My lease for a 2015 Miata was recently over, and I was hoping to sell it on the craigslist to get more value out of it and save on sale tax and registration.
However, Chase (aka Mazda Finance or whatever they call it) did not cooperate: they said they’d only sell it to me or a dealer. That means I lose $1,500 on sale tax (Buying it out, paying tax, then reselling it), which puts a noticeable dent on the gross lease payments - extra $50/mo, 20% of the lease payment ouch.
My point is I want to know about it before I get into a next lease, so I can factor this expense into overall payments when comparing lease deals.
Would you guys mind sharing your experiences with different brands/banks at the end of the lease?
Mazda - Chase - Selling to a 3rd party NOT ALLOWED
Ford - I’ve heard they’re okay with 3rd party sale, but no personal experience there…
From what I’ve heard, none of the leasing companies (banks) will allow you to sell it directly to a 3rd party. As you stated, only the person on the lease can buy it or a dealer. However, in CA, you don’t need to pay the sales tax if you resell the vehicle within 10 days of buying it.
Is your bank / leasing company asking you to pay them the sales tax at time of purchase? You should be able to pay them for the call, and say you’l handle the sales tax yourself, since you’re thinking of registering in another state.
Interesting idea. Though they’d still have to send me a title that I’d take to the local DMV (in whichever state it’s going to be). In my case there was already my name in it
