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):
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.
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.