Marqevans

The question in Illinois would be how do you avoid the 10% sales tax when you pay off the car. You can't take ownership without paying the sales tax. You have to get Lexus to agree to accept the payoff amount from the new buyer. In effect you are just turning the car into Lexus,

wSoL

Easy. You sell it to Carvana like I said. Because they're a dealer they don't pay sales tax, even to Lexus.

A lot of people don't want to believe it's this easy, but there are literally thousands of people across the US with different car manufactures who have done this, easily, successfully. Some to get out of their leases earlier, some to avoid over mileage fees, some to take advantage of equity they built up in the car (especially now with people driving less due to the lockdowns) but it really is that easy and really is that simple.

https://www.reddit.com/r/carvana/com...y_pay_tax_tag/

"Literally just did this 2 weeks ago, I’m in Tampa.

Have an Acura Financial lease, checked my payout, and the Carvana offer had me paying about $69 to payoff the lease per the Acura Financial website. Went through the process and find out Carvana is actually cutting me a check for $1000. The difference is that my buyout included sales tax, but with Carvana they are buying the car and reselling, so sales tax doesn’t apply.

There is no tag and title fee with a lease sale.

Nothing had to be done through a dealer, Iniust had to provide some info so they could verify buyout with Acura and work to obtain the title after payoff.

Easy as hell, the money cleared in my account 2 days later.

Happy to help with any other questions."

There's a success thread just for Carvana on the leasehackr website, there are many Lexus cars listed if youre specific with the latest success yesterday.

https://forum.leasehackr.com/t/sold-...rvana/68624/78

bamalam

The issue with selling to Carvana, or any dealer, is they are only going to pay wholesale for the vehicle. You can generally do better selling to a private party. This is true, of course, whether it's a lease or an owned vehicle. I've sold to both dealers and private parties. The trick is getting enough extra for the vehicle to offset the tax cost and effort.

coolsaber

Might be the case, but Carvana, Vroom etc are startups.....plenty of cash reserve to offer you both convenience and ridiculous offers.
For instance someone on the carvana thread mentioned their Infiniti q50 having 2000 miles was quoted being worth less then the same exact vehicle having 5000 miles...put more wear and being paid more lol

Right now regardless of what you may have personally believed or experienced in the past the markets are crazy. If you want to sell your RX, at least give them a chance to see whats possible.

coolbrazz

I was curious about this, and filled out the sell offer on Carvana's website on a car I still have a balance on that's not a lease so it's possible that may be a factor. In the state of North Carolina Carvana included sales tax in my offer. Their offer calculated out to be about $9k of equity after the payoff, and the estimated NC tax was about $1k. This may vary state to state on the tax issue, but not a bad way to go if you have equity in your vehicle Carmax does this also.
This is a better option than Craig's List if you rather sell than turn-in if you're not leasing again from the same dealer.....

wSoL

Yeah it's a great option for some, but obviously not for all. I just wanted to point it out as a valid option for OP despite others claiming "he does not own the car, he cant sell it until he owns it"

bamalam

Quite true. If any dealer is willing pay a king's ransom for a used vehicle, though, it's because they know there is someone that will pay them a handsome profit on top of that ransom for it. Private selling is a way to collect some of that handsome profit for yourself. It's not easy, though.

I tried selling via Craig's List once. What a flake fest. I got tons of calls from people that swore they wanted the vehicle and were on their way to buy. Not one showed up. I put the car in a high traffic parking lot with a For Sale sign and sold it in a day.

Here's fresh vid from one of the car channels I follow regarding the dramatic changes in the used car business. It's amazing how quickly digital transformation has occurred.

coolsaber

Selling a lightly used newer model year Lexus on Craiglist or private party is fun (especially now). Field those the tire-kickers, folks who want to finance through your bank (wtf is that even mean), and those who want to know if they can pay over asking but via paypal since their leaving tomorrow for casablanca and need this vehicle for their cousin who lives next door to you but is currently on the opposite side of wherever you live lol.

I keep Clist as a place for selling cars less then 5k and COD. Selling a lease, which is this thread was all about, at this point in the market is best with the startups or dealers right now.

Sidenote
I have seen a a dude who documented their sold vehicles (last gen explorer) journey where they were paid above market in August, market corrected on the wholesale side about Sep, Carvana lowered and then apparently sold. Wholesale side is correcting again due to the current health crisis, so we should see prices go up again on the used market.

gadgetman1

I would gladly take a little less (not a lot less) by not having to deal with all the idiots trying to get something for nothing in a private sale. I 100% agree that Craig’s List as well as Facebook Marketplace is a flake fest! Downright stupid people answering the ads.

ellocovg

iTrader: (1)

On average you could probably make a few grand more selling a car on your own opposed to the sites or just trading it in. But time is money and you will loose allot of time getting it ready, taking pictures, writing a listing, answering bs emails, entertaining tire kickers, and basically being frustrated. I’ll trade a few grand to save allot of time and headaches any day.

Marqevans

Will Lexus let a family member buy out the car at end of lease?

coolbrazz

I'm sure they would have to be approved by the leasing company and meet the financial requirements like you did if your lease contract will allow it
If not you will be the responsible party on the lease including having it insured. Guess you could do something like this for your college kid if you have one.

Cocal

I don't think so, it's very queer how this works out and I could not understand why not, but there may be a way, transfer the lease to your relative, if you can, you make the payments and at the end this relative can buy the vehicle for the residual.

coolsaber

Again why would they not? I`d assume you`d pay the member the buyout, who`d provide that to LFS. LFS would transfer title to member, and then they could transfer over it to you. Taxes and transfer fees + buyout would be your cost.

Cocal

That's what I thought too, but apparently that's not the case, to me it doesn't make sense and there must be some underlying problems.
The only way I can see and I'm not sure if even this is possible, is to transfer the lease to the other person enabling THAT person, at the end of the lease, to buy it for the residual.