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Old 02-28-2017, 08:11 AM
LuckyLarry's Avatar
LuckyLarry LuckyLarry is offline
L@rry T1p+0n
Join Date: Mar 2013
Location: Florida
Posts: 950
Default Buying a car coming off a lease?

A friend of mine leased vehicle, and the lease "matures" in a couple of months. She can either turn the car in or purchase the car when the lease matures. My friend is moving to Europe and will not be taking this vehicle. I have always liked this car, and mentioned that she should sell it to me. She is willing to sell it to me for the payoff amount. I have never leased a car and am not familiar with how it works.

The car is a 2013 Civic LX, with 35,000 miles it has been serviced by Honda and is in like new condition. The payoff amount will be $11,000 which appears to be very close to the trade in value for this car. Full retail price appears to be $12,775.

1. If I pay her $11,000 can she then payoff the lease, and have the dealership transfer the title to my name? Or could I just pay the dealership?
2. I assume I would have to pay sales tax?
3. Anything else I need to know about this type of transaction?

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Old 02-28-2017, 08:22 AM
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bnorth bnorth is offline
Ben North
Join Date: Jun 2013
Location: South Dakota
Posts: 4,627

I would guess it varies from state to state. Here it would go like this.

You give her the $ and she purchases the car. Dealer puts car in her name. She then transfers the title into your name.
T210 Series 3 Ft Worth, looking for low end examples and especially ones with a Y shaped hole punch. I also have some extra T210's for trade.
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Old 02-28-2017, 08:32 AM
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ibuysportsephemera ibuysportsephemera is offline
Jeff G@rf!nkel
Join Date: Jun 2009
Location: Hudson Valley, NY
Posts: 1,386

You are correct about the taxes. We once had a car come off lease and we purchased it. I had forgotten about the taxes and it turned the deal upside down on us. Good luck.

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Old 02-28-2017, 09:46 AM
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KMayUSA6060 KMayUSA6060 is offline
Kyle May
Join Date: Jul 2016
Location: Northeast Ohio
Posts: 1,349

I've never leased nor bought a car coming off a lease. Only reason I'm commenting is to give you a thumbs up for buying a Honda! Very wise purchase.

2013 has a very low amount of complaints.
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Current Project: Hall of Famers - 1 playing-days/involvement card (if possible) of each.
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Last edited by KMayUSA6060; 02-28-2017 at 09:47 AM.
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Old 02-28-2017, 10:10 AM
1952boyntoncollector 1952boyntoncollector is offline liebe.rman
Join Date: Sep 2014
Posts: 4,367

If she soaked her car in any way, make sure she discloses it to you.
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Old 02-28-2017, 05:19 PM
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vintagetoppsguy vintagetoppsguy is offline
D@v!d J@m3s
Join Date: Sep 2009
Location: Richmond, TX
Posts: 4,848

Originally Posted by KMayUSA6060 View Post
I've never leased nor bought a car coming off a lease. Only reason I'm commenting is to give you a thumbs up for buying a Honda! Very wise purchase.
Absolutely agreed. I had a '90 Honda Accord and drove it as a work car up until about 5 years ago. I sold it to my brother at that time and it had over 450K miles on it. He wrecked it shortly thereafter
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