Can I finance my lease buy out and sell it to Carmax?

Ask the Hackrs
1

Hey all, I’m a newbie at all this and trying to learn quickly! My lease is over at the end of the month on my 2018 Sentra. My Residual id 13,600 and Carmax gave me an offer for 18,000. As excited as I am, I can’t sell my nissan to a third party through Nissan. I wanted to buy my car and flip it to Carmax once I get my title. I spoke to a lease guy today who said if I finance my car though, I won’t be able to sell it for a year. Is that true?
Also anyone have experience on how long it takes to get the title in NYC? Carmax said it takes like 2 weeks but I’m not sure.
Third anyway to get out of the sales tax? Probably too much to ask…
Lastly would I have to pay a capital gains tax on the profit?

Thanks for the help

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You need a new lease guy because this one has no idea what he’s talking about.

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They cannot force you, but it may include a prepayment penalty. And whoever sold you the product may lose their commission, who knows.

No, only CA

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You’re going to be waiting several months for title. The NYS DMV is a joke right now.

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Don’t forget you have to buy it from a Nissan Dealership (hopefully the one you got it from or they add lots of fees)

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See if Carmax, Carvana, etc will buy it with the Nissan/NMAC title assigned to you, rather than waiting X months for a title in your name.

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Thanks! That’s a relief I kind of freaked out when he said that.

I was afraid of that, thanks for the info.

Weirdly the dealership went under…there is another dealership that took it over nearby, and they didn’t mention any kind of extra fees.

Hmmm good idea, I’ll give them a call.

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