Lease buyout and sell process
First of all, sorry for the log post. I tried best to summarize what I’ve
researched so far before asking naïve questions.
I have a 2017 Dodge Challenger SXT Plus with 20k miles on it. Car is in
excellent condition except the tires need to replaced. My lease payoff is
18.5k and the dealer is offering 23k for buyout. My research shows I can get
around 24k with private party but then it depends on finding a buyer and
hoping everything goes through smoothly.
The problem now is, Chrysler didn’t allow the dealer payout option and
asked me to buy first and then do what I want. In this case, I’ve to pay off
the lease, get the title and go to DMV to change the title to my name. This
process can take anywhere between 15 to 60 days plus I have to pay the
sales tax at DMV.
I have read the 10 day rule to avoid duplicate taxes as per
le+vehicle and https://www.cdtfa.ca.gov/formspubs/pub34.pdf
My questions are
1. Has anyone tried this? How was your experience?
2. Has anyone paid the taxes first and tried to claim the refund?
3. I couldn’t figure out if the 10-day rule applies when selling to the dealer
or not. Any ideas on that.
4. Anything else that I missed in my thought process?
Note: The car is good, I like it. I’m just trying to cash out my equity and use
it towards 2020 GT model.
Thanks in advance!
IMO, Like you said, it might be a month or two before you can sell it due to receiving the title, so for an extra $1000, it isn't worth the hassle of buying then selling. I personally don't see you selling it for $24K. Maybe $21K. Take the buyout.
See if they'll do a pull forward to get you into the 2020 model you want. You can't sell the vehicle because you don't own it, the leasing company does. You're just renting the vehicle. With a pull forward you basically turn in the current vehicle and immediately start a new lease on the new vehicle. Hope that helps! Jim