Any Ford leasing specialists in da house?

My mom has a lease with 1 mo left on it. My sister wants to buy it at the end of the lease. Can my mom transfer the lease to her and then my sister would simply buy the car at the end? Someone told my mom that she would have to buy the car and then sell it to my sister but that just didn't sound right.

 

The last 90 days, actually up to 6 months depending on terms, of a Ford Lease the lease holder is only one that can by the car.
You have to buy the car via a dealer.

The simplest way would be to put your sister as a co-signer or co-owner at the time of purchase and have your Mom sign off on the title but, if a loan is involved it can be more complicated.

Will this be a cash transaction or will financing be involved?

What state are you in? In Michigan, familial transfers are non-taxable events so yes your Mom could buy the car and sell it to your sister.

 

Thank you for the reply! It's an all cash deal...no financing involved. Sounds like a great idea to have them both added to the title and then have my mom sign off on the title. I don't know how registration could be handled though since my mom is a Florida resident and my sister is in NJ.

 

Don’t worry about registration. It will be stolen before the ink is dry on the application.

 

It's a Ford.

 

Have your sister give.mom.the cash, let mom buy the car and then just sign the title when it arrives.

Why try to make.it more complicated?

 

I believe Mom has to be on the title at buyout. Mom is a FLA resident. Sis is NJ resident. If just mom buys it, it's registered in FLA. If mom and sis are both on the title, then it can be registered in NJ as long as one of the people on the title/registration are from NJ. Then when the title arrives, get mom to sign off to be removed from the title and don't have to worry about re-registering it in another state.

At least that's how i think it will work.

 

So......yeah....over thinking it bro.

Mom's on the title now and the car is already registered in FL.
Sister Gives Mom the cash for the buy out.
Mom Buys the car.
Sister Flys to FL and takes possession of the car.
Sister drives to NJ and registers the car in NJ.
Sister puts the new plates/registration on the car.
Sister sends mom the FL plates to turn in at the DMV.
Mom turns in the plates and gets a refund for the balance of registration fees.

But you do you.....just my pennies worth.

 

Should have just left it registered in FL even if you had an NJ home address.

 

Get a Uni from Florida cheaper and less hassle than an EZ Pass.
Uni has a nice app no monthly charge,

 

It’s a lease. Mom isn’t on the title yet and won’t until she buys it.
In your example, I think mom would have to pay FL sales tax on the purchase price and then when it gets re-titled/re-registered to sis, NJ is going to want FMV worth of sales tax. From what I understand, even if it’s a gift, NJ wants sales tax.
If it’s only registered once at the buyout of the lease, there’s only one round of sales tax.

 

NJ cops wont ‘eff with FL plates because so many people in NJ have FL homes. My neighbors and I went this route for years and they continue to do so.

 

I guess I'm used to the laxity of SC....you can literally put down any amount on the sale and that's what you pay tax on. 100K car, yep I bought it for 2500. Here's my 40 bucks in sales tax. I'd follow VR45's plan then.

 

Can you imagine having to change your plates every time you went to FL for winter and came back to NJ in the spring. NJ has never found a tax they didn’t like.

 

Go to a dealer in NJ, give them a Check for car and registration. May or may not need POA or info from Mom other than buyout info and registration.

or

Call Ford, with Mom and tell them Mom is moving to NJ in a few months to live with daughter and would like to add daughters name to title, purchase and register car in NJ to make title transfer easier, just in case, ie death.

 

The 2nd is essentially what the plan is. Mom is a FL resident but does part time in PA. She's currently in PA but will be going to NJ to drop the car off to sis and then fly south for the winter. Will then proceed to have mom removed from title.

Within 6 months of the end of the lease, the buyout has to be to the person on the lease. If it was more than 6 months (it isn't), could simply do a lease transfer. The issue is if mom buys it, she pays sales tax for FL. But then to transfer ownership of the car to sis in NJ, NJ wants sales tax for FMV. Trying to avoid paying sales tax twice to 2 different states in a matter of days.

 

The plates are assigned to where you have permanent residency. If you're a FL resident, you don't have to get NJ plates every time you came back to visit. Sister is NJ resident and will be on the title/insurance, so has to be plated in NJ.

 

If you are in NJ for 60 days the law says you need to change to NJ plates however they dont enforce it (very often where I lived) for FL. You can have a NJ license and car with FL plates and FL insurance. You would need an FL address for the insurance.