I have a private party that wants to buy out my CCAP lease. I’m getting conflicting information from them on how to do this and if taxes will have to be paid twice. I search the forum, but I’m getting so confused as most people are selling to a dealer. Anybody know if a third private party can buy out my lease directly so we wouldn’t have to pay tax twice? Does my buyout already include tax? Can we go to a local dealer and have them buy it out and sell it to the private party if they agree and we pay them doc fees (would still be less than 2x tax)? Thanks in advance for any help on how to do this in Illinois.
Also, my original lease is from Tennessee. Would the buyout taxes be Tennessee tax rate or Illinois tax rate?