I am helping family member with a lease. The car is being picked up in VA and will be registered in Missouri. The dealership is using Beacon title and tag service. Beacon is telling the dealership that the sales tax should be on the full cost of the car but from what I can find online, it should only be on the lease payment.
What is the correct method for sales tax computation?
Does anyone know of any documentation that spells out the correct taxation method for auto leases for cars registered in Missouri.
Also how are property taxes billed by Hyundai Financial? Do they send an invoice once Missouri bills them or do they collect the estimated property taxes up front for the term of the lease?
What is odd is that Beacon title and tag is instructing the dealership to use 7.1% as the tax rate which doesn’t line up with VA tax rate so no idea where they are getting that rate or methodology.
Who would typically pay back that overpayment? Would it be the dealership or the title service?
You’ll pay the property tax every December. The bank will pay the bill on your behalf and the bank will bill you for the prop tax. Personal experience with Chase and CCAP.