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To wit: California State Board of Equalization Sales and Use Taxes: Exemptions and Exclusions.
California Revenue and Taxation Code Part 1, Division 2. Publication No. 61 . LDA, Page 15:
"VEHICLES SOLD TO LESSEE - Normally the sale of a vehicle by a lessor to a lessee is subject to tax. However, it is rebuttably presumed that if the lessee transfers the vehicle to a third party within ten days from the date the lessee acquired title from the leasor at the lease termination, the sale by the lessor is a nontaxable sale for resale, and no tax would be due for the interim ten day period."
http://www.boe.ca.gov/pdf/pub61.pdf
Also, I'd be interested to find out if Mr. Reed was able to recoup monies from the CA Board of Equalization?
Thanks!
I agree with isell ... you are obligated to make the payments. You can sell the car to a CarMax, but you may not get enough to cover the payoff amount (residual + sum of remaining payments, generally).
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Nissan has no oversight of their dealerships but force the transaction to be done there. Even buying it through a bank still requires you to visit a local dealer.
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I appreciate people like you capturing and sharing the experiences like this. Thank you once again