1 year left on lease, Buddy wants to purchase my leased car. How in California?
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Joined: Aug 2002
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c-240
1 year left on lease, Buddy wants to purchase my leased car. How in California?
Has anyone done this before and know all the procedural paperwork.
I have 1 year left on my leased 2012 E350. I don't need the car anymore and my buddy wants to purchase the vehicle.
I called Mercedes Benz financial for the Buy Out price of the vehicle. They gave me a 10 day quote, which is perfectly fine.
Now what? I am in California. Is the procedure below correct? I don't wan to pay taxes on it.
1. Sell car to party.
2. Receive a cashiers check from buyer for Buy Out price. Give buyer a bill of sale.
3. File notice of transfer and release of liability with California DMV.
4. Send cashier's check to MB financial.
5. Recieve title from MB financial.
6. Immediately sign over title to buyer.
I have 1 year left on my leased 2012 E350. I don't need the car anymore and my buddy wants to purchase the vehicle.
I called Mercedes Benz financial for the Buy Out price of the vehicle. They gave me a 10 day quote, which is perfectly fine.
Now what? I am in California. Is the procedure below correct? I don't wan to pay taxes on it.
1. Sell car to party.
2. Receive a cashiers check from buyer for Buy Out price. Give buyer a bill of sale.
3. File notice of transfer and release of liability with California DMV.
4. Send cashier's check to MB financial.
5. Recieve title from MB financial.
6. Immediately sign over title to buyer.
MBWorld Fanatic!
Joined: Jun 2009
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1953 300 Adenauer, 1971 300 SEL 6.3, 1975 600, 1978 450 6.9
Your local motor vehicle department will have the procedure on the website but the first step is to pay off your car. At that point you can get your title and transfer ownership.
Any bill of sale prior to you buying the car from MB is worthless because you don't own the car.
Any bill of sale prior to you buying the car from MB is worthless because you don't own the car.
Out Of Control!!
Joined: Jun 2008
Posts: 10,557
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From: Earth
Porsche Macan S SportDesign / Ex M-B's: 11 & 10 & 06 E350's, 02 S500
Why don't you just transfer the lease over to him and he can buy it out at the end if you wants to (then your hands are clean of it). Very smooth and simple process. That's what I did with my most recent E and my own buddy who took it over.
Senior Member
Joined: Jul 2010
Posts: 435
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From: nova scotia
2025 e 450
just did the same thing as KA here in Canada...my friend took over my lease for the last 4 months on my ML and if he likes it he will buy it out..if not he will simply turn it in...he paid the transfer fee of 500.00 that was charged by Mercedes or my dealer...not really sure who got the money but my deal with him was he would pay as I threw in my winter wheels...
Senior Member
Joined: May 2003
Posts: 278
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From: San Diego, CA
2014 Sport White on black
Contact MBZ financial and they will guide you through the process. It's quite easy and all your friend needs to do is pre-qualify, pay MBZ/DMV fees and the car is his. My last purchase took three days for approval and six for the transfer.
