When I leased my 2021 Honda Passport last October 2021, I remember I paid taxes at the time of initiating the lease. If I buyout the vehicle now, do I have to pay taxes again?
No, you do not. They were levied in full at lease inception and added to the cost of the lease.
I have done this several times in Virginia.
Cool thank you. Also, after paying off amount to honda financial, what would be the next steps? And generally after how much time it can be sold outside?
With GM Financial, you do the payoff online, and then there is a form to send to them with directions on who to put on the title for transfer. Just make sure to call them and keep them on their toes. Then 2-3 weeks later, you get the title and you need to take it to a VA DMV office to get the title put into your name. They can do that the same day. Then you are free and clear.
I would imagine Honda is similar but maybe someone else can chime in on that.
You could sell it to a Honda dealership like Autonation and bypass and save some cash.
Or he can do the buyout at the original dealer and avoid dealing with the DMV, I guess. At least that’s what I did.
This works if you just want to pay off the lease and keep driving it, but I am not sure they can get you the title from the lender any faster if you are selling to a 3rd party.