GM Lease Transfer - NY

Hey Everyone,

I am looking to have a lease transfer initiated on my GM vehicle. Both myself and the assuming party are being told that NY tax will be owed directly to GM upon transferring the lease. When I got my vehicle, the taxes were rolled in. Are the taxes still going to be owed by the assuming party?

If so, will the taxes be based on the sticker price of the vehicle? Or will it go based off of the remaining lease payments? Any and all information would be greatly appreciated.

Thanks in advance :slight_smile:

The new lessee owes tax to the tune of:

Tax rate (which varies by county) X payment X number of months remaining

so both parties pay tax on the same months?

or do they remove the original tax rate and replace with the new

It’s treated the same as purchasing a car in NY: You paid your tax. Which has no bearing on the next person.

so the next guy pays the balance of my tax which is rolled into the payment and the tax on the remaining months.

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