Let’s get balloon mode in the roadmap !!
2 Likes
why not do a small “donation” to unlock it , there is alot of value here…
Definitely Texas!
That’s it. I run out of ideas.
I need some clarifications on trade-in credits.
For the purpose of this discussion, let’s define the terms:
Trade-in Equity = Trade-in Value - Trade-in Payoff
If there is no lien on your car (no remaining loan balances), your Trade-In Equity = Trade-in Value.
Each state provides for trade-in credit differently. What I am not certain about is whether the trade-in equity or the trade-in value is tax-free in each state. Here are some examples:
| State | Tax Base | Tax Rule |
|---|---|---|
| California | Trade-in Equity | TAXED |
| Virginia | Trade-in Equity | TAXED |
| Georgia | Trade-in Value | TAX-FREE |
| New York | Trade-in Equity? | TAX-FREE |
| Texas | Trade-in Equity? | TAX-FREE |
| Florida | Trade-in Value [1] | TAX-FREE |
| New Jersey | Trade-in Equity? | TAX-FREE |
| Illinois | Trade-in Value[2] | TAX-FREE |
If you know your state’s tax rules on trade-ins, please share! While we can program in the variations of tax rules on trade-ins for users to select, I don’t think it’s useful without labeling them by major states. Most consumers would not know what tax rules they are subject to (I certainly don’t).
Correct me if I am wrong – some states don’t offer tax credits on lease trade-ins (or you simply can’t trade-in a lease. E.g., Texas and New Jersey)
Appreciate your input!
I know Illinois does not (unless it is a balloon lease like an Owner’s Choice) and most other states don’t.
Does Illinois offer tax credit on the Trade-in Value or the Trade-in Equity?
payment stopped updating when you trigger mileage…
We disabled the auto mileage adjustment based on residual adjustment because people were getting confused. It seems like it’s causing equal confusion when it doesn’t auto-adjust…
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Please enable it lol. it’s very useful.
Florida is trade-in value for tax credit calculation.
Trade-In Allowance
A registered motor vehicle dealer may deduct a trade-in allowance from the taxable sales price of a motor vehicle when, in a single transaction, tangible personal property (not real property) is traded as part of the motor vehicle sale. If the sale is between individuals (not registered with the Department), the purchaser must, in a single transaction, trade an aircraft, boat, motor vehicle, or mobile home for the motor vehicle being purchased.
Does Trade-In Allowance always mean Trade-in Value? I wasn’t sure if it’s the Gross Trade-In Allowance or Net Trade-in Allowance (after deducting Trade-In Payoff).
Payoff is not used for tax credit in FL.
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Value. So if you trade in is $60k and you are buying a $100k car, you are taxed on $40k.
Just to confirm: if you trade-in a $60k car which has a $30k payoff balanced to buy a $100k car, you are taxed on $40k not $70k?
Correct. Payoff is irrelevant to the taxable portion.
3 Likes
The mileage/residual value auto-adjustment has been reinstated.
1 Like
thanks v much
can you please also fix the glitch where capping / uncapping the bank fee doesn’t change the pmt?