Lease questions & Help
07-26-14, 11:11 AM
#31
Lexus Test Driver
This is what I got from Leaseguide.com ... the numbers match and I have an Excel spreadsheet I created using this guide here: http://www.edmunds.com/car-leasing/c...cat=affiliates and the numbers matched too ... I dunno. 
Here is my calculation from Leaseguide.com ...
The tax might be the difference - VA calculates tax on the purchase price not the lease payment, so I have to pay $2172 in taxes divided by 27.
Thanks again for your help, I appreciate it!
Here is my calculation from Leaseguide.com ...
The tax might be the difference - VA calculates tax on the purchase price not the lease payment, so I have to pay $2172 in taxes divided by 27.
Thanks again for your help, I appreciate it!
Thanks, Bill G
07-26-14, 11:41 AM
#32
No, if I decide to purchase the vehicle at the lease end I do not pay again so long as I do it at the same dealership or through Lexus financial.
But - if I do not buy the vehicle at the end then I don't get anything back on the taxes, I just get screwed
There is also no tax "relief" if I trade in my car and buy or lease a new one.I also get the privilege of paying property tax every year on each of my vehicles to the county. The state of VA pays a large percentage of that property tax (up to $20,000 of assessed value) to the county for me, but I think I will owe ~1500 this year and close to that next year. As the car depreciates I will pay less every year - but its still annoying.
https://www.dmv.virginia.gov/vehicles/#leased.asp
Motor Vehicle Sales and Use Tax (MVSUT) is normally collected when titling the vehicle in the lessee's name; however, if the lessee is the original person who paid Sales and Use Tax (SUT) on behalf of the lessor he may be exempt from paying it again. The lessee must present proof that the payment was made. Additionally, the vehicle must be either acquired directly from the lessor or from the selling dealer who leased the vehicle to the lessee initially. Purchases made through another dealer will disqualify the lessee from receiving the exemption from Motor Vehicle Sales and Use Tax (MVSUT). The title must include an individual named on the lease. The lease must be to a person or persons, and it shall not include any commercial entity as a lessee.
07-26-14, 12:00 PM
#34
Lexus Test Driver
Wow - as if we don't already pay enough taxes. It even pains me that states get sales tax on the initial purchase and collect again each time that vehicle is resold - what a racket.
07-26-14, 12:04 PM
#35
Lexus Test Driver
Thanks!
No, if I decide to purchase the vehicle at the lease end I do not pay again so long as I do it at the same dealership or through Lexus financial.
But - if I do not buy the vehicle at the end then I don't get anything back on the taxes, I just get screwed There is also no tax "relief" if I trade in my car and buy or lease a new one.
I also get the privilege of paying property tax every year on each of my vehicles to the county. The state of VA pays a large percentage of that property tax (up to $20,000 of assessed value) to the county for me, but I think I will owe ~1500 this year and close to that next year. As the car depreciates I will pay less every year - but its still annoying.
https://www.dmv.virginia.gov/vehicles/#leased.asp
No, if I decide to purchase the vehicle at the lease end I do not pay again so long as I do it at the same dealership or through Lexus financial.
But - if I do not buy the vehicle at the end then I don't get anything back on the taxes, I just get screwed
There is also no tax "relief" if I trade in my car and buy or lease a new one.I also get the privilege of paying property tax every year on each of my vehicles to the county. The state of VA pays a large percentage of that property tax (up to $20,000 of assessed value) to the county for me, but I think I will owe ~1500 this year and close to that next year. As the car depreciates I will pay less every year - but its still annoying.
https://www.dmv.virginia.gov/vehicles/#leased.asp
07-26-14, 05:25 PM
#36
Lexus Test Driver
The way it works is this, if the state allows banks to put the owners name on the Title even if it is a lease than you dont pay the Tax twice, but if the state does not allow to pit the new owner name on the title, in which case the bank is the owner if the car even if you pay it off in order to transfer if ownership you have to pay the Tax again. I hope that explains.
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