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| *Loan,banking and credit>>>car tax |
Selling a car I currently lease. Facing double-taxing... HELP!? |
So I have this car I currently lease. It's coming off lease in two months so I decided to sell it to get away from the $350 returning fee and maybe make a buck or two. The leasing company (BMW) tells me they can only title the car to me after I pay off the car. But that would make me have to pay sales tax and in turn (as I transfer the title to the new owner) make HIM pay sales tax again. I obviously don't want to have to pay for sales tax ... any ways around this? I'm in Indiana, 6% sales tax by the way. I already researched their BMV site. Useless, as always. Don't open Mondays. Guy has the money in hand... That's the rules... whenever title changes names, you're taxed. You have to pay taxes to get the title from BMW but doesn't mean the new owner has to...you can gift the car or write in a lower selling price so they pay less taxes. Regardless of lease or finance, you pay taxes. I was going to suggest transfering the lease to the buyer but apparently BMW doesn't let you do that in the final 6 months and charges a $450 transfer fee. The ol' I want out of my lease gotcha. This is why individuals should never lease a vehicle. I hear this all the time Get your contract out and make sure the dealer isn't trying to spook you. Either way you have to pay for the car....Have You pay the balance and have the new buyer pay the taxes.....See if that'll work. You may be able to apply for a refund from the state on this situation. |
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