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If you're buying a car from a friend whose lease is up and the buyout amount that he will pay the leasing company includes the taxes will you have to pay the taxes again if you buy the car from him? |
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Answer
The exact answer may be State specific, so check with your MVD to be sure.
But, as presented - he buys the car, has title put in his names (and hence pays all fees, registrations, taxes, etc) to complete the transfer, and then sells it to you....and you repeat the process....Yes all fees, taxes etc. need to be paid by you (again). Think of it this way; if you did the same thing, but it was a few years after he had bought it, wouldn't you & he pay all those things? And expand on that, how about if you didn't meet him till next month? The timing & realtionship may not be relevant.
One reasonable alternative is to see if the leasing company will let him chose which name they will set the title in if he pays off the residual. If he can just pay and have the car title delivered in your name, you'll be sure to avoid one of the transfer costs.
First answer by IamLostRU. Last edit by IamLostRU. Contributor trust: 749 [recommend contributor]. Question popularity: 15 [recommend question]
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