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Ergo: Taxable... at least in every state I've been in...
regards,
kyfdx
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On a related note, I have a commercial class BM licence (M for motorcycles). I want to get the same licence in CA. Any idea what I need to do? Only the written exam, or driving exam, or both?
Thanks a lot.
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Does anyone know the ins-and-outs of gifting a car in NJ? Or any repercussions for selling it below book value?
I read through the whole thread, it's very very helpful!
However, I'm facing a complicated situation. I have Maryland driver license, living in PA but working in California. Is that possible to lease a car in California and the dealer helps me register in Maryland? If so, how do I determine the tax rate?
Thanks in advance!
regards,
kyfdx
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I'm working a lease deal on a 2006 BMW 530i. In Texas (I live in Austin), sales tax must be paid on the full selling price. So, I'm trying to figure out if I pay the taxes in full at inception or roll them into the capitalized cost.
The deal looks like this:
2006 BMW 530i
MSRP $53,465
Sales Price $51,500
Acq Fee $825
Sales Tax (6.25%) $3223
Sec Dep $700
Residual 62%
MF .00215
36 months; 12K miles/year
Lease payment is ~$690/month
So...
1) Does this look like a good deal?
2) How have others in Texas handled sales tax on a lease?
Many thanks in advance,
Sean
I guess I'm wondering, since I buy used stuff all the time on ebay, but was told a car is different, sales tax is continually paid over the life of a vehicle as it's being bought and sold. Sorry if this is a no-brainer question, but I really don't know.
I guess I'm wondering, since I buy used stuff all the time on ebay, but was told a car is different, sales tax is continually paid over the life of a vehicle as it's being bought and sold. Sorry if this is a no-brainer question, but I really don't know.
Basically once I sign the lease agreement for a certain payment can anyone go in from TN and raise it even though I did not lease it in TN I only live there?
Thanks
Troy
Here is a post from one of our members, who lives in TN, and has leased a few cars out of state.. Hopefully, it will help...
Tennessee leasing post
regards,
kyfdx
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The dealer did tell me he will give me a temp window tag but I will have to double check with him on the tax part. I do not want to pay NC sales tax and also TN sales tax.
Thanks
Troy
I think I'd make a call to Honda Finance, and talk with someone that processes leases for Tennessee... They should know exactly what is involved.. I wouldn't think that you would be paying any NC taxes, at all...
This is another good reasons to roll the taxes into your lease payment... After all, it is Honda Finance that pays the taxes... you are just reimbursing them..
regards,
kyfdx
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Now state of New Jersey wants to charge me 6 percent tax on each monthly lease payment for next 21 months.even though I already paid $1200. upfront on the lease to NY State thru dealer, now dealer is invoicing me another $600 for State of NJ. Can I get refund from NY for the 21months I am not NOT living in NY but have paid for those months???
You may want to take a copy of the bill of sale (along with the title) with you to get the vehicle registered.
Let me tell you how it will be
There's one for you, nineteen for me
'Cause I'm the taxman, yeah, I'm the taxman
Should five per cent appear too small
Be thankful I don't take it all
'Cause I'm the taxman, yeah I'm the taxman
If you drive a car, I'll tax the street,
If you try to sit, I'll tax your seat.
If you get too cold I'll tax the heat,
If you take a walk, I'll tax your feet.
Don't ask me what I want it for
If you don't want to pay some more
'Cause I'm the taxman, yeah, I'm the taxman
Now my advice for those who die
Declare the pennies on your eyes
'Cause I'm the taxman, yeah, I'm the taxman
And you're working for no one but me.
Thanks in advance.
Let's say $20,000 vehicle. $2000 rebate. $4000 down in cash. $1000 Tradein.
Do I pay tax on the $20,000. Is it only on $15,000? Or is it $13,000.
Thanks!
But, the rebates and downpayment will certainly be taxed... In your example, at least $19,000 will be taxed....
regards,
kyfdx
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I am very flexible about who will ultimately own the car. My son can own it throughout, or he can buy it and give it me. In texas, a car can usually be licensed after a gift transfer with only payment of a $10 transfer tax.
I don't know all the facts but....
NY state collects tax on leased vehicles at time of lease inception (ie upfront). The tax is not refundable even if the lease terminates prematurely.
Because the car is now registered in NJ, you owe them tax for the duration you use it (NJ defines a lease like a long rental. You pay tax on the depreciation of the vehicle during the time you are 'renting' it.)
I'm sure this has come up before. People frequently move between NY and NJ. There must be some sore of tax credit. Get in touch with the DMV and see what they say.....and make sure you post this message here so that other can learn from it.
cheers
Thanks.
Terry.
MSRP 52670
sale price 49425
res value 31602
MF .001
I come up with $1,788
dealer shows $1,957
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I have NJ registration that I plan to transfer from my old vehicle to the vehicle I'm purchasing (from NY)...how does that work?
(Someone correct me if I'm mistaken!)
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2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
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selling price $20,000
trade in $5000
-------
cash diff. $15,000
When I purchase the vehicle, what kind of plates will it need to have when I drive away? Will I need to get temporary PA plates, or temporary NJ plates? (But how could I have had NJ plates since I didn't bring the title to NJ DMV yet?) Will I need to pay *anything* to the state of PA for this transaction?
The seller indicated that the sale needs to occur in the presence of a notary public. Not sure why that is the case - perhaps to make the sale "official" for state records and sales tax purposes? But then if I'm a resident of NJ and paying sales tax in NJ not PA, is it really necessary to have the notary public? The notion of needing a notary public to buy a car in NJ is kind of strange to me. Apparently they don't have DMV offices in PA? Judging by the wait time at typical NJ DMV office that's probably a good thing!
Thanks very much for you help!
I also put this on another (lease) thread, so sorry for the double post, but I wasn't sure where to find the knowledge..
I am considering getting out of an almost new car (long story) for something different (a VW). Depending on the facts/figures, I may decide to lease the new one.
My preference is to trade in my current car (a Scion tC), for conveneience and also due to the sales tax credit on a trade (worth about $800 on a purchase).
I am in NJ, and my question is, will I get any use of the sales tax credit if I trade it in against a lease? I won't put any $$ down (so the dealer would have to cut me a check), but would I at least save having to pay tax on my monthly payment?
The payments would be less than the value of the trade, so I might not get all of it, but something is better than nothing.
Just want to have it straight before I end up discussing options with a dealer.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
Certainly swings the decision in the favor of purchasing if I decide that trading in makes sense.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
are they any web sites you can link me to so I can read about it. Thanks