So I have Carvana, Vroom, private buyer wanting to buy my car. I got my payoff amount at $27559 so I stopped in to my local Infiniti dealership to double check everything. So they tell me I owe 39k now…can someone help me make sense of this…im confused on why I have to pay taxes, the additional 10 months @498 plus the payoff. I thought the 10 months would be in the payoff…
Your payoff amount should be the total, not sure what they are saying. You don’t need to get your local dealer involved just call IFS.
There is a link on the printed document that says “View payoff document”
It seems to me like that would give the answer as to what it actually is
I called IFS and they said it would have to go through the dealer? All they could give me is the payoff…
Well if the residual value is $30741, and you have 10 payments remaining, the payoff won’t be $3000 under the residual value…
So am I only responsible for the payoff @27559 or do I have to owe on the residual as well?
I think the reported gross payoff number is inaccurate. It doesn’t make any sense that your payoff would be substantially less than the RV. It should be about $4000 more than your residual value.
Ignoring the numbers, the payoff (and taxes) should be all that you’re on the hook for. Paying the pay off AND left overpayments doesn’t make sense. But neither does the pay off being lower than the residual value.
When you purchase a vehicle you have to pay taxes-good thing is if you sell it right away California has a grace period in which you can request a refund of such taxes…and the new buyer will pay the taxes. Call IFS and find out what the deal is with the payoff vs remaining payments-because as @mllcb42 mentioned-the numbers are off for some reason…
Yup that’s why this is confusing. IFS wasn’t helpful at all. I’ll try back. Thanks guys.
So I’m paying taxes let’s say from these #’s 3k then the buyer has to pay taxes again? I would think the taxes and fees would be in my payments and so forth. Thanks for the help.
When you purchase the vehicle, you pay sales tax on the remaining value of the vehicle. The tax on the lease payments on cover those (some states this varies). If you sell to a private party, they get to pay taxes again. You don’t have to pay taxes if you sell to a dealer or live in a state that has a tax work around (such as the 10 day grace period in CA)
Yes, you both pay the tax, but you can apply for the refund (think it’s 10 days if I’m not mistaken)
Check the link for LEASE BUYOUT:
*Edit: If you don’t go through the dealer, you don’t have to pay the taxes till the vehicle is registered… bank can’t collect this from you but you or buyer have to pay it later when registering
Thanks guys appreciate the help