Tesla Lease Buyout

Ask the Hackrs Buy/Finance
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1

I’m trying to buyout my friends 2018 Tesla Model S.

What’s the best way to go about this process?

Fyi…I’m in California

From my understanding my friend has to buy it out and then transfer it to me.
It seems tesla doesn’t care where the money comes from, so I can wire the money for the buyout directly to tesla (so I don’t have to do any money transfer between my friend and I).
I’m trying to avoid paying additional taxes, what is the best way to transfer the title(CA) without paying taxes?

Thanks,

2

Have him do a lease transfer to you and then you buy the lease out.

You can not buy out his lease directly.

3

it’s to late to do a lease transfer as his lease is ending this month

4

Your friend can purchase it from tesla and file a CDTFA-111 requesting a tax exemption and then sell it to you. You’ll still have to pay sales tax, but he won’t.

6

No, that would be tax fraud.

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7

It’s also a moot point since sibling transfers of vehicles are only tax exempt if both are minors.

8

I thought Tesla didn’t offer lease buyouts. Last I remember they would make you turn it in at the end of the lease and not give a buy option. Maybe that changed tho

9

That’s only for the 3 and Y.

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10

You can buy out the expensive Tesla models, X and S. The 3 and Y are not able to be purchased off lease.

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