Questions RE: selling a leased F80

[jzmundy]

All -

Toying around with the idea of selling my leased F80 (getting close to the 6mo limit for lease transfer), but am virtually clueless when it comes to the logistics of actually doing this.

Can anyone give me an idea of how this process works? Do I buy the vehicle out first, then sell? Can a BMW dealer handle the transaction, thereby mitigating the need for me to buy it out first?

Thanks in advance!

[pikkagtr]

If the buyer can take over your lease it's best for you
You don't have to pay sales tax
They can then turn around and pay it off now or when the lease matures
Likewise, you can also request a payoff quote , pay it including taxes and fees then sell it to the buyer

[RickFLM4]

It may differ by state but I traded in a leased Audi to a BMW dealer without buying it out and paying sales tax. I have also gotten quotes from CarMax for them to buy out my leased cars directly. If selling private party I’d imagine you need to buyout first unless you transfer the lease instead of selling.

[Tuscan]

In CA if you sell your car with in 10 days after your lease buyout, you don't pay sales tax. So check your state's DMV regulations. You might have something similar.

[G35POPPEDMYCHERRY]

Originally Posted by pikkagtr

If the buyer can take over your lease it's best for you
You don't have to pay sales tax
They can then turn around and pay it off now or when the lease matures
Likewise, you can also request a payoff quote , pay it including taxes and fees then sell it to the buyer

the amount of taxation of a simple hand off

always irks me

[Franco3000]

Originally Posted by Tuscan

In CA if you sell your car with in 10 days after your lease buyout, you don't pay sales tax. So check your state's DMV regulations. You might have something similar.

What he said, but I thought is was more than 10 days?

Anyhoo, I have done this twice with leased vehicles, had the buyer ready both times. Paid car off, received pink slip, went to DMV/AAA and transfer ownership to new owner, new owner then paid taxes.

[jzmundy]

Thanks all! I appreciate the insight.

It really just makes the most sense for me to hang onto it at this point, especially given that NC shares a 3% highway use to every time the title is transferred (with no grace period).