Selling my leased car
11-14-2006, 01:29 PM
#1
Houses Won't Depreciate?
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Selling my leased car
Lets assume there is a buyer offering me X amount
Lets assume my payoff is Y mount.
Lets assume X > Y
How do I make the buyer send a check directly to AHFC and payoff the car, then wait for the title release?
I want to avoid using my money.
Feedback Please
Thank you in advance !
Lets assume my payoff is Y mount.
Lets assume X > Y
How do I make the buyer send a check directly to AHFC and payoff the car, then wait for the title release?
I want to avoid using my money.
Feedback Please
Thank you in advance !
11-14-2006, 01:43 PM
#2
Team Owner
if you wanna buy a leased car. You go to a Honda Dealer, Not AHFS.
you go to Dealer pay your payoff amount + TAX ( alot of ppl dont know that) = your total drive off amount. then you will receive the title in about 2 weeks or so.
So you will need to talk to ur buyer about this... because he has to pay off your car first and wait for you to give him the title.
i guess the buyer really need to trust you ....
you go to Dealer pay your payoff amount + TAX ( alot of ppl dont know that) = your total drive off amount. then you will receive the title in about 2 weeks or so.
So you will need to talk to ur buyer about this... because he has to pay off your car first and wait for you to give him the title.
i guess the buyer really need to trust you ....
11-14-2006, 02:03 PM
#3
Houses Won't Depreciate?
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http://www.edmunds.com/advice/strate...4/article.html
I can use a dealer to avoid DOUBLE taxation.
The main question is, how do I make the buyer trust me.
I can use a dealer to avoid DOUBLE taxation.
The main question is, how do I make the buyer trust me.
11-14-2006, 02:05 PM
#4
The way I did it....
Minch00 his father & I went to Palm Beach Acura. They bought it out from the lease for the payoff amount plus their taxes & fee's. All I did was sign a few forms, the dealer got a small fee for doing the work, & that was it.
Is the buyer local?
If not you have to do the work like any car deal. Get the $$ pay the lease out, get title then sign title to buyer.
I've done this a few times also, & let the guy take the car & when the title came in I'd Fedex it to them.
Minch00 his father & I went to Palm Beach Acura. They bought it out from the lease for the payoff amount plus their taxes & fee's. All I did was sign a few forms, the dealer got a small fee for doing the work, & that was it.
Is the buyer local?
If not you have to do the work like any car deal. Get the $$ pay the lease out, get title then sign title to buyer.
I've done this a few times also, & let the guy take the car & when the title came in I'd Fedex it to them.
Last edited by fuzzy02CLS; 11-14-2006 at 02:08 PM.
11-14-2006, 04:57 PM
#5
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Ok, so I have 2 options.
1. - Make it through a dealer and avoid double sales tax.
2.- Get a check from the buyer and then payoff the car.
1. - Make it through a dealer and avoid double sales tax.
2.- Get a check from the buyer and then payoff the car.
11-16-2006, 07:38 AM
#6
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Well, you're not paying double tax......If the person that has the car now bought the car off the lease to sell it to you, he would have to pay the bank the payoff plus tax. Then selling it to you, you would in turn also have to pay tax when you register the car..So taxes are paid twice, but not both by you.
You also don't have to go to an Acura dealer to do this, rather any dealer would work, even an independent one. I do it all the time for my customers. The way it would work in my case would be, I would call up the bank with the customer's acct number, get the dealer payoff (essentially the payoff before tax) and buy the car. Depending on the bank, the title and lien release usually comes in a few days(not more than a week). In my situation, if I was buying the car from them to resell to a prospective customer, whatever the car is worth relative to the payoff the person trading it in would have to pay the difference (e.g., wholesale is 20,000, the payoff is 21,000, the person would have to give me 1,000 to get out of his lease).
Just keep in mind, in most cases it won't be that easy to just have an Acura dealer buy the car and simply sell it to you. Their work doesn't come free, nor does mine, but they would probably charge much more to get it done than me, if it was the case of your situation, where you want to buy his car (they have a buyer before buying the car from the seller).
You also don't have to go to an Acura dealer to do this, rather any dealer would work, even an independent one. I do it all the time for my customers. The way it would work in my case would be, I would call up the bank with the customer's acct number, get the dealer payoff (essentially the payoff before tax) and buy the car. Depending on the bank, the title and lien release usually comes in a few days(not more than a week). In my situation, if I was buying the car from them to resell to a prospective customer, whatever the car is worth relative to the payoff the person trading it in would have to pay the difference (e.g., wholesale is 20,000, the payoff is 21,000, the person would have to give me 1,000 to get out of his lease).
Just keep in mind, in most cases it won't be that easy to just have an Acura dealer buy the car and simply sell it to you. Their work doesn't come free, nor does mine, but they would probably charge much more to get it done than me, if it was the case of your situation, where you want to buy his car (they have a buyer before buying the car from the seller).
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