Lucid Financial (Bank of America) does not allow lease transfers. In addition, Lucid Financial does not allow 3rd party buy-outs of your lease. If you want to sell the vehicle to a 3rd party, then the leasee would need to buy-out the vehicle, pay sales tax, title the vehicle in their name, then resell it to the 3rd party. The cost of paying sales tax and title may outweigh the benefit of trying to exit your lease early by selling to a 3rd party. I just went through with a potential 3rd party sale and had to cancel the deal because 1 month after paying off the vehicle, Lucid Financial is now asking me to pay sales tax prior to sending over the title. Prior to completing the sale, I confirmed with Lucid Financial and their title department on whether or not they allow a direct 3rd party purchase and they stated that they do and that they would not collect sales tax from me prior to transferring the title to the 3rd party. Lucid Financial asked for me to fax them a letter with instructions to retitle the vehicle in the 3rd party's name and I included their name, address, contact and driver's license information. The 3rd party then called Lucid Financial directly and paid off the vehicle in full. Four weeks later, Lucid Financial still has not sent the title and they are now asking for me to pay sales tax on the vehicle before they can send the title. In this scenario, I, the leasee, would need to take title of the vehicle before reselling it to the 3rd party who would then become the 3rd owner of the vehicle. This would result in double taxation where both the 3rd party and I would need to pay the full sales tax on the buy-out price. I have asked Lucid Financial to refund the payoff amount that was paid last month and advised that I will just continue the lease through lease end per the original lease agreement. My remaining lease payments are less than the sales tax requested by Lucid Financial, so it makes sense to just keep the vehicle through lease end.
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