Anyone do a third party lease buyout?

[ShadowRuleZ]

My understanding of a third party lease buyout is that my friend would have to buy the car from the leasing company including paying taxes on the residual, put it in his name, and then sell it to me like a normal sale. Is that accurate or is there some option that would allow the leasing company to sell to me directly? Just trying to understand the costs to make sure it still makes sense.

 

[kammi10]

when i talked to gm financial about my current lease they said they would sell it direct to another person. but the sale has to be done through a GM dealer

 

[Falcon64]

I tried this with a dodge and they tacked on $4k to the dealership for "fees" so i said screw it.

 

[WhiteHawk]

A buddy of mine just did one through a dealer. The dealer charged him a couple hundred though. He had a CTS wagon and ended up walking away with about $5k. The dealer can reassign it to the new owner pretty easily. Not so easy on a private sale.

-Geoff

 

[ShadowRuleZ]

I'll check with the local dealer and see if it's something they'll do. A couple of hundred is less than sales tax would be!

 

[Killjoy]

You can simply assume his lease and all liability. Then buy it out at lease end like normal. But by doing so, you will be accountable for all damage, lease disposition fees, etc. etc. It's basically your car and your lease, regardless of what your buddy did with/to the car from Day 1 until you took it over.

It normally costs a couple hundred dollars for the switch over, plus a few weeks of paper processing. I did this on a Jeep through swapalease.com back in 2009.

 

[ShadowRuleZ]

Local dealer wasn't interested, they said they'd buy it and sell it to me at market price.

I don't think I can assume the lease this close to the end of it.

 

[DetroitStyle]

Local dealer wasn't interested, they said they'd buy it and sell it to me at market price.

I don't think I can assume the lease this close to the end of it.

That's what happened when I tried to buy out my buddy's SRT8 Jeep. It was a 2007 and at the end of his 3 year lease. He only owed $24k on the buyout. Market value was around $35k. He had to buy it out and then I paid him for it. Still drove it for 2.5 years and 25k miles and sold it for $26k


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[Chris Hansen]

I just got home from my dealer a minute ago. They made me an offer on my Challenger (lease) and said I could also sell it myself as well. They said I would sell it just like a normal car, and go to my credit union where my lease is financed and just pay it off like a normal loan. Don't know if it's different per credit union/bank but mine seems pretty simple.

 

[ShadowRuleZ]

That's what happened when I tried to buy out my buddy's SRT8 Jeep. It was a 2007 and at the end of his 3 year lease. He only owed $24k on the buyout. Market value was around $35k. He had to buy it out and then I paid him for it. Still drove it for 2.5 years and 25k miles and sold it for $26k

I'll have to do the math, it might be a good deal. Was trying to make it a better deal

I just got home from my dealer a minute ago. They made me an offer on my Challenger (lease) and said I could also sell it myself as well. They said I would sell it just like a normal car, and go to my credit union where my lease is financed and just pay it off like a normal loan. Don't know if it's different per credit union/bank but mine seems pretty simple.

Right, but my buddy would have to register it and pay taxes first (which I'd of course be covering). Was trying to avoid the double sales tax if there was any way to do it.

 

[dline]

I just got home from my dealer a minute ago. They made me an offer on my Challenger (lease) and said I could also sell it myself as well. They said I would sell it just like a normal car, and go to my credit union where my lease is financed and just pay it off like a normal loan. Don't know if it's different per credit union/bank but mine seems pretty simple.

Don't sell scat

 

[DetroitStyle]

I'll have to do the math, it might be a good deal. Was trying to make it a better deal



Right, but my buddy would have to register it and pay taxes first (which I'd of course be covering). Was trying to avoid the double sales tax if there was any way to do it.

That was the negative in my situation as well. Buddy had to buy it, pay taxes (which I covered), get the title in his name. Then I had to pay taxes again when I bought it from him.


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