When I leased my Hummer last year GM was paying all but 1.5% of the sales tax which didn’t show up on the calculator but i knew from dealer about it. Not showing for Escalade IQ now either so maybe someone knows that has leased an IQ in Texas?
For clarification Texas charges sales tax on the sales price of a lease not the payment like other states.
The Lyriq currently gets the full sales tax credit, so you’ll only be on the hook for the 1.2% L&M fee. The Optiq and Vistiq get partial credits – I ended up paying about 2.7% on my Optiq. Not sure about the Escalade IQ, but I’d guess it gets at least some partial credit.
When you talk to the dealers, figure out your offer assuming that 1.2% L&M fee, and see what they say.
GM didn’t pay it. GM Financial received a credit for all their lease returns in the state. When these credits are allocated, new lessees only need to pay the balance (typically 1-1.5% of sales price)
a credit from who?
Is there any source for sales tax incentives? Lease hackr has nothing on sales tax and its a big cost in Texas where we are taxed on sales price.
Nothing official. It has been discussed many times.