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03-23-2013, 08:26 AM | #23 |
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(CA) Don't confuse the taxes you pay during the lease. The amount taxed is the agreed current monthly lease payment(s). At the end of the lease you pay another tax of the residual.
This is where BMW's balloon payment program can be look at as an advantage if you project to buy the car at the end. The terms and regs are like your typical finance (no mileage limit or other lease issues later) but payments are still lower because there is a balloon payment at the end (usually less than the projected value of the car at the time so you can still trade, sell, etc. at the end of term). Taxes are already added calculated at the agreed sale price so by the end of term your last payments taxes is included. |
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03-23-2013, 02:09 PM | #24 | |
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Quote:
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03-25-2013, 07:19 PM | #25 | |
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03-26-2013, 06:58 AM | #26 | |
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That is incorrect, at least in the state where I live.
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03-26-2013, 05:57 PM | #27 |
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Did you get the payoff documents ?
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03-26-2013, 07:17 PM | #28 |
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Yes, and it specifically says that sales tax is not included.
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03-26-2013, 07:41 PM | #29 |
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I'm in Florida. mine shows :
Subtotal $65,163.59 Sales / Use Tax $2,576.93 Total Lease Payoff $67,740.52 I'll bet it has to do with the new Georgia law where you pay the tax when you register a car.
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03-27-2013, 07:20 AM | #30 |
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That's very possible as there is a lot of confusion around exactly how that's working. Even the DOT employees seem a bit baffled by it.
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11-24-2016, 05:14 PM | #31 | |
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Texas state laws consider the sale of a vehicle by a lease company at lease-end to be a separate sale, although a special one, and the lessee is not charged sales tax again if the correct amount of tax was paid originally at the beginning of the lease. Are they correct or not?
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