Need help with US Bank lease buyout/sale! Moving out of state

[spicyfusilli]

Been trying to dig around the forums to figure out the best way to go about this…

Leased a 2021 Macan this past August in California through US Bank as their monthly payment was much more reasonable than through Porsche Financial.

Here we are 5 months later and a sudden career change/opportunity came up that has me moving to New York imminently where I will not need a car.

Called up my Porsche dealership that I got it from and they were able to get a dealer payoff quote equal to my personal payoff less tax. After some haggling, they’re willing to take the car off my hands at break even. To see if I could get a better offer, I went to Carmax and Bidlane, both of which offered me significantly more for the car itself, BUT they refuse to work with US Bank due to difficultly of getting an accurate dealer payoff and being chased down after the fact for more money by the bank.

I’m not sure whether I should just hand it the car to Porsche no questions asked, or if it makes sense to buy out the car myself (which would require me to pay sales tax to US Bank), then flip it to one of the other two buyers. While the potential tax refund through CDTFA would mean a nice 3-5k profit for me (aka recovery of my down payment), most of my concern here comes with actually ensuring I get my tax back, given the 10-day rule in California. Both buyers want a clean title without the lienholder’s name here which adds a significant amount of time from what I hear. Anyone deal with something similar recently?

[jeisensc]

@spicyfusilli

I’m not sure whether I should just hand it the car to Porsche no questions asked, or if it makes sense to buy out the car myself (which would require me to pay sales tax to US Bank), then flip it to one of the other two buyers. While the potential tax refund through CDTFA would mean a nice 3-5k profit for me (aka recovery of my down payment), most of my concern here comes with actually ensuring I get my tax back

Work with the third-party buying services that accept lessor-released titles, get purchase quotes from them. Don’t buy out your lease until you have a seller lined up.

[TypeSH]

@spicyfusilli

While the potential tax refund through CDTFA would mean a nice 3-5k profit for me (aka recovery of my down payment), most of my concern here comes with actually ensuring I get my tax back, given the 10-day rule in California. Both buyers want a clean title without the lienholder’s name here which adds a significant amount of time from what I hear. Anyone deal with something similar recently?

It’s not gonna happen. After you payoff and get the title, it takes 3-4 weeks for DMV to send you a clean title in your name. 10-days is shot to hell at that point.

If the whole value of the deal hinges on the sales tax refund, it makes no sense to bother.

[spicyfusilli]

Did just speak to a 3rd party buyer (MyCarAuction) that would be willing to take a lienholder title – just need to figure out how to avoid paying tax up front.