How I turned a leased car into $8,000 in California (2022)

A step by step overview of how we turned our 2019 model year Honda car lease into cash in 2021/2022, by buying out the lease and then selling to a third party (Carmax) for an $8,000 profit. It also covers the process of filing for (and waiting for) a sales/use tax refund in California if you sell within 10 days.

This "tutorial" covers everything I did and learned, for beginners, assuming no car knowledge or expertise, from how to buy out a car at the end of your lease through Honda Financial; what paperwork you need to fill out at the DMV once you get the car title; and my experience getting the use tax refunded through the state tax office. There's also practical tips.

The whole process took about 3 months, from buying out the lease, to receiving the state tax refund.

HELPFUL LINKS
Direct link to CA tax refund submission form (CDTFA-101-DMV): https://www.cdtfa.ca.gov/DownloadFile...

California procedures manual - section on buying/selling leased vehicles: https://www.dmv.ca.gov/portal/handboo...

CONTENTS OF THIS VIDEO
0:00 - Intro
0:44 - Overview of the process
2:21 - 1. Run the numbers
2:53 - 2. Buy out lease
5:11 - 3. Transfer title
6:13 - 4. Sell fast
8:06 - 5. Submit tax refund
10:35 - Tips and lessons

#car #lease #lifehacks