Family wants to buyout our lease?

Currently have a lease through CCAP that my mother in law wants to buyout for herself, what’s the best way to go about that? Could she just write a check for payoff, send to Chrysler Capital, and have us receive title which we could then transfer to her? Only ever traded in leases so no idea how a private buyout works, hoping someone’s had the same situation before. Thanks!

You will need to buy it out, pay the tax, etc, then sell it to her. In some states, interfamiliar transfers are tax exempt, but you would need to look at your state.

She cant purchases it from ccap.

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Do you live in CA? If not, find a local dealer and offer them $500-$1000 to do this transaction for you.

Do not, we are in Oregon.

How much sales tax would you pay if you buy it?

No tax in Oregon :joy:

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That’s what I thought too :slight_smile: he/she should just buy it and sell it after. I would get a deposit from the mother in law not to get stuck with the car lol.

If I had enough cash to pay it off and sell to her I would, but with a few emergencies here and there the last 2 years our savings is crap. Was thinking of her paying us, we send check to ccap to get title, then sell to her but need to look and make sure I’m not gonna be breaking any rules/tax stuff.

I’m not sure if they will accept a check from another party but yes what you said in your OP is correct.

Not sure how you breaking any tax rules
As long as you both live in OR there is no tax

True, she’s in CA though is I know she would have to deal with all that on her end.

That might trigger Tax since it crosses state lines.

Tax for her yes
However OP can sell it for whatever he wants to his family member

CA Tracks the purchase price of the car from OP if brought into CA within 1 year of buyout. Does that factor into a ‘family transfer’?

https://www.dmv.ca.gov/portal/vehicle-registration/titles/title-transfers-and-changes/

That assumes you are changing CA title to another CA title.

I’m talking about this rule
image

OP will transfer title to his aunt
He can sell it at whatever price he wants
The time change has affected you :joy:

The page I listed is the jumping off point for all of his questions for CA title, etc.

She’s paying for it, so now you are promoting strawman sales? lol

I’m addled by the time change but I’m not encouraging fraud :slight_smile:

If she’s willing to write a check for the buyout and she’s in CA
I’m going to assume she already knows there is a sales tax :smile:
No one is encouraging a lower sales price

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