Does chase allow an individual other than the lienholder to do a lease payoff?
If yes will I be able to title it in a different name at dmv or will that result in double sales tax?
Thank You
Nobody allows for 3rd party individuals to buyout a lease than I know of.
Got it so I would have the lienholder pay it off…
Can I just title in my name once the title that is in chase banks name arrives?
OR do we have to title to lienholder than transfer?
Well, let’s be clear in our terms. There is no lienholder in the case of a lease. There’s the lessor that owns the car and you, the Lessee.
The Lessee can buy out the lease or in some cases, 3rd party dealers can buy it directly.
If you’re buying it, you can either pay directly or finance it like any other used car. In the latter case, the bank financing the used car would become the lienholder of that loan.
How registration is handled will depend on state, etc.
Thanks, so the lessee which in this case is a friend that is allowing me to purchase his leased vehicle.
Question is will NJ DMV title it to me once we get the title from chase?
Technically, you can’t purchase your friend’s leased vehicle. You will either have your friend pay the buyout, and you pay him back, or you pay your friend the amount of the buyout and he uses those funds to pay Chase.
If the title received from Chase has your friend’s name on it, I don’t think you are going to be able to title it. Your friend will have to title it first (and pay the sales tax), then he can gift the car to you (avoiding sales tax), allowing you to title it.
Thanks, I believe chas sends a title thats in their name and then dmv changes it based on whats filled out on the back…not 100% sure but I will give him the money and have him pay chase and deal w dmv when the title comes…thanks
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