Selling Lease Rivian

[Octane]

Howdy

I currently have my R1S leased (with Chase). Looking for the process from someone who has sold their leased vehicle to another individual, please. BTW, not lease transfer, as I know Chase does not offer this as an option. This is an outright purchase.

My assumption is that we walk into Chase with the funds of the lease buyout and walk out with a bill of sale and some form of lease satisfied paperwork?

Thanks in advance for your assistance!
- M

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[VSG]

My assumption is that we walk into Chase with the funds of the lease buyout and walk out with a bill of sale and some form of lease satisfied paperwork?

Yes, in a nutshell that's what happens. It may still take you a few weeks to get the title, but that's through your state not through the lender.

 

[Octane]

Thanks very much for the quick response.

 

[iQB]

Thanks very much for the quick response.

Would you mind following up with how the process played out for this scenario? I'm primarily concerned about the tax implications for both parties (e.g., did you have to pay sales tax on the purchase and the buyer ended up doing this as well).

 

[Octane]

Will do - when it sells.

- M

 

[antimatter]

If it's like here in Minnesota, the buyer will be paying sales tax when they register the vehicle and apply for a title in their name. Depending on the state, they'll probably have to cough up a few more fees (process, new license plate(s), etc.). For the seller, there's not much to report or pay.

 

[TXChips]

Any follow-up here? Looking to sell my leased Rivian too.

 

[Octane]

Yep, sorry. We used Keysavvy to perform the sale. Essentially, they buy the Rivian while simultaneously selling. Pretty good service, not flawless. Good luck.

 

[RivAW]

Any follow-up here? Looking to sell my leased Rivian too.

You request a lease buyout from Chase, pay the amount owed and then sell to your buyer (written bill of sale is recommended). Any taxes/fees will vary by state as will the time it takes to get the Title in hand that you can then transfer to your Buyer.

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