Who’s name is on the title when you do a lease buyout?

[Bjjpurple]

in the middle of the process and the bank is asking me who’s name is on the title. Located in South Carolina. Anyone else get asked this? They also mentioned I may get taxed again. Just paid sales tax 3 weeks ago. Any thoughts on that? Soeant sound right.

 

[MerlintheMad]

The original title is held by Kia. The new title they mail to you has your name on it. I think any added on taxes are by individual states. I only paid sales tax. In any case, the buyout figure on your Kia account page includes any and all taxes; there won't be added tax to that buyout figure.

 

[Rob M]

Did you pay $500 infrastructure mgmt fee? SC went away from sales and use tax on registered vehicles in 2017 to "IMF" which is 5% of vehicle value or $500 whichever is less. Prior to that, if executing an option to buyout a lease, it was considered two separate transactions with both subject to tax. If that is still in effect with the IMF it does seem like you will be double taxed. On the bright side, $1000 tax on a stinger is around 2% which is a lot less than others are paying. In MD I paid 6% (approx. $3K) on the full value of my gt2 before incentives. But fortunately taxes are waived here if the lessee executes a buyout option.

 

[Bjjpurple]

Did you pay $500 infrastructure mgmt fee? SC went away from sales and use tax on registered vehicles in 2017 to "IMF" which is 5% of vehicle value or $500 whichever is less. Prior to that, if executing an option to buyout a lease, it was considered two separate transactions with both subject to tax. If that is still in effect with the IMF it does seem like you will be double taxed. On the bright side, $1000 tax on a stinger is around 2% which is a lot less than others are paying. In MD I paid 6% (approx. $3K) on the full value of my gt2 before incentives. But fortunately taxes are waived here if the lessee executes a buyout option.

Yes I paid the 500 already when I leased at the dealership.

 

[MerlintheMad]

The original title is held by Kia. The new title they mail to you has your name on it. I think any added on taxes are by individual states. I only paid sales tax. In any case, the buyout figure on your Kia account page includes any and all taxes; there won't be added tax to that buyout figure.

Eesh, not quite. I shouldn't write technical stuff at bedtime without looking at the actual documents. Let me add some information and a correction or two:

Actual title is held by Hyundai Lease Titling Trust, out of Atlanta GA. That is found on the title under "Owner information". Hyundai Lease Titling Trust is also the Leinholder.

My name appears on the back beside "Buyer". It is hand written in. The name appearing under "Print name of authorized agent selling vehicle if different from seller name" is, Hannah Nantz: and her signature appears on the front of the title under, "Lien Release - Signature of lien holder (releasing interest)", as the "Agent", above the date.

So, I did not get a "new" title, I have the original. I also got an accompanying sheet from Kia Finance addressed to me with my account number and the VIN and model info. It is a confirmation letter that I have purchased the vehicle and the lease is considered "satisfied in full". Here is the bit about added on costs (property tax, that your financial institution warned you as a possible added on cost): Please be aware that based on your contractual obligation, any property tax bills not yet received from your tax assessor's office for the current year will be your responsibility to pay. In the event that a tax bill is received by HCA for this vehicle, it will be forwarded to you for payment. (bold in original)

And there is a second attached sheet from Hyundai Finance, "Bill of Sale" with all the pertinent information, with the "seller" as Hyundai Lease Titling Trust, my buyer information, the selling price, fees and "Total Received". Hannah Nantz's signature appears as "Seller's Signature".