First time caller here. I’m looking to sell my leased 2018 Tacoma (WFH, don’t use it much). Thing is, US Bank doesn’t allow a lease sale within one year of it ending (I’ve got about 9 months left). They told me an option is to finance the truck, then, once the title is in my name, to sell it to whomever I want. Does this add up? Am I missing anything here? Has anyone gone through this process and if so, how much of a hassle is it? I’d ideally like to sell it before my first payment if possible.
Did You get any quotes from Vroom Carvana AlGo?
By buying the truck You have to pay salex tax from the selling price. For last 9 payments it might be even sales tax from the sales tax originally payed when you signed the lease.
Apparently, that’s not quite accurate. With a lease, the title is in the bank’s name, and cannot be sold to a third party. If it’s being financed, the title is in my name, and can be.
I had a Tacoma lease that I planned on trading in on a new lease. Dealers weren’t matching what I could get on the open market, so I decided to finance the car through US Bank (same company that the lease was through), then sell it outright (US Bank doesn’t allow lease sales to third parties like VROOM, Carvana, etc. if it’s within one year of maturity). So…shortly after signing the paperwork on the finance, my Honda dealer steps up their offer and I wind up trading my Tacoma on an Accord Sport lease. Everything goes great.
Now the dealer is coming back and saying that I didn’t pay sales tax on my Tacoma and that they registered the Tacoma themselves and I owe them $2,300. I still have to check my paperwork to confirm that I had the sales tax rolled into the price of the Tacoma (I’m pretty sure I did) BUT, if I didn’t – do I have any recourse here? They already delivered the Accord to me, I’ve been driving it for two months. And I never gave them authorization to register the Tacoma for me (though we discussed it via text). Technically, I could’ve taken the Tacoma back, and sold it on the open market myself and made up the difference for that sales tax. But I was never given the option. I’d like to think the ball and responsibility is in the dealer’s court here, but I’m not sure.
Would super appreciate any feedback/insights on this. Thanks so much.
Right now, I’m not entirely sure. It says on my contract that it was $58, but that may have been an error on US Bank’s part. They’re looking into it. Either way, they sent me the title, which meant I was free to trade/sell it, which is what I did. If anything, it seems like the dealer should be talking to US Bank directly.
At this point, it sounds like the issue is between you and us bank, not the dealer. If tax wasn’t paid, then you need to pay it. Usbank showing $58 paid sounds like the bulk of the tax wasn’t paid.