hello all I’m NJ and am interested in buying out my accord lease and selling to pocket the equity. I have the money to pay the car off. But before I do…… I have one question.
the car was obtained through a broker on this site. From a dealer out of the state of NJ (Maryland).
The car is registered in NJ. However am I going to have an issue titling the car at the DMV? I’m aware of the process of obtaining a title in NJ…. Just was wondering since the car originated from an out of state dealer if I’m going to have issues.
Doesnt matter where the dealer was.
Have you calculated which nets you greater proceeds?
Selling directly to certain dealers
Buying it and then selling on the open market.
+1. If it is leased through Honda sales tax is no joke and Honda I believe has severely restricted 3rd party buyouts.
Thank you for the replies. Yes I have considered the dealers…… but from what I’ve read online they are usually under what places like Carmax offer.
Secondly the sales tax is included in my buyout price (I’m in NJ as previously mentioned). I was led to believe I wouldn’t have to pay sales tax again on the buyout at the dmv. I asked the Honda rep this on the phone. But if this is different then I’d def love to know.
Hi sorry to revive my old thread. I’m going to buy my Honda lease out. I’m still wondering however if the buyout includes tax. I called Honda and they told me yes, I also did the calculations myself and it seems the buyout does include tax.
Was wondering if anyone else has bought out a Honda in NJ. Was the sales tax included? I just wanna make sure when going to the DMV I don’t get double taxed.
The buyout breakdown should say and when you get the paperwork from them, itll list how much tax has been paid.
I’m in NJ and am in the process of buying my 2020 Pilot. I got a loan from Affinity FCU who sent a check to Honda Finance about a week ago. The payoff included the 6.625% NJ tax. Just waiting for my Title then the painfull trip to Motor Vehicle to register it…
Yes, your buyout includes tax and they pay it to DMV on your behalf. They have to by law. Just the way it works.
Hey we can purchase out any Honda/Acura lease please send me the vin and miles so I can give you a quote.
Hi again just a quick follow up to anyone who may have bought out their lease. When I have bought cars through private sale in the past I have them sign the title…. I also sign it. We both sign a bill of sale. Bring it to the dmv and pay the fees…. And they print a title.
Is the process similar when Honda sends me the title? Do they sign it for me etc etc?
They will send you the lessor released title signed with you listed as the buyer.
Received my Title the other day. Affinity sent a check to Honda. Honda signed the Title as Seller and named me as buyer. Honda sent it to Affinity who then overnighted it to me.Honda stamped and filled in that the taxes were paid. I made an appointment at NJ DMV for next week and will have the Title issued in my name and note the lien to Affinity on it. So far very easy and seamless. The trip to DMV is always an experience though.
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