Hi, I’m interested in your car.
In Virginia, the sales tax on a leased vehicle is based on the total purchase price and can either be paid upfront or rolled into the monthly lease payments.
Do you know how it was calculated in New Jersey in your case? Could you please check your lease agreement to see if the tax was added to the total and included in the monthly payments, or if it appears as a separate line item in each monthly. Thanks
I’m not sure if you are correct. Unless the laws have changed, Virginia use to credit taxes paid in another State.
Virginia does give credit for motor vehicle sales/use tax paid to another state when you’re registering a leased vehicle transferred from out of state.
The owner doesn’t change which is BMWFS the leasee changes
Hey, beautiful car. Are you actually paying any tax and if so, what is the %? I know for a while NJ had 0% on EVs. But I bet bunch of other potential buyers (like me in NYC) need to know what the tax % is so we can figure out what we will need to pay in tax.
Good question. New Jersey made changes to EV taxes in the last year. I’m not sure how much tax I have been paying for this car to be honest. In the lease agreement the sales tax and the monthly use tax are listed as zero. So possibly the transferee will have to add taxes to these payments depending on their location.
Tax is levied up front in NJ. Your payment will be the $689 + potentially $500 in IMF tax to South Carolina. The NJ tax already baked into the contract/payment will not be removed.
A sale does not technically occur with lease transfers, so IMF may not be applicable, but I see that as your max downside in SC.
