Quote:
Originally Posted by Cyberdemon
Why not ask for the equity in the form of a down payment?
Not positive on MA, but most likely you would need to pay sales tax on the payoff amount which will subtract $2k from that equity amount compared to a down payment on a takeover where you're free of the tax liability.
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Because there's a bit of a time crunch element here, where I have found my next daily driver and need everything to happen fairly quickly. A private party sale or selling to BMW, in my mind, are the two quickest options. At this point in time, probably going to be selling it back to the dealership where I originally leased the car, as I'd be getting $5k back from them.
Quote:
Originally Posted by AlBoston
This!
You can't capitalize on your equity. Do it in the form
Of a down payment
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Thanks for the suggestions! See above!