would then pay sales tax on the purchase price from you.
By going through a dealer, the dealer buys the car form BMW (tax free) then sells it to your friend at your buyout price. It'll cost about $500 or so for the dealers time and such, but you save thousands over having to pay the sales tax as a result of buying the car straight from BMW |
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10-09-2020, 10:06 AM | #5 | |
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1. He can assume the lease then pay the payoff and pay the taxes when he pays the payoff. 2. Original leasee pays the payoff and taxes, registers the car, then sells to his buddy. Also third option noted above.
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Wife's Car: 2020 X4M Competition, Alpine White on Black Alcantara and Biege
Current Car: 2018 F80 M3CS, SMB, DCT, ZEC, MPE Recently Departed: 2020 F87 M2C, LBB, ZEC, 6MT (Euro Delivery Aug. 29, 2019, totaled by an idiot in a Camry who then ran from the scene) Wife's Prior Car: 2018 F80 M3, Yas Marina Blue, DCT, Black 19s, Carbon Structure Anthracite Cloth/Leather Combination, Driving Assistance Package (Euro Delivery Oct. 9, 2017) |
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10-11-2020, 08:48 PM | #6 |
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There was a lot of wrong info when this came up in the past. It really depends on the laws of your state. In California, your friend can payoff the lease and you can sign the title over to him without paying sales taxes if the transfer is done within 10 days. Your friend would obviously have to pay the sales tax when he registers his car with the DMV. People went crazy on me in this forum when I said I did exactly this and there were no issues whatsoever with CA DMV. Of course you’d have to check the specific laws in New York for your situation.
Bottom line is, don’t believe the internet as there was just plain wrong info being pushed... don’t even believe what I’m saying. Use these forums as a resource and just check directly with your local DMV. |
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10-11-2020, 09:00 PM | #7 |
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Before people from California go crazy on me again and post erroneous info, here it is from the California DMV website:
Leased Vehicles (CR&TC §6277)—When the lessee buys the vehicle from the lessor:
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10-11-2020, 09:32 PM | #8 | |
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Wife's Car: 2020 X4M Competition, Alpine White on Black Alcantara and Biege
Current Car: 2018 F80 M3CS, SMB, DCT, ZEC, MPE Recently Departed: 2020 F87 M2C, LBB, ZEC, 6MT (Euro Delivery Aug. 29, 2019, totaled by an idiot in a Camry who then ran from the scene) Wife's Prior Car: 2018 F80 M3, Yas Marina Blue, DCT, Black 19s, Carbon Structure Anthracite Cloth/Leather Combination, Driving Assistance Package (Euro Delivery Oct. 9, 2017) |
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10-12-2020, 08:17 AM | #9 |
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FYI, I moved from NJ to NY one year into my lease. All my taxes were rolled into the payment on my 340 and I was paying 650 with nothing out of pocket.
When registering the car in NY I had to pay tax on 650*24*8.8875% in tax to NY. So if transferring the lease to a friend then that friend will have to pay tax on your remaining payments.
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2018 M3 Competition : AW/SO 2016 340i xDrive : AW/CR (sold) |
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