Do i have to pay for taxes if im selling my leased Bmw to Morgan Group?
Im doing this as theres a ix that im trying to get into at a bmw dealer.
is Morgan Group a car dealership group?
they are a bank i believe and only a couple of dealers have them in there network that can buy leaae bmw
Morgan Automotive is a dealer group in Fl
Says they have a BMW dealer in Tampa, so if done right, you don’t pay any taxes.
you can sell your BMW to any BMW dealer.
You might want to consider keeping the transactions separate as a trade-in can muddy a deal.
You typically either get screwed on trade-in or on the new car if doing it at the same dealership.
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so on my payoff its states $37k. Then with taxes comes out to over 2K. Which means if i dont pay taxes i should get a check for about $3K as morgan group is offering $40K. Is this correct?
If they buy it as a BMW Dealer, it all is up to them.
thats the plan to keep the 2 transaction separate. selling my lease to one dealer and buying at another. So i dont have to pay the taxes?
Correct. You don’t owe sales tax here because you are not buying it. Dealer doesn’t owe any because they’re a dealer.
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