California
Buy it, line up which seller you’re going to sell to, sell within 10 days of receiving title, and file for refund of the sales tax you paid to buy it.
Hey folks. New here and have a question on my current situation. I have a 2020 Silverado RST on lease. 40k mile lease but only 25k on the odometer. Buyout is 32-33k but KBB has my trade around 42k. Obviously i probably wont get full trade value but will have a good amount of equity. My lease is up in January with only 4 payments remaining. I know that if i go to the Chevy dealer, they will be more than happy to put me in a new lease while "allowing " me to put all of my equity as a down payment. I know better. Ideally id only put enough to cover 1st month plus taxes. I was considering moving off the truck into a bmw or wrangler. Not sure what the current environment is like for leasing so thinking of either a buyout or just buying a new or cpo outright. Any tips or suggestions?
Gotta ask 1 question, is your lease with GM or with Ally? If GM, just go to the Chevy Dealer and ask them to give you a ‘buyout’ price. No new loan needed.
If Ally? Well, good luck as that is going to take a few more hoops and Sales tax to achieve.
Its with GM. Assuming that this means that the dealer will buy back the car and the difference in equity goes to me?
2021 Audi e-tron premium, $72xxx msrp, 24/7.5k original term, extended for 6 months. $4k down, $550 monthly. Residual is $39xxx, 7500 miles on the car.
Trying to figure something - I extended my lease already with Audi FS for 6 months and I’m now due to turn in the car in couple of weeks. If I decide to keep it and finance it …
- Can I do a loan directly with Audi FS (as opposed to a bank or credit union) to buy it at the residual amount + taxes? I’m asking as the dmv registration is ~$1100 per year, and I’ve already renewed 6 months ago, so I was hoping if they keep the loan I won’t have to re-register the car?
- I guess depending on the answer above - is there any benefit doing the financing through the dealer? last time, before I extended the lease, they tried to play games, inflating my residual - numbers didn’t match the payoff quote i saw on Audi FS website.
Thanks!
Yes it does
What do you mean by no new loan?
To sell an Ally Bank or to sell a GM to say a BMW dealer, you would have to buy the car, pay sales tax, and get a loan for the equity and then sell that car to BMW and pay the loan off.
To sell to a GM dealer, you just sell the car and they take care of the paperwork with GM Financial, no sales tax or loan needed
Which state bases their registration on the auto loan?
It’s either the driver(s) or the title holder. An auto loan lender is neither.
I’m in Nevada. I was under the impression a refinancing will cause new title to be issues and thus new registration.
Thanks for your answer - I actually did a thorough search of the DMV site and found some details on lease buyouts - it says no need for new registration for lease buyouts!!
Lease Buyouts
When you purchase a vehicle (Lease Buyout) you have been leasing, a Nevada dealer and/or the lienholder will collect the sales tax and the title fee from you that is due on the sale.
The dealer will submit the title and a Dealers Report of Sale (DRS) to the DMV. A paper title will be mailed to the registered owner if there is no new lienholder.
Out of state dealers should give you the title, a Bill of Sale or another appropriate document. Please bring all documentation to a . A $28.25 title fee will apply.
Registration
No registration renewal or emissions inspection is necessary if the vehicle is not due for renewal.You must have a registration issued in your name. A Nevada dealership is entitlted to collect a $5.00 duplicate registration fee. You will receive the new registration in the mail separately from the title.
If the dealer does not collect the $5.00 fee and you wish to have a corrected registration, bring the receipts and other paperwork to a …
Thanks!
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2021 BMW X3 (Fully-loaded) Lease Buyout
- 2 payments left
- Buyout price all-in: $33,018 (last two payments included)
- 28,000 miles (30,000 mile limit)
Located in IL, should I buy this out and flip?
Scroll to the first post and find the links to value your car.
Without a valuation all discussion is moot.
90% sure I’m buying it out, just running it by here to make sure I’m not missing something. Lease is up Oct 1 and I need new tires which will cost $700 from a local shop. 1 year warranty remaining.
2021 m340 x drive
22k miles
Current payment $613
Buyout 36k
$4550 msd which I’ll apply to buyout
Definitely some equity available
6% sales tax on buyout
If I were to replace, I would want something similar (sport sedan or coupe) close to my current monthly which doesn’t seem possible. No EV.
I think Audi’s are leasing well right now, especially if you have Costco. S5 or S5 Sportback could maybe get you at least close. Won’t be quite the same performer as the M340, though. I also have a '21 M340 which lease is up in March. I’m completely undecided at this point.
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2020 MINI COOPER S CONVERTIBLE
So I extended my lease till September 30th. Thats what MINI Financial got me (3 Months more)
On July 27th the car was flooded and water got into the engine, so they needed to replace it for a new one. After a month, the insurance give the OK and they are now working on the replacement. I would probably have the car next week.
The payoff right now is at $25k, and before the accident I was considering financing the car and keep it , even now I cant get into a new lease with them given a Stop Sale that the MINIs are going through, so: given that hte car will have a brand new engine 0 Miles, would it be anyhow reasonable to keep it?
Or just that the report will say that the car was flooded it make no sense to do that and just give it back to MINI at the end of the month?
Thanks in advance
Correct, makes no sense to keep it. See if any BMW or MINI dealer will give you any equity to cash out, otherwise just toss the keys back.
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Ride it out for the extra year of warranty. Nothing in that payment range for the foreseeable future.
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