Selling leased E320 - Help
08-14-2003, 06:34 PM
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Mercedes 2005 CLK55
Selling leased E320 - Help
This is new territory for me. How does it work when you sell the car that you are leasing? My payoff is $42000. Someone is willing to buy my car for $40000. Who should pay the tax? Do we both pay tax?
Need reply asap!
Thanks In Advance.
Need reply asap!
Thanks In Advance.
08-14-2003, 07:14 PM
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Originally posted by air
Can't you call the bank or whoever you're leasing through? I'm sure they've dealt with this scenario before.
Can't you call the bank or whoever you're leasing through? I'm sure they've dealt with this scenario before.
Just wanted a quick answer for my potential customer.
Thanks anyways.
08-14-2003, 09:00 PM
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'06 ML500 w/Apperance pkg & '07 SL550 w/AMG pkg
It will depend if your payoff is $42k or the residual is $42k. If you called MBCC and they gave you the payoff of $42k, that will usually include any taxes or fees owed. If your residual is $42k, then you will be responsible for sales tax on that amount....Then when the buyer goes to the DMV to register his new vehicle, he will have to pay sales tax on the purchased amount. I hope this helps!!!
08-15-2003, 04:28 AM
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Originally posted by MarcusBenz
It will depend if your payoff is $42k or the residual is $42k. If you called MBCC and they gave you the payoff of $42k, that will usually include any taxes or fees owed. If your residual is $42k, then you will be responsible for sales tax on that amount....Then when the buyer goes to the DMV to register his new vehicle, he will have to pay sales tax on the purchased amount. I hope this helps!!!
It will depend if your payoff is $42k or the residual is $42k. If you called MBCC and they gave you the payoff of $42k, that will usually include any taxes or fees owed. If your residual is $42k, then you will be responsible for sales tax on that amount....Then when the buyer goes to the DMV to register his new vehicle, he will have to pay sales tax on the purchased amount. I hope this helps!!!
