Hi all! I’m trying to buy a 2025 Rav4 SE Plug in Hybrid before the $6500 lease cash goes away at the end of the month. I just paid a refundable $500 deposit to reserve it, which is not shown on this yet. I also plan to buy it out as soon as I can. So MF/monthly payment doesn’t matter.
My main concern is with IL Sales Tax. Here we pay tax on the total amount of the lease payments, not the vehicles full cost. And then on buyout. It’s a bit confusing to me. So if anyone has experience with this in IL with an immediate buyout, that would be helpful!
I live in Metro East STL- Madison County for reference. It should be about 7% sales tax. Have to go to chicagoland to buy the car though. They know I’ll be coming from across state. They don’t know I plan to buy it out immediatly.
To minimize how much I spend on taxes after everything is said and done, which method should I use? 1 pay lease or traditional lease? And then the buyout with either of course.
I got the adj cap cost down as much as I could. I hope the $500 decreases this further, but I have a feeling it’s going to go towards $ down.
Please let me know which lease method I should use. TIA!
This assumes that taxes are levied on the monthly base payment streams. The way that a single pay lease is structured for immediate buyout is extremely important which is covered in detail in this pdf.
it’s times like this I wish I followed through with that degree in mathematics and computer science. Those numbers are making my head spin!
I’m a bit worried with my dealer. He won’t rewrite my lease terms for a 1 payment lease. He just jotted down the sum of the traditional lease payments and offered it. I also feel like there should be a lot more details???
How do I get him to rewrite the lease for a 1 payment lease?
He’s not cooperating. Time to move on to another dealer. Only this time, you control the deal. Create a lease proposal. Look at the single pay doc that I posted. This might help too…
