I am in NC and I have a 2019 Jeep Wrangler with a 42 month lease and I want to basically sell the car.
I spoke to Chrysler Capital and they said my payoff amount is 29,379 and I confirmed that I can do this without going to the dealership. Dealership basically told me my payoff would be around 32,000 with tax, documentation fee, inspection fee etc.
This is basically $1000 more than if I would do it by myself. So I am thinking of sending Chrysler Capital a cashiers check for 29,379 and as soon as I get the title, I am planning to list the car for sale.
Once I get the title, the next steps are not clear for me, I understand that the title can come in roughly 30 days and I will have to register the title under my name and I would have to pay sales tax.
My question is, if I have a buyer lined up at this point when the lease company sends me the title, can I take the buyer to the DMV and he can register under his name instead of me, so that I can avoid paying sales tax and the buyer can pay the sales tax?
Has someone done this before? Any pointers would be appreciated.
Are you getting substantially more from the private party than Carmax, Carvana, local dealers? If you do buy it, sales tax is only 3% and then there is only property tax and DMV fees. DMV fees are low and right after yo sell it and turn your plate in, you can file for an abatement and get all of the property tax back if you are quick enough.
Carvana/ Vroom wont deal with me if its a lease, they asked me to get the title and then sell it to them. I havent been to dealers yet, I know they will low ball me if I go to them.
So far I like the vroom offer, they have offered the highest.
Try some local dealers or Carmax. AFAIK they are still buying leases. I thought Carvana was too last I checked. Otherwise, yes, you will need to pay the tax. I think a bigger issue is that the title can take a while and prices could change by then, making whatever deal you are hoping to get not so good anymore.
You were right, apart from Vroom, carvana & carmax did say they will buy back my lease. I am going to see if they can offer me a better price. Waiting it to register under me can easily mean 2+ months.
Neither of them will negotiate, but the offers can change up and down over time . What kind of buyouts are they offering? What do you expect to get selling it yourself? How much risk can you live with?
