Volvo Lease - Cap Taxes.

vietzilla

Hi - Looking over my current release, I found that dealer may have incorrectly charged me taxes on the entire the value of vehicle instead of just the value of the lease.

Can you kindly confirm that the tax should be applied to duration of the lease only. I attached the screenshots. What do you think the best course of action if that is the case? Should I contact the dealer owner or Volvo directly?

Thanks for advice

kyfdx

vietzilla said:

Hi - Looking over my current release, I found that dealer may have incorrectly charged me taxes on the entire the value of vehicle instead of just the value of the lease.

Can you kindly confirm that the tax should be applied to duration of the lease only. I attached the screenshots. What do you think the best course of action if that is the case? Should I contact the dealer owner or Volvo directly?

Thanks for advice

Looks that way.. Are you sure it's a lease, and not a balloon note?

vietzilla

kyfdx said:

vietzilla said:

Hi - Looking over my current release, I found that dealer may have incorrectly charged me taxes on the entire the value of vehicle instead of just the value of the lease.

Can you kindly confirm that the tax should be applied to duration of the lease only. I attached the screenshots. What do you think the best course of action if that is the case? Should I contact the dealer owner or Volvo directly?

Thanks for advice

Looks that way.. Are you sure it's a lease, and not a balloon note?

Thank you. It's a lease with MF of 0.0017 at that time & $650/month. I am about to turn in the vehicle and get another lease at it comes to an end. As I looked through the old paperworks for comparison, I discovered it. I don't know what to make of it - dishonesty or a mistake by dealer.

Michaell

vietzilla said:

kyfdx said:

vietzilla said:

Hi - Looking over my current release, I found that dealer may have incorrectly charged me taxes on the entire the value of vehicle instead of just the value of the lease.

Can you kindly confirm that the tax should be applied to duration of the lease only. I attached the screenshots. What do you think the best course of action if that is the case? Should I contact the dealer owner or Volvo directly?

Thanks for advice

Looks that way.. Are you sure it's a lease, and not a balloon note?

Thank you. It's a lease with MF of 0.0017 at that time & $650/month. I am about to turn in the vehicle and get another lease at it comes to an end. As I looked through the old paperworks for comparison, I discovered it. I don't know what to make of it - dishonesty or a mistake by dealer.

This is your current lease paperwork, from 3 years ago?

If so, then GA taxed the entire sales price at that time.

They have since changed the law about that, and now tax the sum of the payments, taxable fees, incentives and any cap reduction you make.

vietzilla

Michaell said:

vietzilla said:

kyfdx said:

vietzilla said:

Hi - Looking over my current release, I found that dealer may have incorrectly charged me taxes on the entire the value of vehicle instead of just the value of the lease.

Can you kindly confirm that the tax should be applied to duration of the lease only. I attached the screenshots. What do you think the best course of action if that is the case? Should I contact the dealer owner or Volvo directly?

Thanks for advice

Looks that way.. Are you sure it's a lease, and not a balloon note?

Thank you. It's a lease with MF of 0.0017 at that time & $650/month. I am about to turn in the vehicle and get another lease at it comes to an end. As I looked through the old paperworks for comparison, I discovered it. I don't know what to make of it - dishonesty or a mistake by dealer.

This is your current lease paperwork, from 3 years ago?

If so, then GA taxed the entire sales price at that time.

They have since changed the law about that, and now tax the sum of the payments, taxable fees, incentives and any cap reduction you make.

You are correct Michael. After search around the net, I found that nGA used to have a law making lessee paying entire value of lease vehicle. It's really absurd!! Thank you