NYS Registration/Title on Buyout with two names

Ask the Hackrs
1

A bit a of unique situation I feel only fellow LeaseHackr’s have found themselves in… After spending hours on the phone/researching I turn to you guys.

Buying out my lease (EOM). Currently me and my father are both on the lease agreement, with only my name on the registration (New York State). Purchasing the vehicle - my name will be on the bill of sale as I am the primary borrower, but both names are going to be on the title.

I would like my dad to have the vehicle in his name, so he can get his own insurance. What are my options to buyout the vehicle while avoid paying double sales tax in New York State?

From research - is my best option to buy it back and then just transfer the title only in his name using DTF-802 (https://dmv.ny.gov/forms/dtf802.pdf) because he is my direct family member? Is there an easier way? Am I over complicating this?

Thank you!

2

So why can’t he buy it from the leasing company?

PS You use the term buyback which is not what this is. If you have been googling using that term, it is messing up your results.

1 Like
3

@max_g - you are correct, I should have used the term buyout (since corrected).

I was told only the primary borrower is allowed to buy out the vehicle from Jeep by Chrysler Financial.

Thanks

4

Google the official NYS document on consumer rights for auto leases…it’s possible your dad has a right to buy the car under NYS law.