I hope this is posted is the right forum category.
I am currently leasing a car through Infiniti and received full tax credits. Taxes on cars leased in Texas are based on the sales price. So the tax credit I received is very favorable.
My question is, if I decide to buy the car from IFS at the end of the lease term, would I pay taxes again based upon the residual, or would I get to keep the entire tax credit?
It’s viewed as 2 separate transactions due to the lease vehicle being in the financial companies name, and then the purchased vehicle being in your name. I don’t know of anyway to avoid the remaining tax on an existing lease, unless maybe you could get tax credits again on the purchase.
The only way around this is BMWs Owners Choice financial product which is like a lease but puts the vehicle in your name so avoids the double tax on purchase.
can you PM me the Infiniti dealer you got tax credits from? Looking to lease a QX60 in Dallas and the tax credits will probably be the decisive factor on whether I can do a leasehacker deal or not… thx