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« Last edited by myi on February 20, 2019, 11:29:18 PM »

Author Topic: Car Lease take over Master Thread  (Read 112924 times)

Offline myi

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Re: Car Lease take over Master Thread
« Reply #600 on: January 17, 2023, 02:19:04 PM »
Call Lakewood Auto Sales.

They will "buy" the vehicle and "sell" it to you for a nominal fee.

Avoids paying tax twice.

Probably your best bet.
  Only issue is here, the leasing company/Hyundai doesn't allow 3rd party buy outs.
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Offline a-mo

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Re: Car Lease take over Master Thread
« Reply #601 on: January 17, 2023, 02:21:43 PM »
  Only issue is here, the leasing company/Hyundai doesn't allow 3rd party buy outs.

That generally does not apply to a car dealer

Offline yeshivabucher

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Re: Car Lease take over Master Thread
« Reply #602 on: January 17, 2023, 02:51:11 PM »
That generally does not apply to a Hyundai dealer
Ftfy

Offline Richie10

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Re: Car Lease take over Master Thread
« Reply #603 on: January 17, 2023, 07:51:16 PM »
Put yourself as a co owner with him when you're registering the car

Offline Realshlomo

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Re: Car Lease take over Master Thread
« Reply #604 on: January 17, 2023, 10:25:55 PM »
  Only issue is here, the leasing company/Hyundai doesn't allow 3rd party buy outs.
Call him anyways. They work with dealers that can buy cars out. I know they were able to buy leases if you wanted to sell. Idk if he would be willing to do this, but worth asking.

Offline myi

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Re: Car Lease take over Master Thread
« Reply #605 on: January 17, 2023, 10:51:48 PM »
Call him anyways. They work with dealers that can buy cars out. I know they were able to buy leases if you wanted to sell. Idk if he would be willing to do this, but worth asking.
Like you said it's worth a call.
 I was thinking I may be better off calling a frum place where you get plates and registration done, and see what they recommend.
 As I heard today from someone, what they did was...they left the title in the name of the original owner, and just swapped the registration and insurance to the new owner(a sibling).
 As this is what that place recommended for them to do.

 So it seems the best option would be to either gift it, co owner(though i'm not exactly how thats done.)or this last way mentioned above.
« Last Edit: January 17, 2023, 11:19:11 PM by myi »
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Offline myi

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Re: Car Lease take over Master Thread
« Reply #606 on: January 18, 2023, 02:27:15 PM »
Put yourself as a co owner with him when you're registering the car
@Richie10 Assuming there's no need to have myself on the title as a co owner, though not sure if that's even possible being that they dont allow 3rd p buyouts.
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Offline myi

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Re: Car Lease take over Master Thread
« Reply #607 on: January 26, 2023, 05:48:51 PM »
Thanks guys, seems the best way to avoid taxes is by gifting it from one to another, i'll even have him write me up a letter to be safe when at the mvc.
   Though curious if anyone is familiar with adding a co owner or retaining the statues as the original owner.
 see here below. Thanks guys.

 https://forums.dansdeals.com/index.php?topic=1683.msg2677971#msg2677971
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