Lease buyout / transfer question

[GEEF MIJ]

Ok...I am potentially going to be joining the Vibe nation but I just found out some info that I need some clarification on. I'll start by stating that I am in Ontario as I'm sure this sort of thing may differ from place to place. Anywho...So...a family friend has been leasing a Vibe for the past 3 years. It only has 46000 km's on it and the buyout is slightly under 13 G's prior to taxes.She left me a message stating that her dealer told her that it's best to walk away from the lease and let me then buy the car from him (surprise, surprise). The reasoning that he gave her is that if I were to buy the car from her then she would have to pay taxes on the buyout and then I would have to pay taxes when I bought the car from her. That all makes sense...however, is it not true that she can buy the car and transfer it to me at the same time? I know that there is a fee associated with this but certainly not as much as paying taxes twice. Either that or can I take over the lease prior to buyout time and then have it be my buyout?Any help in this area would be mucho appreciated. I need to make some decisions.Thanks in advance for any advice!

[ArcsVibe]

Hi there fellow Canuck and welcome to genvibe! I am not from Ontario but found this for you, maybe it can help you out?http://www.mto.gov.on.ca/engli...d.htmLet me know!

[jake75]

A lot more complicated to sell a used car privately in Ontarion than in Ohio. Issue is whether assumption of a lease is a "sale". I assume the leasing entity is the "owner".

[GEEF MIJ]

Thanks...though I haven't discovered the answers that I'm seeking just yet. My buddy's dad sells cars. I guess I'll call him.I'm still looking for input on here though!

[brbo]

Hey Geef,,Everytime that vehicle transfers name (Dealer to Customer - Customer to Customer) a different tax would apply in the Province of ON,,You nailed it on the head however - if the Lease is transfered ($450 fee) through GMAC prior ot it's conclusion and that the new owner is credit worthy then that new person can pay it out on the Lease termination,,,Note there currently is a program running - for early Lease Termination where the person ending the lease can get 3 equal payments towards the purchase / lease of a new vehicle - so it is very important that this transaction occurs prior to the termination so that the original owner can get the benefit from this Lease Termination 'Plus' Program.Cheers,B -'06AWD

[joatmon]

I don't have a clue about Canada tax stuff, or lease stuff, but be sure to compare what this particular car will cost you compared to any other similarly equipped/aged used Vibes in your area. Maybe there is a different used Vibe out there for you for less money, or maybe you'll find out that this currently leased Vibe is a too good of a deal to pass up. I don't know, but you should find out before you spend that much money.