Leased my truck through Ford and now selling it at lease end. Trying to figure out the process and the dealer is saying I need to pay him by certified funds to begin the process. On top of that he is charging various fees for handling the “sale” to me, so I can get a title transferred from Ford to me, so I can then transfer the title to the new buyer. So, I need to bring the Ford dealer certified funds to payoff the lease, pay NJ taxes on the remaining amount due on the lease, and another $400 for the paperwork and DMV transfer before I can begin the transfer process.
It seems like NJ is going to get tax on the residual and then tax again when the new buyer registers the truck in NJ. Also, to get the title in my name so I can transfer it over to the new buyer is going to take up to 45 days. I’m afraid the buyer is going to have an issue with this delay in title and also that the buyers credit union, DCU, is going to have an issue if he hands me a check made payable to me and doesn’t get a title immediately.
Is this all normal and the credit union knows there will be a delay in getting a title transferred into the buyers name?
Last, is there any way for me to give the new buyer the keys to the truck so he can take possession, even though the title is still not transferred into my name or his yet? I don’t want him taking the truck, even though he handed me a check, and then getting into an accident and causing me to have some ownership issue and opening me up to litigation in the accident.
I’m sure this is super easy, but this is new to me and I see hassles and risks that maybe don’t exist.
Youre unfortunately running up against the reality of the situation. You have to buy the lease out from ford, pay tax, get the title transferred, etc, to you, and then you can sell it to the new person. That does mean tax is by you and by the person buying from you. It does also mean a delay in the title and everything that goes with that.
What about being able to give the buyer a bill of sale and handing him the keys? Does not yet having the title transferred yet create a problem, or is that expected in this world we live? I want to also stop the insurance asap on this car.
You don’t really have an official transfer of ownership until you hand over the title. A lot of ways that can blow up on you and create a headache if you hand over the car without having the deal 100% finalized.
Hit up @DNA_Auto_Wholesale1 he has a ford dealer that you can maybe sell the truck to directly and avoid paying sales tax on the lease sale. He was able to get me out of an F150 lease and was smooth as silk.
