Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
Options
Lease Buyout Beware!

Tagged:
0
Comments
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).
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!
MODERATOR
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.
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
I appreciate people like you capturing and sharing the experiences like this. Thank you once again