What safety features does it have? I am having a hard time reading the window sticker.
As I have never done a lease transfer before how would the taxes change with the lease moving to Tennessee? Is that possible with Toyota?
Sorry about that. Uploaded a better picture now.
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Toyota Safety Sense-P: Pre-collision Sys with Pedestrian Detection, Dynamic Radar Cruise Control, Lane Departure Alert w/ steering assist, Automatic high beams
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Star Safety System: Enhanced Vehicle Stability Control, Traction control, ABS, EBD, Brake Assist and Smart Stop Technology
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Blind Spot Monitor with Rear Cross Traffic Alert
Thanks. Is there a deductible on the securenet? Is that lease payment before tax?
The lease price includes tax. It is straight $326 per month and nothing more.
SecureNet has a deductible of $100 per repair if you take the car to any other dealership other than where it is purchased from (Toyota of Ft. Worth).
What is the tax % in Dallas/Ft Worth?
6.25% on the full price of the vehicle. That came out to $1617.66 which is included in the monthly payments. The negotiated sale price of the vehicle was $25,887.26. Gross Cap cost included TTL was $29,155.18. Current payoff is $28.5k.
So I would owe my state tax as well? How does all that work out?
You won’t owe anything. I have already paid taxes. You will simply take over my lease payment of $326 a month and that’s it. It doesn’t matter what state of reside in and what tax rate your state has. The leasing company will transfer my lease to you and I will pay the $200 for the lease transfer.
This is not true unless the state the car is being transferred to recognized taxes paid in Texas, and the assumee may still owe tax if the rate is higher or calculated differently.
Thanks for correcting me. If anyone is interested, please PM me and I can call Toyota Finanical Services and have them figure out if there is going to be a difference in payments.
Having been through this myself it’s highly unlikely you will get an answer from them. You or the assumee will have to call the dmv or equivalent where the vehicle will be transferred to and try to get an answer out them. It’s not fun but the key question that needs the be asked is if the state recognizes taxes paid in Texas if not it will be essentially taxed as a sale.
That is what I am afraid of. I will try calling the DMV today and see what they say. Being Memphis, I have very little hope that they will have any clue though.
So I called TFS this morning and was able to talk to someone very knowledgeable. According to her, the monthly payment will go down by $20-$25 since TN charges taxes on the amount you are using vs. full price of the vehicle like in Texas. I am assuming base sales tax in TN is 7% plus few other county taxes where as I paid 6.25% ($1617), you will be paying most probably half of that.
As soon as I provide your address in Memphis to TFS and begin the process, they will be able to quote the exact payment within a couple of days. The rep I talked to was 100% sure that’s how it works and the payment should go down based on TN tax laws.
Let me know what you find out from your dmv. Send me a PM and we can work out other details.
@AceMerchant That doesn’t really make sense. Wasn’t the entire tax already paid to Texas DMV? Is Texas DMV going to reimburse/refund TFS the taxes, which would then make the payments go?
I have been paying taxes as part of the monthly payments. Once the car is registered in TN, TFS will adjust the tax amount they will collect as part of the monthly payments.
You have been paying the taxes as part of the monthly, but wasn’t the entire amount already paid by TFS to Texas? I don’t see how that tax portion will just be deducted from the loan.
I am not an expert on this topic and there is not much information available on the internet. My guess is that TFS has paid whatever taxes were due to TX at lease inception and let me finance my obligation of taxes. Most probably they will get a credit from TX once the transfer goes through and car is registered in TN, they will pay due taxes to TN and start collecting the same from the new owner.
do you still have this available?
You realize this was from 11 months ago?
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