02-25-2022, 04:25 PM | #1 |
Colonel
1652
Rep 2,402
Posts |
How to structure a lease buyout towards a trade in?
So I am looking at a 2020 M8 Comp. that a dealer has (it's a Land Rover dealer but the owners/company also own a BMW dealer in the same city).
IDEALLY, I would love for the BMW dealer to buy my car (so then I don't have to pay sales tax on it) and then apply that money as trade-in money towards the M8 (so I don't hardly have to pay sales tax on that, either). Is this possible? Obviously....their BMW store would have to buy it from me because BMW won't allow non-BMW dealers to buy out leases, correct?
__________________
2022 M8 Comp GC, 2021 AMG GT53, 2022 X5M Competition, 2021 X7 40i, 2019 M5, 2018 M550I, 2017 Audi Q7, 2014 M6 GC, 2013 Mercedes CLS550, 2011 750LI, 2008 M6 Cabrio, 2008 Porsche Cayenne S, 2004 Mercedes SL55 AMG, 2003 Mercedes SL500, 2000 Mercedes CL500, 1993 Lexus SC400, 1989 525i, 1985 318i
|
02-25-2022, 04:45 PM | #2 | |
Colonel
1540
Rep 2,008
Posts |
Quote:
Option 2 which I've had done before is that the land rover dealership sells the car to the bmw dealership as a "gift" aka no tax burden on them and you do everything through bmw |
|
Appreciate
0
|
02-25-2022, 06:07 PM | #3 | ||
Colonel
1652
Rep 2,402
Posts |
Quote:
__________________
2022 M8 Comp GC, 2021 AMG GT53, 2022 X5M Competition, 2021 X7 40i, 2019 M5, 2018 M550I, 2017 Audi Q7, 2014 M6 GC, 2013 Mercedes CLS550, 2011 750LI, 2008 M6 Cabrio, 2008 Porsche Cayenne S, 2004 Mercedes SL55 AMG, 2003 Mercedes SL500, 2000 Mercedes CL500, 1993 Lexus SC400, 1989 525i, 1985 318i
|
||
Appreciate
0
|
02-25-2022, 07:39 PM | #4 |
Brigadier General
4061
Rep 4,983
Posts |
Why not buy the car for the residual price and then sell it yourself?
__________________
<b>2023 M5C SRG|Aragon || 2018 Macan GTS</b>
2019 F90 Comp MBB|Black (sold) 2018 F80 ZCP TB|SS (sold) 2015 F30 335 AW|CR (sold) 2015 F31 MG|CR (sold) 2011 E90 JB|Oyster (sold) |
Appreciate
0
|
02-25-2022, 08:38 PM | #5 |
Colonel
1652
Rep 2,402
Posts |
Because then I have to pay $6-7k sales tax on it which makes it pointless to just turn around and sell.
__________________
2022 M8 Comp GC, 2021 AMG GT53, 2022 X5M Competition, 2021 X7 40i, 2019 M5, 2018 M550I, 2017 Audi Q7, 2014 M6 GC, 2013 Mercedes CLS550, 2011 750LI, 2008 M6 Cabrio, 2008 Porsche Cayenne S, 2004 Mercedes SL55 AMG, 2003 Mercedes SL500, 2000 Mercedes CL500, 1993 Lexus SC400, 1989 525i, 1985 318i
|
Appreciate
0
|
02-25-2022, 10:01 PM | #6 | |
Brigadier General
4061
Rep 4,983
Posts |
Quote:
As for the sales tax, I'd think the only way around it would be as you mentioned above, by selling it to LR, and since it's the same family of dealerships, they release it to BMW within so many days after purchase (I think like within a week, but don't quote me). Best bet though is to call BMWFS. They've been surprisingly helpful in the past, which is part of why I continue to lease BMWs tbh.
__________________
<b>2023 M5C SRG|Aragon || 2018 Macan GTS</b>
2019 F90 Comp MBB|Black (sold) 2018 F80 ZCP TB|SS (sold) 2015 F30 335 AW|CR (sold) 2015 F31 MG|CR (sold) 2011 E90 JB|Oyster (sold) |
|
Appreciate
0
|
02-26-2022, 07:55 PM | #7 |
Second Lieutenant
491
Rep 216
Posts |
If the group owns a BMW store, Land Rover can take your car as a trade in, and get the dealer payoff from their BMW store.
The BMW store can ground the lease and purchase it, and the Land Rover store can proceed with the transaction/sale like it's a regular trade. You obviously won't get tax savings for the trade because it's a lease, but this is how it's done. |
Appreciate
1
afo818256.00 |
Post Reply |
Bookmarks |
|
|