Are you in Chicago proper? Or Suburban chicagoland/suburban cook county?
The numbers don’t make sense for being in Chicago proper (the actual city limits).
that tax is wrong @ 5.7%
- 9.5% in the city of Chicago
- 8.25% in suburban Cook County
- 7.25% outside of Cook County and Chicago
City of Chicago is 9.5% plus 8.25% cook county
is the dealer out of state or IL
why the $1000 doc fee? IL is capped at $347.26
Gov Fee is $316
Assuming MF and RV are correct and fixed taxes (17.75%) and TTL it’s = $1155 down plus first month ($2205) with monthly of $1050
maybe @wam22 can state correct taxes since he’s a dealer
i was lucky for this very reason all proof of address had Schaumburg still slapped with 8.25%
The city is 9.5 plus 9 for lease use tax. Best to finance or write a check. Or check out BMW Owner’s Choice balloon.
i mustve made a mistake there - good luck OP paying ~18ish% tax
The 9.5 includes Cook 8.25 plus additional city tax. The use tax of 9 is city special adder to people who want to light their money on fire.
I looked at the quote and I am guessing the Admin fee is a $358 doc fee (2024 legal limit), an electronic $35 registration fee, and $156 title fee. I am guessing the $90 is for transferring plates. The total in fees should add up to $709 for new plates or $583 for transfer including doc and electronic transfer fee.
But also keep in mind that Cook County dealers have a .25% added sales tax for new cars while other dealers do not. So 8.25% in Cook County becomes 8% if you buy in Lake County even if you register in Cook.
And leasing in Chicago is effectively more than 18% since you are paying tax on tax. If you have to lease in Chicago, almost always take the balloon options (owner’s choice, premier purchase, etc). Cheaper per month plus you retain the trade-in tax credit.
@wam22 - Thanks for the comments.
I live in city of Chicago and this car will be from out of state. I need to learn the tax and fee implications of leasing a car from out of state while living in the city.
I’ll inquire with dealer about owner’s choice and premier purchase for out of state customers.
If the car is out of state - Most likely the dealer isn’t familiar with Chicago tax or BMW Owners Choice.
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You most likely won’t get a good answer until you go to register the vehicle so try to call IL SoS/DMV to see what they say upfront.
Call BMWFS and ask about your scenario/Owner’s Choice.
Why are you hung up on leasing especially when there are no real incentives and a high MF? It will cost an additional $3500-$4000 to lease over 36 months living in the city.
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news to me that cook county dealers gotta add the .25%
when you buy out of state and register in Chicago, a lot of contracts get kicked back if the dealer doesn’t calculate the tax correctly or you get hit with a bill from Chicago for the extra tax. Same thing if you move from the burbs to Chicago. Chicago might send you a bill if you re-register the car.
Well kept secret and only on new cars.
So, I’m probably going to pick this up this weekend… However, before doing so, I asked for the full breakdown of all figures 'cause I’d like to understand the entire deal structure. Below is what I received in return. The only piece that’s missing is the MF/interest. Given the info in the 'Monthly Payment" section, is there a way to back into or reverse-engineer the MF?
Please, don’t misunderstand, I know this is a decent deal (especially, with the discount). And paying $36k over 3 yrs for this car is not the end of the world. I’d just like to know exactly everything involved with the deal. I prefer full transparency and want to feel comfortable while signing off.
I appreciate everyone’s feedback so far.
If my math is correct, it looks like they are using a .0019 MF.Also get them to break out the inception fees. I can’t figure out where that total comes from. They may be hitting you with something else besides taxes, title and license fees.
Everything is laid out above in the dealer quotes the OP has posted.
OP here’s your calc, it does look like base MF .00190.
Where does the $4556.99 in inception fees come from? I can’t get that total from the OP’s numbers.
On the dealer desking sheet that is composed of $999 first mo payment plus $3467 upfront tax plus $90 license fee.
There are very few things that are the end of the world. You could be stuck between a rock and … another rock and have to saw your own arm off with a blunt knife and it wouldn’t be the end of the world. Not even figuratively speaking.
Maybe the bar should be ever so slightly higher than that?
The discount presents you with a wonderful opportunity to buy a car that you presumably find highly desirable. If the car is so desirable why are you overpaying to rent it, basically paying through the nose for the option to chuck the keys back in exactly N months and run away from it?
Every day a new quote pops up on this site that resembles rentacenter more than the financial savvy of LH.
Is there any other depreciating asset in your life that you’re spending such a high % of its purchase price to rent it for so little of its useful life?
Would you rent an $349 Xbox at this rate?
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Astute point - I would buy it - 15k discount off the rip puts you in positive equity territory I’m guessing
Car really won’t depreciate that much since it’s “special”
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