Taking over a lease in NY

ineedae46m3 · 12-10-2017, 04:22 PM

If you live in NY and you take over a lease in NY do you have to pay tax again on the remaining lease payments even though the tax has “already” been paid?

What if someone is taking over a NY lease from a different state? They are paying for NY tax indirectly and then their tax as well?

R N M · 12-10-2017, 06:31 PM

Yes you need to pay the tax again unfortunately. NY tax is collected upfront at registration even if you include it in your monthly payment, so basically we get screwed if you do lease transfer.

JohnnyF80 · 12-11-2017, 08:08 PM

Quote:

Originally Posted by R N M

Yes you need to pay the tax again unfortunately. NY tax is collected upfront at registration even if you include it in your monthly payment, so basically we get screwed if you do lease transfer.

Is this true for just NY or everywhere? I am currently trying to swap into a lease from NJ and I am from PA. I have heard that since they pay the tax up front I am stuck paying the full 9% tax again. But also heard from someone who works at BMW that they can't charge tax for the same car twice. So the tax should be the difference of the NJ 6.875% to my PA 9%.

ImGoingPlaces · 12-11-2017, 11:06 PM

just did this and yes, tax for the remaining lease payments was actually added to my bill, and remains there unpaid until i figure out a way around this. And by that i mean how to get refunded when i let someone take the car over from me. It had 29 payments remaining when i took it, and i plan to post it up for takeover with 18-24 months remaining. theres no way im getting stuck paying all this taxes its almost 2500$

anyone ever have this situation in New York ? is there a way to get refunded if you prove the car is now registered in someone elses name? i read a story on here from a guy in NJ who did this successfully but im not convinced NY will be as friendly

R N M · 12-12-2017, 01:01 PM

From all my research and speaking with BMW Financial - NYS will NOT refund any prorated amount of the sales tax.

I transferred my lease last year and was very upset. You do get back part of your registration fees when you turn in your plates.

Double taxation at its finest.

12-10-2017, 04:22 PM	#1
ineedae46m3 Lieutenant 105 Rep 441 Posts Drives: F80 M3 Join Date: Jan 2008 Location: NY iTrader: (1)	Taking over a lease in NY If you live in NY and you take over a lease in NY do you have to pay tax again on the remaining lease payments even though the tax has “already” been paid? What if someone is taking over a NY lease from a different state? They are paying for NY tax indirectly and then their tax as well? __________________ 2018 F80 M3 - 6MT - Alpine - Sakhir 2015 F22 M235i - 6MT - Estoril - Oyster - SOLD 2007 E90 335i - 6MT - Crimson - Terra - SOLD
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12-10-2017, 06:31 PM	#2
R N M Colonel 3633 Rep 2,051 Posts Drives: F80 M3 Join Date: Apr 2009 Location: NYC iTrader: (0) Garage List 2016 BMW M3 [0.00]	Yes you need to pay the tax again unfortunately. NY tax is collected upfront at registration even if you include it in your monthly payment, so basically we get screwed if you do lease transfer.
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12-11-2017, 11:06 PM	#4
ImGoingPlaces First Lieutenant 185 Rep 379 Posts Drives: AMG GTS Join Date: Sep 2014 Location: USA iTrader: (0)	just did this and yes, tax for the remaining lease payments was actually added to my bill, and remains there unpaid until i figure out a way around this. And by that i mean how to get refunded when i let someone take the car over from me. It had 29 payments remaining when i took it, and i plan to post it up for takeover with 18-24 months remaining. theres no way im getting stuck paying all this taxes its almost 2500$ anyone ever have this situation in New York ? is there a way to get refunded if you prove the car is now registered in someone elses name? i read a story on here from a guy in NJ who did this successfully but im not convinced NY will be as friendly
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12-12-2017, 01:01 PM	#5
R N M Colonel 3633 Rep 2,051 Posts Drives: F80 M3 Join Date: Apr 2009 Location: NYC iTrader: (0) Garage List 2016 BMW M3 [0.00]	From all my research and speaking with BMW Financial - NYS will NOT refund any prorated amount of the sales tax. I transferred my lease last year and was very upset. You do get back part of your registration fees when you turn in your plates. Double taxation at its finest.
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