F/S - Assume Lease - 2011 M3 Sedan ZCP

[Buschy]

His car is only for lease takeover now, not for sale.

[Sy546]

does this have the convenience package?

[lakbum]

Originally Posted by buschy

His car is only for lease takeover now, not for sale.

Just wondering...does it make a difference since the car probably has a pay off amount, right?

But, I'm guessing that it is available by your statement, then?

[Buschy]

he told me that he will only allow lease assumption because BMW told him that he would have to pay all kinda taxes or something if someone bought the car and didnt go through the dealer. IDK?

[H2C]

Originally Posted by buschy

he told me that he will only allow lease assumption because BMW told him that he would have to pay all kinda taxes or something if someone bought the car and didnt go through the dealer. IDK?

Texas lease laws are such that the lessee pays sales tax on the full price of the car at lease inception (not just per lease payment)....and have to pay sales tax again when buying out (based on the buyout price).

I think the only way to avoid that 2nd sales tax on the buyout is if the lease was structured as an "option to buy" (e.g. BMW Select), or to go through the dealer.

[lakbum]

Originally Posted by buschy

he told me that he will only allow lease assumption because BMW told him that he would have to pay all kinda taxes or something if someone bought the car and didnt go through the dealer. IDK?

Ahh...thanks for the clarification.

[Sy546]

Originally Posted by H2C

Texas lease laws are such that the lessee pays sales tax on the full price of the car at lease inception (not just per lease payment)....and have to pay sales tax again when buying out (based on the buyout price).

I think the only way to avoid that 2nd sales tax on the buyout is if the lease was structured as an "option to buy" (e.g. BMW Select), or to go through the dealer.

wow that blows

[BCA]

Originally Posted by S.hasan546

wow that blows

Yes it does

And BMW Select is not available in TX as far as I know

The only way I know of to avoid the double tax (or get sales tax credit on your next purchase at end of lease) is to trade in the vehicle rather than actually turn it in at lease-end. I've done that twice. Other than that, I don't even know how going to the dealer will help...sales tax will still be due on the buyout amount.

[jasonhoutx]

car has been sold.

[dagolfpro]

Originally Posted by jasonhoutx

car has been sold.

I guess I'm a day late and dollar short. how much did you sell it for?

[jasonhoutx]

58k even. Buyer paid all dealer fees and taxes.