Does anybody know if new vehicle leases in Colorado include the first year of “specific ownership tax” as part of their initial tax/tag/reg fees?
It’s usually a pretty high fee, calculated as 2.10% of 85% of MSRP for the first year and going down each year thereafter. Looking at signing a lease and the dealer says this is paid separately directly by the Lessee after receiving the “title complete notice” in the mail and that they are only responsible for paying sales and use tax, however I’ve always seen new leases include ALL reg fees.
Dealer is correct, specific ownership ie registration/plates is handled after the sale at the DMV, and it’s like 2% of whatever they think your vehicle is worth. So my Ariya I just leased was $976 for plates, they valued it at $38k, MSRP was $44k.
@ApexHunt is correct. The specific ownership tax is paid to CO DMV when you register the vehicle. My registration paid last month for a new lease has 22 separate items including specific ownership tax (by far the largest item) to register the vehicle. I have not experienced a CO dealership collect any registration fees for a lease or purchase.
They collect $7.20 for your temp tags (valid for 2 months) and then just send all your paperwork to DMV. I just paid $1,700 on my RX450h+ registration, but then again I will collect $5k in state tax refund so I can’t really complain…
