Looking for some advice here. I’m currently leasing a 2017 Toyota 4Runner via Fusion Auto Finance. Last payment is due next month. Vehicle currently has 18K miles with a buyout price of $28,100.
My friend wants to buy the car as we’re both aware the buyout on my contract is much cheaper than any other 4Runner he can find for sale in the market today. Fusion will not allow 3rd party buyout this late in the lease term without having to “adjust the buyout price due to current market value”.
My plan was to:
- Initiate the buyout process immediately after sending in the last payment (friend will pay for all costs)
- Wait for release paperwork and apply for title via NYS DMV
- Sell vehicle to friend once title is in hand, sign over title to friend
It all seems simple until the reality sets in that NYS DMV can and will take 3 months to process a title, meaning I’ll have a vehicle I no longer want or need for that time while my friend cannot legally own or drive it. Additionally, since I’ll have to get a title in my name first then sell it to him, we would each have to pay sales tax on the two transactions.
For all the lease buyout gurus out there, is there a way I can streamline this process? Thanks in advance!