Leasing a car in New Jersey being a NY resident
Hi Guys,
I have a quick question. I'm going to lease a car in New Jersey location and dealer said that my monthly lease payments already include taxes. But being a New York resident and previously leasing in NY I know that I have to pay taxes up front when leasing the vehicle, so I'm a little lost here. How does it work? Can the dealer be right saying that lease already include taxes in monthly payment?
Thanks!
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kyfdx
Moderator Posts: 237,266
@ilyaw77 said:
thanks, that what I thought... but the dealer ensure me that this will be NY tax included in the payments, I will see I guess
NJ and NY are similar, in that the taxes are paid upfront to the state. But, in either case, the tax amount can be added to the cap cost and spread over the life of the lease. I recommend doing it that way.
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You should check with NY DMV but I think you are subject to the NY tax rate.
Here are some NY DMV rules on this subject:
http://dmv.ny.gov/registration/register-leased-vehicle
thanks, that what I thought... but the dealer ensure me that this will be NY tax included in the payments, I will see I guess
Well the dealer should know all this if he does any out of state business.
Thanks a lot kyfdx and Mr_Shiftright. I guess I was confused thinking that up front taxes got to be paid right away as it was done in Acura dealership when I took my previous car. Now it makes it much more clear.