I was curious if anyone has sold their Wrangler 4xe to private party instead of 3rd party dealerships?
Wouldn’t you be able to get more $ back selling to private party esp. on a semi-new Wrangler 4xe with low mileage? All the warranties are still in tact.
In 2017 I sold my leased 2015 Jeep Grand Cherokee on Autotrader. The lease was with CCAP as well and buyer got approval from a Credit Union. It was pretty straight forward.
maybe but you’d also have to pay full sales tax on buyout
Of course you can, but you’ll pay more in tax than the added monies you’d get from a private party … and that is after jumping through all the hoops and hassle of selling yourself.
Why would the seller have to pay tax on the sale, the buyer would pay the sales tax. Am I missing something?
Yes, you are. You are missing the fact that you are not a business and therefore have no authority to pass tax onto another buyer.
The amount of tax that you pay on a lease, in most states, is significantly lower than if you purchased the vehicle. You’d have to sell the vehicle for a much higher price to offset the extra tax you paid at inception.
You’ll both pay more tax - you will pay tax on the buyout amount and they will pay tax on whatever they pay you
What about doing the sale utilizing swaplease website. Does this site charge a commission or other fees?
I’m in CA. but this will vary state by state.
I.E. for my 2015 Jeep GC buyer of private party paid for sales tax. We agreed on a selling price and he financed it with the credit union and sales tax was included. The credit union wrote a check to CCAP for the title and then credit union wrote another check to me for the difference.
Of course this takes more time to sell to private party but you may pocket even more. For the Wrangler 4xe I was just thinking to undercut all the 3rd party dealerships (CA)…haha
the buyer paid tax, of course. But so did you. It was part of your buyout.
You mean to swap the lease and ask for a big down payment? Sure, you can try.
For your sales tax on your buy out or his sales tax on his purchase or both?
CCAP doesn’t do lease transfers. This would only work through USBank or Ally, and then you’re opening a whole different can of worms.
Actually something like that. Swaplease is a 3rd party dealer here i guess
You need to calm down @Qbrozen. In CA, once the buyer registers the vehicle, they pay sales tax directly to the DMV - I don’t collect sales tax on behalf of Ca.
@mllcb42 I hear you. Since in CA sales tax is applied to the monthly payment, unlike TX etc, it doesn’t really affect us.
It absolutely does, because in order for you to sell it to the private party, you have to buy out the lease first, which means you paying full sales tax on your buy out. You can’t sell your lease directly to a non dealer.
Now, you can go through the sales tax reimbursement side of things in CA, but that’s CA specific, not monthly tax state specific.
If I got any calmer, I’d be asleep. But thanks for your concern. You and I aren’t speaking the same language. I never said anything about you collecting tax on behalf of the buyer.
That must be new, I’ve sold leases previously on craigslist without buying the lease out first. Bill of sale, Pay off and new borrower loan. didn’t have any issues
I’ve done that, too, but it was through a bank, as you mentioned above. The bank took care of it for you.
Well then there ya go…!