Lease offer from dealer (NY): What do you think?
Dec 26, 2007 | 03:33 PM
Joined: Aug 2007
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From: SC
Quote:
Originally Posted by
SAFNYC
The monthly payment for a lease consists of, at least, the monthly depreciation fee and the finance charge from the leasing company. Sales tax is definitely paid on the sum of these two fees. You may not want to roll the bank fee and other dealer/DMV fees in to the monthly fee, but that does not mean you won't pay taxes on them. So I would not look at sales tax by saying "you only pay tax on the monthly payment", because, as in my case, I am paying the bank fee and other dealer/DMV fees upfront but I am also paying tax on those fees.
In Jersey you don't pay sales tax on DMV fees.I don't believe you pay sales tax on bank fees..
You pay sales tax on your monthly lease payment.
Last edited by Joeb427; Dec 26, 2007 at 03:59 PM .
Dec 26, 2007 | 03:57 PM
Thread Starter
Joined: Oct 2007
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From: New York
Quote:
Originally Posted by
Joeb427
In Jersey you don't pay sales tax on DMV fees.I don't believe you pay sales tax on bank fees..
I have to check on this for New York. I'll bet it differs from state to state. Thanks for bringing this to light
SAF
Dec 26, 2007 | 03:59 PM
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From: SC
Quote:
Originally Posted by
SAFNYC
I have to check on this for New York. I'll bet it differs from state to state. Thanks for bringing this to light
Good idea.
Check NY.
In October 2005 NJ changed the way they collect sales tax on leases.
Sales tax in NJ is now based on the monthly payment, paid up front.
Dec 26, 2007 | 10:09 PM
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From: NY
I have 2006 is 250awd with the premium package no navi and i pay 350 a month with 4gees down.
Dec 27, 2007 | 05:32 AM
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From: fort lee
Quote:
Originally Posted by
z4frosik
I have 2006 is 250awd with the premium package no navi and i pay 350 a month with 4gees down.
where did you get it? that's better than what i'm paying!
Dec 27, 2007 | 10:49 AM
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From: NY
Dec 27, 2007 | 03:32 PM
Thread Starter
Joined: Oct 2007
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From: New York
Quote:
Originally Posted by
z4frosik
I have 2006 is 250awd with the premium package no navi and i pay 350 a month with 4gees down.
Thanks, but I can't compare my deal with your deal because you don't have the NAV, and not to mention your car is a 2006.
SAF
Jan 1, 2008 | 07:24 PM
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From: New York
This deal is done.
Jan 2, 2008 | 08:01 AM
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From: fort lee
Quote:
Originally Posted by
SAFNYC
This deal is done.
soulds like a great deal, what was the total out of pocket at signing and what dealer?
Jan 2, 2008 | 08:03 AM
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From: SC
Quote:
Originally Posted by
SAFNYC
This deal is done.
$450 including sales tax?
Jan 2, 2008 | 03:45 PM
Thread Starter
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From: New York
Quote:
Originally Posted by
mark5
soulds like a great deal, what was the total out of pocket at signing and what dealer?
Out of pocket cost due at delivery is $2400. The breakdown is...
$1,400 sales tax
$600 bank fee
...and the rest is tire, DMV, and other bull***** fees.
SAF
Jan 2, 2008 | 03:46 PM
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From: New York
Quote:
Originally Posted by
Joeb427
$450 including sales tax?
No, $450 is the monthly payment for the depreciation and financing. The sales tax is about $1400, and I am paying that up front.
SAF
Jan 2, 2008 | 03:49 PM
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From: SC
Quote:
Originally Posted by
SAFNYC
No, $450 is the monthly payment for the depreciation and financing. The sales tax is about $1400, and I am paying that up front.
NY is different than NJ.
In Jersey you pay sales tax on your payment.
Jan 2, 2008 | 03:51 PM
Thread Starter
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From: New York
Quote:
Originally Posted by
Joeb427
NY is different than NJ.
Is that mandatory? If it is, that means you are getting hit with financing charges on the sales tax. I paid the sales tax upfront to avoid that.
SAF
Jan 2, 2008 | 03:54 PM
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From: SC
Quote:
Originally Posted by
SAFNYC
Is that mandatory? If it is, that means you are getting hit with financing charges on the sales tax. I paid the sales tax upfront to avoid that.
I leased a car about 12 years ago and I think I only paid sales tax on my payment and not on bank fees and down payment.
