09-10-2019, 09:40 AM | #1 |
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Lease transfer question regarding tax
I hope this is the right section to ask but I had a question regarding taxes and lease transfers.
I couldn’t help but notice some listings have monthly lease payments with tax and some without tax. Now I do understand that each state and county has different tax rates and rules but I wanted to see how to do an apples to apples comparison as this will be my first time trying to transfer a leased vehicle. For somebody that rolled taxes into their lease and is reflected in the monthly payment, wouldn’t the new lessee that takes over the lease still be on the hook for the original lease payment amount in addition to whatever city/county tax rules where they reside? If a seller rolled their taxes into their lease but list their pre tax payment, am I safe to assume that either they are going to reimburse the new lessee the remaining tax amount to get to the pre tax payment? Is it also safe to assume that the pre tax payment is only valid if all taxes and fee were paid up front by the original lessee? I apologize for all the questions but wanted to make sure as I am trying to transfer a lease for the first time and that all the information I share with interested parties is accurate and correct! Thank you everyone for your time!
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09-10-2019, 04:37 PM | #2 |
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Depends on what state. IE if I took over your lease in MD I would pay all the sales tax up front when I registered it. Then my lease payment would be whatever it is minus any and all tax. Having said that whomever takes over your lease is going to pay tax regardless, whether its in VA or some other state. Their payment will be without any tax or whatever % tax their states levies on a leased car. There would be no reimbursement for anyone on taxes that I am aware of.
Also when I took over a lease before from a guy in PA he had made X amount of tax payments on the car already, I took that number to the MVA and they subtracted that from the total tax I owed when I registered it. But again no one got any money back. My payment was just the lease + finance charge as I already paid all the tax $3k give or take. Make sense? |
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09-10-2019, 05:08 PM | #3 | |
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Quote:
I appreciate the help!
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09-13-2019, 01:35 AM | #4 |
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Yeah you basically financed your taxes, but in the lease, if that makes sense.
I don't think you could remove the taxes in that scenario since it'd be similar to removing taxes from your loan. As far as tax credits go, that'll depend on the state the new prospective lessee resides in.
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