found a few threads this might be appropriate for, but this is fine
i have zero zero background on leasing and buyouts and 3rd party sellers and all that stuff.
my cousin offered to sell me his car for all cash which i have. its a lease, over in 1 week. id "buyout" the car wtvr that is.
question: is this a common thing? do dealers facilitate this or theyre not involved at all?
am i buying from my cousin, or from the dealer?
does my cousin put down my name on the contract when buying out from the dealer maybe?
also i saw someone post about double tax in NY? whats that all about? state and city? (cousin lives in nj im in ny. idk if the lease is from nj but lets say it is)
please help! 🙏
thank you!!
The first question is what brand is the car.
honda civic
@justaregularguy Feel free to message me. Went through the whole process myself.
And if you don't want to message me, here's a short summary.
For starters, you have to find out if the company, in this case, Honda, lets you do third-party buyouts.
Which they don't. So...
That leaves it for you to buy it from him.
He'll need to pay it off.
Log onto the lease website. For example, with my Hyundai, I was able to go onto Hyundai's leasing website and attach my bank account and make the full payment. If not, you'll need to mail a check for the remaining balance of the vehicle.
Now the car is paid off, you'll get the title in his name and a bill of sale.
If it's leased in NJ, it makes your life easier. If in NY, you'll have to do the paperwork there to title it in his name. Again, all depends on where you live and where he leased the car. If all in the same state, less work to do.
Either way, you'll title it in his name.
I'm just putting it out there; a friend wanted to take ownership of a Honda, which was leased in NY, and he lives in NJ.
So he went to title it on behalf of his sibling, who lives in NY. But they didn't let him do the paperwork because he had an NJ license. He had to get someone who had a NY license to do the work for him to title it in his sibling's name. Again, YMMV depending on who you get at the DMV.
But after doing that, he took the title to NJ and titled it in his name and registered it in the state he lives in.
Lots of random points...
Get a copy of his license to title it on his behalf.
Should you want to title it in your name during the same visit to the DMV, then you'll need a power of attorney letter. You can find a pre-written one or make your own with yours and his address and state exactly what you're doing, all coming from the owner of the car, stating that he's allowing you to sign on his behalf on the title and
Sell the car to you and ...
Or to make life simple, have him come with you to the DMV/MVC or bring home the title and have him sign it and fill it out like a regular sale, stating that he's selling the car to you.
Again, if you're going to pay the remaining lease off, then the tax should or will be added to the total. So make sure when filling out the title that you write GIFT in the sale price to avoid paying tax for a second time.
Pretty straightforward.
I had to do all my research on my own. But after doing the research, it wasn't, in fact, that complicated.
I was able to help two friends facilitate such a transfer since I did mine a few months ago.
It paid off the time I spent, being that I was able to help others do the same.
As well, you can also call the NJ or NY DMV/MVC offices, and they'll tell you exactly what needs to be done.
Probably worth writing a short report of my recent MVC visits. From taking over a NY lease in NJ and an NJ in NJ. Different make vehicles.
Adding a spouse to a title after the fact. Needed to do that so I could get a discount on a second Hyundai vehicle I was planning to buy.
Though changing and adding my spouse as the owner and myself as the co-owner, as that would get my spouse's name on the registration card, as only one name is on the registration while the other owner is on the receipt with the license number. So, for a discount on a second car to make everything simpler, having the documents that match with the family member's name. Required a new title and new plates since I changed ownership. But just to add a spouse in NJ, it's $67 for a new title adding a co-owner. But changing who's the owner and who's now the co-owner would now require new plates.
Changed my registration to another address for the purpose above. Changed online for free. New NJ license with a new address cost me $11.75 if I wanted an updated card. New registration paper with an updated address cost $5.
