Next Level Auto Brokers
BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read

Go Back   BMW M3 and BMW M4 Forum > BMW F80 M3 / F82 M4 Forum > F80 M3 / M4 Pricing, Ordering, European Delivery

Post Reply
 
Thread Tools Search this Thread
      09-24-2020, 06:44 PM   #1
over5teer46
Enlisted Member
6
Rep
33
Posts

Drives: 18 M3 CP
Join Date: Apr 2018
Location: Queens, NY

iTrader: (0)

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.
Appreciate 0
      09-24-2020, 10:39 PM   #2
jeepin29
Private First Class
45
Rep
106
Posts

Drives: 1999 4Runner, 2018 M3 Comp
Join Date: Apr 2020
Location: Raleigh, NC

iTrader: (0)

Transfer the lease to them and then let them navigate the buyout process.
Appreciate 0
      09-25-2020, 12:53 PM   #3
nickl630
Captain
nickl630's Avatar
United_States
386
Rep
611
Posts

Drives: 18 M3CS, 09 GTR
Join Date: Jan 2015
Location: Tampa, FL

iTrader: (1)

Send a message via AIM to nickl630
He'd have to get the payoff quote (available in his account page online) and pay BMW that amount.
__________________
18 SMB M3CS - MPE/BM3/BMC Filters/Eibach V1's 481.1hp/505.5tq
Appreciate 0
      10-04-2020, 10:55 AM   #4
trendy26
Captain
403
Rep
950
Posts

Drives: 2017 F82 M4
Join Date: Nov 2008
Location: Florida

iTrader: (0)

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
Appreciate 1
CYANiDE116.00
      10-09-2020, 10:06 AM   #5
Thescout13
Brigadier General
Thescout13's Avatar
United_States
3864
Rep
4,636
Posts

Drives: '20 F87 M2C, 20 X4M
Join Date: Nov 2013
Location: California

iTrader: (0)

Quote:
Originally Posted by nickl630 View Post
He'd have to get the payoff quote (available in his account page online) and pay BMW that amount.
It's not that simple if he isn't a dealer. Only dealers can buy out a lease at the payoff without having to pay taxes. If his buddy wants to buy it there are two options:

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.
__________________
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)
Appreciate 0
      10-11-2020, 08:48 PM   #6
AlterZgo
Major
1043
Rep
1,468
Posts

Drives: 2015 BMW M3 6MT, 2010 535i 6MT
Join Date: Sep 2010
Location: Irvine, CA to Gilbert, AZ

iTrader: (0)

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.
Appreciate 0
      10-11-2020, 09:00 PM   #7
AlterZgo
Major
1043
Rep
1,468
Posts

Drives: 2015 BMW M3 6MT, 2010 535i 6MT
Join Date: Sep 2010
Location: Irvine, CA to Gilbert, AZ

iTrader: (0)

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:
  • At the end of the lease agreement, use tax is due on the balance owed.
  • And sells it to a third party within 10 days from the date the lessee acquired title from the lessor, use tax is due only from the third party.
  • And sells it to a third party after 10 days from the date the lessee acquired title from the lessor, use tax is due from the lessee and the third party
Appreciate 0
      10-11-2020, 09:32 PM   #8
Thescout13
Brigadier General
Thescout13's Avatar
United_States
3864
Rep
4,636
Posts

Drives: '20 F87 M2C, 20 X4M
Join Date: Nov 2013
Location: California

iTrader: (0)

Quote:
Originally Posted by AlterZgo View Post
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.
Good call, in CA there is this exception.
__________________
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)
Appreciate 0
      10-12-2020, 08:17 AM   #9
White340
Major
879
Rep
1,374
Posts

Drives: 2018 M3 Competition
Join Date: Dec 2015
Location: NYC

iTrader: (3)

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.
__________________
2018 M3 Competition : AW/SO
2016 340i xDrive : AW/CR (previous)
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 10:06 PM.




f80post
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2021, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST