Hi all,
Was hoping to gain a little insight from some of you if possible. I am looking into leasing a 2021 Camaro LT1 from a CT dealer. Initially, I was told the amount would be $420 down with $1789 due at signing for a 39 month lease. A few days later I evidently get a call explaining that it is now $459 down with $1789 due at signing because they had to redo the deal based on my NJ residence, which they did not due prior. They explained that this was all related to calculating tax once they inputted my residence.
I have uploaded the numbers they gave me based on CT and then based on NJ, once they input my residence. You’ll see that for the CT numbers, the total tax calculation comes out to approximately $1200. But you’ll then see that for the NJ numbers, tax comes out to $3000+. I looked through these for a while and came to the conclusion that they appear to be calculating the NJ tax based on the entire MSRP (and not lease amount) of the vehicle. That is how they are getting to $3000. But now it’s majorly inflating the price of the lease and killing the deal (if you could call it that). I explained this to them but they are not budging on this. They don’t even know how they got to $3000 tax … All they know is that this is what I must pay because they think NJ will come after them for this amount.
To be clear, the tax rates are virtually the same between both states so I don’t see how we can have such a discrepancy.
Any insight would help. Thank you so much.
UPDATE: I finally got in touch with someone sensible at the dealership–the general sales manager. Believe it or not, she acknowledged that the calculations were coming out wrong and that the $3000 tax bill made no sense. She said she is going to try to work this out with GM Financial to see if they can confirm exactly how it should be done in the end. And I spoke with GM Financial who did confirm that the dealership should be calculating tax based off the lease amount and not MSRP of the vehicle. So hopefully this will be resolved in the end.
