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Old 02-28-2017, 07:11 AM
LuckyLarry's Avatar
LuckyLarry LuckyLarry is offline
L@rry T1p+0n
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Join Date: Mar 2013
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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?

Larry
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