Got a question. Assuming I go from a lease to a purchase. Instead of grounding a lease. What if I was to trade it in for a new car purchase, would they allow a sales credit toward a new one? That would be enough to make up the disposal fee and then some for a deal I am looking into.
Example: Let say the payoff on lease car is 20000 and the dealer will PURCHASE it at 21000 exactly. New car is 25K. Would I be allow to pay just $5K in sales tax or would the DMV just give you a 1K tax credit or absolutely nothing?
we’re kind of on the same boat. I have a 2018 infiniti q50 sport model fully equipped and the car is selling around 28-32k used… obviously if i were to get my car appraised they’d offer me anywhere from 18k-24k just a guestimate. And what i owe on my lease is around 20k…Would i be up in equity or negative equity? What are the consequences of turning in my lease to purchase a new car? can i come up with my own apr from other banks and credit unions?
If you’re able to sell or trade in your car for more than the payoff on it, you’ll get the difference as positive equity. However, the original question was more about the tax implications, which was answered above. (You generally still need to pay tax on the full purchase price of the new car).
Similar question here and hoping someone can shed some light for me.
car 1 - Lease - payoff $50k - estimated value $58k
trading for
used car 2 - Purchasing(not leasing again) - cost 57k - net retail $49k (after 8k equity from trade)
My question, do I still pay Nevada sales tax on the 49k retail cost of the new car or is sales tax null because of the trade in tax credit offered in NV.
Dealer is telling me that my financed OTD price is 54k because of the 8% sales tax.
I contacted leasing co and the total amount of taxes paid to this point is $1740 over 30 months.
Any way for me to fight and get the $1740 credited toward the new tax total?
