Hi Everyone! I’m looking to finalize a deal on an Elantra Value Edition and the numbers don’t match the calculator. Here are the numbers:
Sale Price: 19945
Money Factor: .00043
Tax in MA: 6.25%
Fees: Doc 395, tags 135, Acquisition 595
With 999 down (2343 out of pocket total to cover all fees) they are at 77 a month with Tax. The leasehackr calculator is at 61 per month with taxes. Is there something I’m missing? Maybe they quoted me tier 2 credit instead? I tried by hand but got a totally different number. Any insight? Thanks so much for the help!
Rebates are probably taxed in MA?
I don’t think they are taxed here. I think the only tax here is on the any out of pocket cap cost reductions.
Rebates are taxed:
In Massachusetts, a rebate from a motor vehicle manufacturer to a motor vehicle dealer or to the lessee of the vehicle which is used as a Capitalized Cost Reduction or otherwise applied to payments due under the lease is part of the sales price subject to tax in accordance with the provisions of Directive 97‑4.
Thanks for the info! I was going off an Edmunds article that stated that rebates are not taxed in MA.
DD 04-3 actually replaced that Tax law and rebates are not taxed. Maybe they quoted me with the wrong tax law.
Just to finish up this convo, the discrepancy in monthly payment waals they were marking up Money Factor by 40 points which is the highest allowed. After some back and forth, we ended up at 2k out of pocket and 77.68 a month. The actual Money Factor was .00064 (not .00043) and the dealer discount didn’t make it to 1500 (it ended up being about 1370). Pretty happy with the deal!