My in-laws have a Hyundai Santa Fe SEL 2021. Their lease is about to end in 3 months. I’m looking to buy the car. The car has mileage of 22,500. The buyout price is $22,000. I called Hyundai Financing and they said that I need to deal with the dealer in order to do the buyout. My inlaws and myself reside in NJ. I have couple of questions
- In order to pay double tax should I add myself to the lease and do the buyout?
- I was thinking to pay my in-laws for the buyout and than they can sell the car for $1 to me. I understand in this scenario I am paying double tax
- What is the best way to avoid double tax in state of NJ?
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