Thread: tax on a lease?
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Old May 27, 2004 | 03:41 PM
  #13 (permalink)  
OutOvTuch's Avatar
OutOvTuch
Joined: Apr 2004
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Greybeard,

I looked up Texas laws on leasing. This is what the article said.

In some states, such as Ohio, you pay sales tax up front on the capitalized lease cost. In other states, such as Texas and Illinois, you actually pay sales tax on the full value of the leased car, not just the leased value, just as if you were buying it. Not fair at all, and another opportunity for more reasonable tax laws in those states.

If you are quoted at $299 with the 5 g's down the deal isn't so bad. I live in California so I'm paying $299 plus $25 in taxes(8.25%) which totals $324 a month. My drive off on the auto was $2600 with registration and license. The dealer tried to con me by saying auto would be $50 a month higher. He also tried to con me by saying I had to pay the taxes on the full value of the car which I knew wasn't valid in Cali from previous leases I've had. Slice it down, you're paying about $1200 more over the term of the lease than I would, which is about equivalent to the tax on the $20,000 residual of the car. Your deal is pretty equivalent to what everyone else is getting. I didn't have to pay security deposit. Also a reminder, all leasees of the Crossfire will have to pay a $300 car disposal fee on the lease if it's not purchased when car is returned.

Nissan 350z leases in my area are going for $500 a month plus tax with $2,500 drive off. This is for the base model too. For the money nothing compares to this lease. People were paying upwards of $600 a month just six months ago to lease a Crossfire. The dealers are still in business to make money so they aren't gonna let them go for free.
 
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