Current mileage: 28500
Maturity mileage: 49200
Effective miles per month: 1333
Maturity date: 8/30/2022
MSD due (if any): no
Cash due (if any):
Incentive for new lessee (if any):
Financial institution:
Transfer fee: 500
Out-of-state transfer allowed (yes/no): yes
Vehicle condition (accidents, tire wear, etc.), options, and other details: very well maintained, no accidents, premium pack 2, convenience pack. Blue exterior, black interior.
NOTE- my payment is $548 including taxes, I’m in NY. I don’t know how transfers are taxed. So if there would be no tax for assuming this lease your payment would be 548 as it includes the taxes I have already paid. Pardon my ignorance on this subject it is my first transfer.
Sales tax in NY is just shy of 9% so one can assume that the pre-tax payment is in the area of $500/month. Add your NJ sales tax to it (6.625%) and you will be just shy of the current owners payment inclusive.
Pretty sure any state but NY will be paying tax on top of this payment since NY collects tax upfront. Might be able to get a refund, not sure how that works and good luck getting money from NY
In NY, NJ and similar states: yes, tax will be due upfront again as rate x monthly payment from the contract x months remaining.
BMWFS may capitalize that lumpsum and essentially lend that money to the next lessee to be repaid monthly alongside the payment; if they don’t then the lessee pays the lumpsum directly to the state at the DMV.
