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Lease buyout +resale in CA - anyone ?
Wondering if any of you has *direct* experience in CA buying out your lease and immediately reselling the car. I understand there is a 10 day grace period on tax, meaning that you, the buyer, have 10 days to resell the car and not have to pay tax on the lease buyout, the final buyer does basically (section 6277 or something)... Unfortunately the understaffed DMV had me on hold for 90 minutes before I gave up... unclear how they'd know when the 10 day start, as the title can take a long time to get to me...
Long story short, due to covid (very low miles and complete lack of use) and fed credit, I'm in a position to buyout my 2019 E-golf with 4 digits miles for $15K and change (30+ new), and pass it on to a friend for the same amount (normal price at dealer with more miles is $20K!) - I am willing to help him out as long as I don't get $%#$% with taxes on the buyout - otherwise I'm simply returning it early and letting the dealer feast on the margin. (lease is so cheap my insurance costs more)
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