Has Anyone Ever Sold A Lease???

I'm in the process of doing so right now and wanted to know something. If I sell the lease, its my responsibly to pay Toyota the full amount (with taxes) zfter reciving the money from the buyer.

My question is, will the buyer have to pay additional taxes when they license the vehicle??

Ive already talked to Toyota, and received the sellers packet. If no one knows, I guess I'll just give them another call.

 

You're responsible for paying the outstanding balance on the lease (there's a payoff balance, just like with a loan - the amount should be readily available from Toyota Financial). You might also have to pay any remaining local sales taxes due on the payoff amount. I've never sold a lease, but I have sold a leased vehicle. I had to payoff the lease balance and then pay my state & county sales taxes for the amount of payoff. Basically, I had to payoff the vehicle, take ownership via title (and pay sales taxes), and then transfer the title to the buyer. It was a PITA.

 

Sales tax laws vary from state to state. You will need to consult someone in the state where you live. There is likely also some fees due, in addition to the pay off. Possible fees (you need to read your contract, they will be there):
Early Termination Fee
Purchase Option Charge
Disposition Fee

 

If you are at the end of the lease you "may" be able to get the dealer to transfer direct to the new buyer. Have pulled that off once many years ago. Tricky if you are planning on making a few bucks on the transaction. That may keep you from having to pay sales tax and any transfer fees. It may cost you a couple hundred to have them do the paperwork. If you do the purchase you will have to pay the sales tax unless you are tax exempt and the next buyer will also be required to pay sales tax.

 

Call Toyota and get a 10 day pay off. That amount should include the tax and yes you’d have to pay Toyota the money when selling the lease. I would also ask them about it when I call them.

 

Thanks for the replies. From the answers, packet, and my conversation with a rep earlier about my state, it seems I can simply transfer the lease to the buyer and there is a page in the sellers packet for this.

Thanks guys.

Also, Toyota waives any potential fees when buying the leased vehicle, FYI.

 

I just sold mine to Vroom, the buyout price on the Toyota Financial site does not include taxes or fees. Since I sold to a dealer there were no additional taxes due, and actually no fees either. If selling to a private person I’m not sure if they would add considering it’s the buyers responsibility not yours.

 

I've bought and sold many leased vehicles. In Cali you have 10 days to transfer/sell vehicle to another person without paying sales tax on the remaining balance (pay off). It may be different in your state. Better call DMV and ask.

 

Did they give you a good offer?

 

31500 for my 2018 offroad base with 8k miles. I paid 33,900 for originally so didn’t lose much in the way of depreciation. KBB at the time was 29k also.

 

Are you selling it outright like full payoff, or is it a lease takeover type of transaction?

 

I just took over a lease. I’m in Louisiana and it was a Texas lease. Toyota added the difference in taxes into the payment. My payment is $410 up from the $380 Texas lease.


Also.. the process takes forever. The previous owner requested the packet on oct 1 and the lease was officially swapped on Black Friday.

 

Vroom offered me $2,300 more than car max on my 2014 VW. It was breeze. They paid off my car the day after they picked it up

 

Same for me, I think caravana was about 1800 less than vroom. They sent the carrier and took the truck and I got a check about a week after. Couldn’t have been easier.