Car Lease take over Master Thread

[ckmk47]

any honda dealer can do it you just need to find one that will (might have to throw in a couple hundred dollar tip to encourage them)

My friend’s Honda dealer won’t do it.
How do I find one that will?

[avromie7]

My friend’s Honda dealer won’t do it.
How do I find one that will?

Try calling around?

Maybe someone else knows of a dealer that will allow it.

[ckmk47]

Try calling around?

Maybe someone else knows of a dealer that will allow it.

Does it have to be a Honda dealer?  Or can it be any used car dealer?

[avromie7]

Does it have to be a Honda dealer?  Or can it be any used car dealer?

Honda. They're the only ones authorized to buyout Honda leases.

[WonderingYid]

My friend’s Honda dealer won’t do it.
How do I find one that will?

Call around. And many of the Jewish leasing companies have relationships with dealers, you can try asking them.

[Richie10]

Does it have to be a Honda dealer?  Or can it be any used car dealer?

Acura dealers can also buy out Hondas

[myi]

https://forum.leasehackr.com/t/list-of-places-to-sell-or-value-your-car-online/396451

Start getting offers.

Didn't know there was an issue using these companies for a end of lease buyout. 3rd party buyout being banned.

[myi]

If you're planning to buy another car, you can trade it in to reduce the sales tax you pay on the new car.

Is this really the best choice when looking to release or buy a new vehicle?
  Or the need to compare the 3rd party buyout prices vs trading it in for a new vehicle?

   For a small dent/body damage on the vehicle, is it worth fixing and then getting quotes or leave as is and see what they're willing to pay? What would you guys do?

[a-mo]

Looking to buy out an suv lease.

Happy to pay lease holder.

Anyone have something?

[myi]

For a Hyundai car that I want to buy out. And is registered in a siblings name.
 What's my best bet at this point?
 Seems since they don't allow for 3rd party buyouts from the lease.
 I'll have the sibling buy it at the buyout price, and then is it cheaper to have him gift it to me or sell it at $100 to me. Meaning will one way work and the other not? The car I'm talking about is in NJ assuming every state has their own laws in place.

 What's the cheapest way to have it properly registered in my name? Thanks

[ckmk47]

For a Hyundai car that I want to buy out. And is registered in a siblings name.
 What's my best bet at this point?
 Seems since they don't allow for 3rd party buyouts from the lease.
 I'll have the sibling buy it at the buyout price, and then is it cheaper to have him gift it to me or sell it at $100 to me. Meaning will one way work and the other not? The car I'm talking about is in NJ assuming every state has their own laws in place.

 What's the cheapest way to have it properly registered in my name? Thanks

I'm no lawyer or accountant.
Gift taxes are on the receiver, and only over a certain amount.
So your brother is free and clear with the gift.  IDK above what amount a gift counts as income. Perhaps have him gift the max and pay the amount above the gift level.  and of course the sales tax on that amount.
If he sells it to you at way below market value: legally you may still be on the hook for sales tax of the full market value.  Will anyone notice? probably not - but IDK.
Just looked it up:  The gift tax exclusion for 2023 is $17,000 (it was $16,000 in 2022).
That's probably close to the buyout amount.
You may be good on the gift.
(Check with the appropriate professionals.)

[myi]

I'm no lawyer or accountant.
Gift taxes are on the receiver, and only over a certain amount.
So your brother is free and clear with the gift.  IDK above what amount a gift counts as income. Perhaps have him gift the max and pay the amount above the gift level.  and of course the sales tax on that amount.
If he sells it to you at way below market value: legally you may still be on the hook for sales tax of the full market value.  Will anyone notice? probably not - but IDK.

I hear you. It's about 18,500 the buyout. After taxes and all.

 Just a waste to have to pay that twice.

[ckmk47]

I hear you. It's about 18,500 the buyout. After taxes and all.

 Just a waste to have to pay that twice.

I just edited my post to include more info.
So the gap is just $1500
tax on that is $133.

[myi]

I just edited my post to include more info.

the buyout is 17000, but after tax and all its 18500.
 So not sure how that works or who determines the value of the vehicle.

 

[ckmk47]

the buyout is 17000, but after tax and all its 18500.
 So not sure how that works or who determines the value of the vehicle.

IDK

[myi]

IDK

Thanks for the input though.
 I'll try to ask someone tom involved in cars and see what they have to say.

[am77]

Just looked it up:  The gift tax exclusion for 2023 is $17,000 (it was $16,000 in 2022).

If you have a spouse you can give 17k to each so if you gift the car to both you for sure won't have an issue

[Shaya E]

The $17,000 allotment is just that less than that it doesn't need to be reported. More than that counts towards a lifetime limit of around $13m. Only once you reach that do you have to start paying taxes on gifts.

[myi]

The $17,000 allotment is just that less than that it doesn't need to be reported. More than that counts towards a lifetime limit of around $13m. Only once you reach that do you have to start paying taxes on gifts.

  Just curious why doesn't everyone and anyone gift the vehicle versus selling it and having the other person pay sales tax?

 I'm not talking about a case where someone wants to  Finance the vehicle.

[a-mo]

For a Hyundai car that I want to buy out. And is registered in a siblings name.
 What's my best bet at this point?
 Seems since they don't allow for 3rd party buyouts from the lease.
 I'll have the sibling buy it at the buyout price, and then is it cheaper to have him gift it to me or sell it at $100 to me. Meaning will one way work and the other not? The car I'm talking about is in NJ assuming every state has their own laws in place.

 What's the cheapest way to have it properly registered in my name? Thanks

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.