Is anyone aware of any gotcha’s or weird aspects of a lease buyout in Virginia? I plan to buy a new Toyota RAV4 Prime tomorrow to get the incentives, and then buyout the lease as soon as I can afford it.
While going through the lease calculator and a sample of another person’s Toyota lease I found that tax rules vary quite a bit between states (the sample lease I found was from California).
Virginia makes you pay sales tax up front on the capitalized cost + incentives + acquisition fee, although the rate is a reasonable 4.15%. There is also no tax credit for trading your old car. I’m fine with that because now I understand it, but I don’t want to be caught by other unexpected fees when I do the buyout.
Thanks.