Hello LH community. I currently reside in NJ and the car is also leased in NJ. I have $37119 payoff amount of my current mercedes and was wondering if I need to pay sales tax when I try to pay it off. I have still 17 months remaining but I want to purchase the vehicle now.
Also, how long does it take for me to get the title of the car if I decide to purchase the car??
Any advice is appreciated.
thanks!!
Yes, when you try to buyout, mbfs will give you a payoff amount including sales taxes. I got my title within 15 days of payoff.
It’s very delayed right now, last I heard.
don’t pay it off until the end. benz often charges a pre-payment penalty for early buyout.
any update of your car? kind of same situation here.
Do they charge you any fee for early buyout?
Yep. There is an early buyout fee. For me I had about 17 months remaining and they charged me ~$1700. So I shopped around and sold my car to a mercedes dealership. No early buyout fee through a dealer!
they have the same payoff you do, except yours has tax, so that’s not correct.
I compared the total buyout side by side. Maybe the dealer had their own calculation but dealer’s buyout was ~1700 cheaper.
Awesome! Does the money you get = car current value(decided by MB) - monthly payment *17 – lease buy out price(the one showed in your original lease contract)?