Hi, my 530e lease is ending and my parents want to buy out the car, does anyone know how this would work?
I got my payoff info from my BMW account and have the check ready, but what is the process after that? I’m in socal, do i just wait for BMW to send me the title and go to the DMV to ask to transfer the ownership to my parents?
Thanks!
Yes, since you can transfer to your parents w/o them having to pay tax again.
Someone here actually did a double transfer and somehow convinced DMV to not charge tax at all during the transfer from the OE (Bank) → Them → Wife.
4.035 Transactions Not Subject to Use Tax
Family Transfers —Transfer of a vehicle/vessel between spouses and/or a natural or legally-adopted parent, grandparent, child, grandchild, or sibling (if the sale is between two minors related by blood or adoption). The application must include a REG 256 showing the relationship of the buyer to the seller (CR&TC §6285).
What I mean is OEM->Them should be a taxable transaction.
then Them → Someone else means [Them] gets a refundable transaction, the someone else pays the tax.
He convinced the CA DMV that they don’t need to collect tax at all.
I didn’t know what you meant by OE, so I was explaining at least the spousal part.
And btw, they catch the mistakes.
I once convinced a CA DMV agent that I should only have to pay sales tax on the net cost after my trade (“It doesn’t make sense to tax me on money I’m not spending”), and I got a letter in the mail later demanding the rest.
(CA taxes the full purchase price, regardless of whether there’s a trade involved)
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