Archived Thread

NFT: Buying a leased car.

gtt350 : 5/15/2019 9:27 am

Leasing company says all i have to do is send in a check for the payoff
price and they will send me the bill of sale and title. I go to the DMV for info change on the title , they issue me a new one and that should be it.

Dealer wants $500 for vehicle inspection and $500 for documentation.
does the dealer have any recourse if I purchase as leasing company said?
ty in advance for any input

I would think not.

superspynyg : 5/15/2019 9:36 am : link

Your deal is with the leasing company not the dealership. They can go pound sand.

Yeah, thats pretty much it

twostepgiants : 5/15/2019 9:43 am : link

I bought my leased vehicle

Don't forget the sales tax

johnnyb : 5/15/2019 9:45 am : link

if applicable in the state you live in.

And the dealer should not be involved.

i'd only deal with the dealer

UConn4523 : 5/15/2019 9:48 am : link

if your miles are low and your car is worth more than the buyout price, which could get you into a different (newer) vehicle if you were looking for that. Otherwise, you have no obligation to use them for the buyout, the deal doesn't own the car.

I�m trying to do same.

BlueHurricane : 5/15/2019 9:49 am : link

Tax is the question mark I am running in to in NJ. Trying to buy out vehicle early. Already paid the full sales tax on the lease at inception. Now being told if I buy early I will be paying tax on buyout (residual plus remaining lease balance) which sounds like it would be incorrect. I would think I would only have to pay tax on the what the residual would be at lease end.

Anyone have any input on this?

As to the OP

BlueHurricane : 5/15/2019 9:50 am : link

No reason to involve dealer. Buy from the bank or dealer depending on who is giving better buyout.

The only reason you may want to deal with the dealership

Captplanet : 5/15/2019 10:07 am : link

is if there is a certified program(extended warranty) available. Most car companies will require your car to be inspected by the dealership in order to qualify for a Certified Pre-owned warranty. For instance, BMW will extend the current warranty to 6 yrs or 100K miles. It adds value and is transferrable if you decided to sell the car in the future.

thanks guys, the state tax was included in the buyout

gtt350 : 5/15/2019 10:15 am : link

I fiure once the title is in hand that's it.

These dealers are some clip artists $500 for documentation. It will cost me $21 for DMV to do the title change

Screw the dealership

sshin05 : 5/15/2019 10:46 am : link

They wanted a bunch of money from me for the buyout. Ended up just going to the manufacturer, to buyout the car which included all taxes. You can always get warranty from anywhere.

RE: thanks guys, the state tax was included in the buyout

sshin05 : 5/15/2019 10:48 am : link

In comment 14444579 gtt350 said:

Quote:

I fiure once the title is in hand that's it.

These dealers are some clip artists $500 for documentation. It will cost me $21 for DMV to do the title change

So NJ has no laws to which pricing for documentation and such where in NY its capped at $75. There is no reason for dealerships to charge exorbitant fees for docs.

The lease company gives you the price

mdthedream : 5/15/2019 11:23 am : link

so if you finance through the dealer that you leased the car they will go by those numbers. Depends on what is easier for you. I went through triple AAA and got it done.

Dealership

jimvinct : 5/15/2019 9:31 pm : link

Is legally obligated to charge doc fee and perform safety inspection to purchase through them. Usually doesn't make much sense unless you have a special circumstance. Just go to your bank or credit union to get the loan.

Confirm the payoff amount includes sales tax or not. If it's not, you'll responsible for that amount out of pocket at DMV.