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View Full Version : X5 going off lease, should we try to sell it first?


pschenck2
11-18-2007, 08:22 AM
We have an X5 6 speed that goes off lease in a month and a half (best vehicle we have ever owned:cry:). We are waiting for our new 528i :D. It is truly in "like new" condition not even the smallest sign of wear. KBB list the X5 value at anywhere from $24K (trade-in) to $32K (retail) the payoff is something less than $27K. Should we try to sell it on the theory that anything over payoff is cash in the pocket, Is it too much trouble? anybody else try it and been successful?

Thanks,

TropicsX5
11-18-2007, 04:27 PM
We have an X5 6 speed that goes off lease in a month and a half (best vehicle we have ever owned:cry:). We are waiting for our new 528i :D. It is truly in "like new" condition not even the smallest sign of wear. KBB list the X5 value at anywhere from $24K (trade-in) to $32K (retail) the payoff is something less than $27K. Should we try to sell it on the theory that anything over payoff is cash in the pocket, Is it too much trouble? anybody else try it and been successful?

Thanks,

Does the $27K include sales tax? Thanks

SARAFIL
11-18-2007, 04:38 PM
We have an X5 6 speed that goes off lease in a month and a half (best vehicle we have ever owned:cry:). We are waiting for our new 528i :D. It is truly in "like new" condition not even the smallest sign of wear. KBB list the X5 value at anywhere from $24K (trade-in) to $32K (retail) the payoff is something less than $27K. Should we try to sell it on the theory that anything over payoff is cash in the pocket, Is it too much trouble? anybody else try it and been successful?

Thanks,

check the sales tax implications... you'll likely have to pay sales tax on your payoff amount to get clear title in your name before you can sell the vehicle.

pschenck2
11-19-2007, 06:10 AM
Your right there would be about $1800 in sales tax that would have to be passed on to the buyer, but that would be added on to the KBB price also so the KBB plus tax would be a range of $25,600 and $34,100

SARAFIL
11-19-2007, 08:16 PM
Your right there would be about $1800 in sales tax that would have to be passed on to the buyer, but that would be added on to the KBB price also so the KBB plus tax would be a range of $25,600 and $34,100
no, i don't think you get where I was going with this...

check with how your state taxes the purchase of an off-lease vehicle. BMWFS can only sell the vehicle to you (the leasee) or a licensed car dealer. If you sell it and therefore have to pay it off, you will likely have to pay sales tax and title the car in your name in order to sell it before you can complete the sale. After you complete the sale, the person that buys it will then have to tax and title it as well.

01Byte
11-20-2007, 11:27 AM
no, i don't think you get where I was going with this...

check with how your state taxes the purchase of an off-lease vehicle. BMWFS can only sell the vehicle to you (the leasee) or a licensed car dealer. If you sell it and therefore have to pay it off, you will likely have to pay sales tax and title the car in your name in order to sell it before you can complete the sale. After you complete the sale, the person that buys it will then have to tax and title it as well.

Allow me to simplify... tax * 2 :D

phantombmw
11-20-2007, 02:00 PM
Allow me to simplify... tax * 2 :D

100% correct, there will be double tax unless a dealer facilitates the transaction for you (which some will do for a fee). I bought a Accord I had off lease a few years back and my local honda dealer sold it to the party I wanted to sell it to and charged me $400 to do it, which was a lot less than paying sales tax.