Hey guys, I’ve been doing a good amount of research on buying out my car from VW Credit upon expiration of the lease with the intention of selling within 10 days to avoid paying use tax. I am located in Los Angeles, CA.
I had sent in the paperwork for the buy-out inclusive of payment and received title to the vehicle today. The title notes VW Credit on the front with my name on the back of the title form. I took the car to Carmax today and they refused to purchase it, stating I need to register/title it under my name prior to selling it to them and that process would take 30 days with everything going on with the DMV.
A couple questions I had:
Am I unable to sell this car to CarMax or even a private party immediately upon receiving Title VW Credit? Do I need to make an extra trip to the DMV to register or transfer title to my name? I am trying to harvest the positive equity in the car, by selling it within 10 days of obtaining title, but if there are major delays at the DMV, I’ll possibly have to end up paying sales tax on the residual value?
Can I sell the car immediately to a private party? Does CarMax have different protocols for selling a vehicle. If I still need to register the car and then transfer it to my name and it could take 30 days, am I unable to sell this in the private market and am stuck with the car?