Is the taxes correct on this? Negotiating a lease based in OK but living in FL

Ask the Hackrs Buy/Finance
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1

Starting to work on a deal with a dealer thats in Oklahoma and I think the taxes are being calculated wrong. Where I live its 6% state plus .5 county tax. Over emails the dealer wasn’t sure about the taxes for Florida so I told them it 6.5% for where I live. From what I’m seeing they’re taxing me on MSRP before the MSRP discount not including the incentives. Shouldn’t it be the discounted MSRP? Also from what i read in Florida for leases your only taxed on the monthly lease payment it shouldn’t be the total MSRP. Here’s there break down.

Price Details

  • Gross Capitalized Cost: $74,931.15
  • MSRP: $74,360.00
  • Dealer Discount: -$5,250.00
  • Acquisition Fee: $650.00
  • Doc Fee: $379.00
  • Title Fee: $300.00
  • Tax: $4,492.15

Capitalized Cost Reduction

  • Cash: $0.00
  • Cash Rebate: -$8,300.00

Adjusted Capitalized Cost

  • Adjusted Capitalized Cost: $66,631.15

Lease Breakdown

  • Cash Due At Signing: $799.08
  • First Monthly Payment: $799.08
  • Total Due At Signing: $8,300.00
  • Rebates Applied: $8,300.00
  • Residual Percentage: 64%
  • Residual Value: $47,590.40
  • Rent Charge: $137.07
  • Lease Term: 24 months
  • Number of Lease Payments: 24
  • Base Monthly Payment: $799.08

Does this seem right to y’all?

Thanks!

2

This is taxed wrong for FL.

Im guessing based on the msrp and incentives, this is an ev9 land. If so, i got a better deal than this in FL. No need to go out of state.

3

Honestly in the end it’s high in general.

Don’t know the dealer but if it’s the dealer who is from OK on Carguru AND IS always the top choices for being the “cheapest” be extremely careful. I’ve heard they are tough to work with and known to change up # s etc.

I worked with a few Kia dealerships recently in NJ and they are known to be not the greatest and I was getting better numbers (even if we had sales tax)

4

One should really be targetting a unit that gets the extra $1500 vin specific incentive on these anyway.

5

Your correct! That’s good to hear you were able to get a better deal in FL I’m having trouble with that. One broker i was talking with saying they avoid leases in Florida due to the higher fees thats are taxed and the charging high fees for DMV paper work.

This one I thought was nice since they were discounting the MSRP little over 8% was going to see if I could get it down to 10% . Let me ask you because I’m getting conflicting info . In Florida is the lease just taxed on the monthly payment per the lease term? When I put the numbers in the Edmund’s lease calculator the taxes on are under I think $1000.

6

You will get higher dealer doc fees in FL, but you also dont have to pay $1200 to ship it from OK, so you’ll come out ahead.

In FL, you pay upfront taxes on any taxed cap cost reductions (mainly the incentives), and then tax is on the monthly payment.

Also, your discount is about 7%, not over 8%.