Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!





Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Have you recently tried to purchase a new vehicle after being out of the market for a while and found that prices were much higher than you expected? A reporter would like to talk to you; please reach out to [email protected] by 1/22 for more details.
Did you get a great deal? Let us know in the Values & Prices Paid section!
Meet your fellow owners in our Owners Clubs

Help with lease numbers from contract

gtravisgtravis Posts: 27
edited February 2016 in General
Please see pic for the itemization of cap cost. I am in zip code 60187. Tax is probably 7.25%
What is the formula for the sales tax of $853.22. Don't know how that number was calculated. Please advise. Thanks



Tagged:

Comments

  • MichaellMichaell ColoradoPosts: 135,042
    gtravis said:

    Please see pic for the itemization of cap cost. I am in zip code 60187. Tax is probably 7.25%
    What is the formula for the sales tax of $853.22. Don't know how that number was calculated. Please advise. Thanks



    What state is this? Some states calculate the sales tax for a lease up front.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • steverstever Posts: 52,462
    That 60187 zip is in Illinois - did they ever get their leasing laws straightened out?
  • MichaellMichaell ColoradoPosts: 135,042
    stever said:

    That 60187 zip is in Illinois - did they ever get their leasing laws straightened out?

    Sort of. Illinois No longer tax the entire selling price, but Cook County imposes its own sales tax for leases. The total is something like 17%.

    I believe the state collects the sales tax up front and the county adds it to the monthly payment.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • iam in dupage county . zip 60187. If you buy a new car the sales tax is 7.25 and lease laws are now just like other states. Please let me know if you figure out how that sales tax was calculated..
  • MichaellMichaell ColoradoPosts: 135,042
    edited February 2016
    gtravis said:

    iam in dupage county . zip 60187. If you buy a new car the sales tax is 7.25 and lease laws are now just like other states. Please let me know if you figure out how that sales tax was calculated..

    It looks like the tax is calculated on the sum of the lease payments.

    Sales tax obligations vary from state to state. Some tax the monthly payment alone. Others (like IL) calculate the total sales tax for the lease up front. And there are still a handful of states that applies sales tax to the entire selling price of the vehicle, which is what IL did until 2015.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaPosts: 64,490
    what's this "Wear and Tear" for $1195? Is that your wear and tear insurance?
  • yes. excess wear insurance. I took since it increased the residual by one % or something.
  • hi Mike , what other numbers do you need from my lease agreement so you can help me with the sales tax formula ? I am looking for something like "some number" * 7.25 = $853.22 Need help in finding this "some number" in my lease agreement.. My monthly payment including tax and everything is $396.90 See more details below. Thanks





  • MichaellMichaell ColoradoPosts: 135,042
    gtravis said:

    hi Mike , what other numbers do you need from my lease agreement so you can help me with the sales tax formula ? I am looking for something like "some number" * 7.25 = $853.22 Need help in finding this "some number" in my lease agreement.. My monthly payment including tax and everything is $396.90 See more details below. Thanks


    It would be the $396.90 x the number of months in the lease.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • 396.90 x 36 = 14288.40 and 7.25% of that is $1035.90. How do you arrive at 853.22 shown in the first pic on the top of this thread
  • MichaellMichaell ColoradoPosts: 135,042
    gtravis said:

    396.90 x 36 = 14288.40 and 7.25% of that is $1035.90. How do you arrive at 853.22 shown in the first pic on the top of this thread

    I can't - you'll have to ask the dealer. It's their numbers you are questioning.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • i already asked. They said same thing you said .. it's part of the monthly payment. I am hoping some lease guru on these forums will get the formula..I will ask another dealer also. I know I will eventually get it. I still have 2 years left on my lease so in no hurry.
  • MichaellMichaell ColoradoPosts: 135,042
    gtravis said:

    i already asked. They said same thing you said .. it's part of the monthly payment. I am hoping some lease guru on these forums will get the formula..I will ask another dealer also. I know I will eventually get it. I still have 2 years left on my lease so in no hurry.

    Trying to exit your existing lease with 2 years left could be an expensive proposition.

    Just thought of something - there may be sales tax owed on any down payment or incentive.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

Sign In or Register to comment.