Total Purchase: 226,395.00
Trade Allowance: 187,992.00
Trade Difference: 38,403.00
Doc Fee: 150
Tax: 2,282.75
Non Tax Fees: 724.65
Net Price: 43,055
Trade Payoff: 187,992.00
Balance: 231,047.40
.00250 MF and residual is 62%
They said they added tax credits to the deal. I DO NOT have a trade? Not sure why they put a trade in, and I said I will be putting 15K DOWN as well, which I do not see there?
Maybe @IAC or @Electric can provide more insight, but it seems like they are doing you a favor. They are adding in a “fake” trade to save you on taxes since Texas taxes you on the entire price. So instead of paying taxes on $200k+, you are paying taxes on $38k.
Maybe their system is dumb and can’t do tax credits, so they are inputing a trade-in as a workaround, which makes the tax amount the same amount as after the tax credits.
I am guessing the way you get tax credits is by having a car that they need to be applied to. In this case it is the trade in. I will wait for someone with more knowledge on Taxes taxes to chime in, but that is similar to how it worked in Chicago for me.