They get enough of our money!
NC Title/Use Tax Question
Thread Starter
Melting Slicks
Joined: Apr 2003
Posts: 2,083
Likes: 0
From: Summerfield North Carolina
St. Jude Donor '10
NC Title/Use Tax Question
I have an 04 vert that is coming off lease in two months. Looks like I have some available profit between the lease payoff and what CarMax might give me even at wholesale.
So here's my question: If I pay off my lease and the leasing company sends me the title which will be signed over to me, do I need to take it to the NC DMV, pay the highway/use taxes and have it re-titled to me or can I bypass the DMV and just take the title I get from the leasing company and sign it over to CarMax?
So here's my question: If I pay off my lease and the leasing company sends me the title which will be signed over to me, do I need to take it to the NC DMV, pay the highway/use taxes and have it re-titled to me or can I bypass the DMV and just take the title I get from the leasing company and sign it over to CarMax?
Safety Car
Joined: Aug 2005
Posts: 4,279
Likes: 82
From: North Strand, NMB, SC; Retired x 2 (US Army: 70-90 AD) (US Army: 91-16 DAC); yea, I'm old.
Where there is 1) money and 2) dealings with a State agency involved, I would call the NC DMV Customer Service Office, 919-715-7000 and pose a hypothetical question to them something like this:
*****
Telephone rings twice:
NC DMV CSO rep: Good morning, NC DMV, Ms. Jones, how may I help you.
You: Good morning, Ms. Jones
Ms. Jones: Good morning, sir. How may I help you.
You: If I pay off the lease on a vehicle and the leasing company sends me the title which will be signed over to me, can I sell the vehicle to CARMAX and sign the title over to them directly.
I would not mention anything about paying taxes, getting registered or anything else that would directly involve the DMV and see what they say.
Just a thought.
*****
Telephone rings twice:
NC DMV CSO rep: Good morning, NC DMV, Ms. Jones, how may I help you.
You: Good morning, Ms. Jones
Ms. Jones: Good morning, sir. How may I help you.
You: If I pay off the lease on a vehicle and the leasing company sends me the title which will be signed over to me, can I sell the vehicle to CARMAX and sign the title over to them directly.
I would not mention anything about paying taxes, getting registered or anything else that would directly involve the DMV and see what they say.
Just a thought.
Racer
Joined: Apr 2004
Posts: 412
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From: Charleston SC
Race Director
Joined: Jul 2002
Posts: 11,593
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From: Clayton NC
Thread Starter
Melting Slicks
Joined: Apr 2003
Posts: 2,083
Likes: 0
From: Summerfield North Carolina
St. Jude Donor '10
Title skipping happens????????
I'll have to ask CarMax what they would do in a situation like this. If they will take the title, then it's good for me.
I'll have to ask CarMax what they would do in a situation like this. If they will take the title, then it's good for me.
Racer
Joined: Apr 2004
Posts: 412
Likes: 0
From: Charleston SC
I totally agree that it's ridiculous to have to do it -- but the state tends to do some ridiculous things when it comes to collecting taxes. I know it happens -- i'm just asking if it's legal or not.
I guess the question would be will the leasing company send you a signed title without filling in the 'buyer's info' section of the title. I think they are supposed to fill all of that info in -- in which case you would have to file it with the state and get a new title in your name before you could sell it.
I guess the question would be will the leasing company send you a signed title without filling in the 'buyer's info' section of the title. I think they are supposed to fill all of that info in -- in which case you would have to file it with the state and get a new title in your name before you could sell it.
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