Question about assuming a lease from another state and taxes.

gnhm3 · 06-22-2012, 04:47 PM

I am currently in the process of assuming a lease from a guy who lives in New Jersey and his payment is right around $800 a month. When I tried filling out the credit app online the payment jumped to $870. We called BMWFS and they said that he didn't have to pay any taxes or something along those lines but once I register it in California then a tax rate of 8.75% would be applied.

Does anyone have an experience with this? Any input would be appreciated. Thanks.

cooler2442 · 06-22-2012, 06:58 PM

That's how it is. Have to pay tax on a lease. Either up front or monthly.

06-22-2012, 04:47 PM	#1
gnhm3 Lieutenant Colonel 219 Rep 1,804 Posts Drives: F82 M4 / F87 M2 Join Date: Jul 2010 Location: West LA iTrader: (19)	Question about assuming a lease from another state and taxes. I am currently in the process of assuming a lease from a guy who lives in New Jersey and his payment is right around $800 a month. When I tried filling out the credit app online the payment jumped to $870. We called BMWFS and they said that he didn't have to pay any taxes or something along those lines but once I register it in California then a tax rate of 8.75% would be applied. Does anyone have an experience with this? Any input would be appreciated. Thanks. __________________
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06-22-2012, 06:58 PM	#2
cooler2442 Brigadier General 477 Rep 4,154 Posts Drives: 1/18 Monte Carlo Blue E92 M3 Join Date: Apr 2011 Location: Los Angeles iTrader: (6) Garage List 2016 Porsche GT4 [0.00]	That's how it is. Have to pay tax on a lease. Either up front or monthly.
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