Quote:
Originally Posted by CptSlow
I'm not buying it out early. I'm actually considering selling it and was wondering how it might work out if I did.
As for the rest, if I keep it at the end of the lease, you're 100% correct about trying to get a "deal".
|
The best way to sell a leased car is to do it through a dealer. In most states you pay sales tax on the buyout price. Thus when selling to a third party, you would have two taxable transactions back to back. The only two entities that can execute the buyout are the lessor and a BMW dealer. Your 3rd party buyer can't purchase directly from the lease company. A dealer is tax exempt which allows them to purchase the car from the leasing company tax free. I have gotten dealers to do the transaction for free if I bought another car from them. I have also paid them up to $500 to conduct the sale when I didn't buy another car. The dealer takes on some liability for doing this (whatever the state law holds them to for car sales). An added bonus for the buyer is that the car can get a CPO warranty through the dealer.
Obviously you need to be sure you get paid the difference between your residual price and the price you sell the car to the third party. Don't let the dealer take this from you!