For NY/NJ, I have a few questions
if I start a new lease, pay the taxes up front, then transfer the lease - is it expected that new leasee pay those taxes to me, or a portion of them depending in what’s remaining on lease at least? Do they transfer between states (if was in NY before, then transferred to NJ)?
Thanks, this forum has been great!
I wouldn’t expect them to pay the taxes back to you personally. You could get away with asking for an upfront payment to bring the transfer to market value, but that has little to do with if it was the taxes you paid up front.
Likewise, if you total the car, you aren’t getting any of the taxes back.
So that begs the question… why would you pay the taxes up front rather than roll them in?
True, I guess could just ask to roll into monthly but was just going off the LH calculator that adds them in to up front cost for NY/NJ
Unless something has changed, about eight years ago I took over a lease that was from NY. When I registered it in FL, the 7% state sales tax was added onto the payment. No refunds of any upfront taxes paid were given.
I called bmw last week about a lease transfer from NJ to Pa and this was the policy. I had to pay 9% on top of their payment which already had the taxes paid. Double taxation at its best. Seems NJ should refund a portion of the taxes but that likely would never happen
Imagine you purchased the car, paid the tax and then sold it to someone else. Would they need to pay an additional tax? You betcha!
The fact that you are paying the tax monthly is just a device, you are being taxed on the entire cost of the lease. You might not like it, but each transaction generates another tax.