Simple Car Finance Calculations

Edmunds.com

Simple Car Finance Calculations

Edmunds breaks down the math of simple Car Finance Calculations which you can use to figure the sales tax, DMV Fees, and Auto Loan & Lease Payments on your next car purchase.

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tylorness88

When figuring out the title fees do we use the actual price paid for the vehicle or the MSRP?

terryga54

I just paid off my lease of 24000. in Placer County CA. What will the sales tax be when I transfer the title to my name?

kyfdx

terryga54 said:

I just paid off my lease of 24000. in Placer County CA. What will the sales tax be when I transfer the title to my name?

Most likely, it will be $24,000 X your tax rate.

If your tax rate is 8%, that's $1920.

Amantim

I just bought a vehicle and the tax is roughly $760. Do I have to pay the tax when I get my license plates or after I pay it off and get the title? If I'm paying it at both times, it seems I'm paying the tax twice. So, that didn't make sense to me. I'm in Ohio and the combined state/county tax is 6.75%.

kyfdx

Amantim said:

I just bought a vehicle and the tax is roughly $760. Do I have to pay the tax when I get my license plates or after I pay it off and get the title? If I'm paying it at both times, it seems I'm paying the tax twice. So, that didn't make sense to me. I'm in Ohio and the combined state/county tax is 6.75%.

You pay the tax when you register the vehicle and get your plates. Your loan and it's payoff have nothing to do with sales tax.

sf5211

I’m in N.Y. If I trade in a vehicle worth $30,000 and purchase a vehicle worth $50,000 do I pay taxes on $20,000 or $50,000?

kyfdx

sf5211 said:

I’m in N.Y. If I trade in a vehicle worth $30,000 and purchase a vehicle worth $50,000 do I pay taxes on $20,000 or $50,000?

That would be a better question for your local DMV, but, here you go:

The amount of the credit the dealer gives to the purchaser for any motor
vehicle (or other tangible personal property) taken in trade, and accepted as
part payment on the purchase of a motor vehicle, may be deducted from the
taxable receipt amount, but only if the motor vehicle (or other property)
taken in trade is intended to be resold, even if to a scrap yard.

From here:
https://www.tax.ny.gov/pdf/publications/sales/pub838.pdf