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DirkGOAT10 OP t1_j6izlkk wrote

Reply to comment by Jaded-Wolverine-686 in Buying Out Mothers Auto-Loan by DirkGOAT10

Apologies,The lease is through Toyota.Basically she can "buy" the car for 18k, and then sell it to Carmax for 22k.

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Jaded-Wolverine-686 t1_j6jbkzb wrote

Keep in mind that her payoff excludes tax, title, license and any lease fees. Additionally, if she purchases the vehicle directly, she’ll have to wait for a physical title before she call sell her vehicle. (Can potentially take several weeks)

Purchasing and selling doesn’t seem worth it to me in this situation.

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DirkGOAT10 OP t1_j6njl5b wrote

Thanks! So this is in Texas so tax is already paid.

Even so, I would have to disagree - An 2-3k (after fees) for my Mother would be huge for just a few weeks of keeping the car then flipping to Carmax.

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Jaded-Wolverine-686 t1_j6p3ba9 wrote

All Toyota leases I have seen have excluded sales tax on the payoff. Maybe you’re think of dealer inventory tax?

Also, keep in mind that your vehicle will have to be reappraised once you actually receive the title. Turn around time is closer to a month +.

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