I did read that too. Thanks for pointing it out! I may pay it off to own it outright and re-sell it. The pandemic has changed our lifestyle so a 7seater isn’t desired anymore.
If you pay it off you might owe taxes on the remaining amount depending on your state.
If you plan to sell it after payoff Anyway, it’s Better to just get a dealer pay off quote from Infiniti and compare it to quote from Vroom carvana etc.
I have read conflicting information here and elsewhere about the tax situation in Maryland for lease transfers. Is it true that I would have to pay the state tax of 6% on the total cost MSRP of the car --rather than 6% of the total of all the lease payments, as is done in most other states? Is this anomaly true for new leases from dealers as well, or just for private lease transfers? I have read that some Maryland dealers will try to work with people to help mitigate the tax hit but I don’t know if that is really true.
I really appreciate any info you or anyone else can give me. I have been contemplating leasing for several months and the tax question is holding me back. I can’t find a definitive answer on Maryland’s Motor Vehicle Administration website.
From what I understand
When you lease a car in MD you pay 6% on the agreed upon value of the car.
If you assume a lease that is registered in MD you don’t pay any further taxes.
If you assume a lease from out of state you pay 6% of the current value (or payoff) of the car
If the car is registered in MD then he has already paid 6% tax. I’m not sure how he is coming up with $470 (pre-tax). Why does the monthly payment increase with incentive?? If the $470 includes tax then, I’m interested in buying it. PM me
