[Vudoo4u2]

Originally Posted by UdubBadger

he found an M3 lease for $775 a month

badass

lease assumption or new?

no way its new @ that price w/tax rolled in I guess

[CubanJJ09]

He's gone to the dark side

[UdubBadger]

Originally Posted by Vudoo4u2

badass

lease assumption or new?

no way its new @ that price w/tax rolled in I guess

assumption

http://www.e90post.com/forums/showthread.php?t=286597

[Vudoo4u2]

Originally Posted by UdubBadger

assumption

http://www.e90post.com/forums/showthread.php?t=286597

I guess I'm missing the deal?

while the seller notes that IL is an upfront sales tax state, he missed the one detail that sucks about leasing in IL, and its that in IL, you must pay the sales tax on the full price of the vehicle, not just the payments. So the sales tax will equate to ~4150. Add in 500 for ending the guys lease, and 500 for transport here, plus title fees, and its about 5500 or so up front just to get it in IL. take 5500, divide by 26 (months remaining on lease), and you get 211.54/month for 26 months on top of the offered rate of 749.

A grand total of 960.53/month here in IL...pretty much the rate you would pay if you leased here on a new car to start

[UdubBadger]

Originally Posted by Vudoo4u2

I guess I'm missing the deal?

while the seller notes that IL is an upfront sales tax state, he missed the one detail that sucks about leasing in IL, and its that in IL, you must pay the sales tax on the full price of the vehicle, not just the payments. So the sales tax will equate to ~4150. Add in 500 for ending the guys lease, and 500 for transport here, plus title fees, and its about 5500 or so up front just to get it in IL. take 5500, divide by 26 (months remaining on lease), and you get 211.54/month for 26 months on top of the offered rate of 749.

A grand total of 960.53/month here in IL...pretty much the rate you would pay if you leased here on a new car to start

actually thats not all true, the tax was already paid on his. It's also in the middle of the lease so its not really calculating a "selling" price because its not new, but also not for sale. maybe there is a flat fee in this case because its almost like you're just moving to IL and have an existing loan/lease and already paid tax on it but now you need to register it in IL.

I know thats how they did it for me when I switched from IL to WI.

[Vudoo4u2]

Originally Posted by UdubBadger

actually thats not all true, the tax was already paid on his. It's also in the middle of the lease so its not really calculating a "selling" price because its not new, but also not for sale. maybe there is a flat fee in this case because its almost like you're just moving to IL and have an existing loan/lease and already paid tax on it but now you need to register it in IL.

I know thats how they did it for me when I switched from IL to WI.

the seller is in NH, there is no sales tax in NH. Therefore you would have to pay the sales tax on the "selling price" of the vehicle in IL. Which would be ~51500ish (or 60k, depending on how the state looks @ the "Bill of Sale"...since there was no salex tax paid on the vehicle @ all yet..but I assumed best case scenario), so its not a flat fee, but rather a full sales tax as if it were a sale. IL is one of seven states that doesnt just tax you on the remaining cost of the lease, or the cost of the lease, but rather the full retail value of the vehicle. Depending on what county you live in, will determine your sales tax rate, I assumed 8%

**unfortunately

[ultimate]

[CubanJJ09]

Who knew taxes could be so interesting.....pleease, tell me more

[Vudoo4u2]

Originally Posted by CubanJJ09

Who knew taxes could be so interesting.....pleease, tell me more

go dinan your blender or something

[Nebster]

its the m3 or the twin turbo viper

[CubanJJ09]

Originally Posted by Vudoo4u2

go dinan your blender or something

Procede to fuck yourself

[CubanJJ09]

Originally Posted by Nebster

its the m3 or the twin turbo viper

I mean there's really no though process on that

[kyleb350]

That reminds me when I bought my 335i up in Wisconsin and registered it here. I had to fill out an extra form to figure out the sales tax. The tax was only applied on what I paid for the vehicle, so my trade-in helped. The only thing, though, was the guy who was helping didn't know how to freakin add. I found out 6 months later that I owed additional taxes and late penalties!

[UdubBadger]

Originally Posted by Vudoo4u2

the seller is in NH, there is no sales tax in NH. Therefore you would have to pay the sales tax on the "selling price" of the vehicle in IL. Which would be ~51500ish (or 60k, depending on how the state looks @ the "Bill of Sale"...since there was no salex tax paid on the vehicle @ all yet..but I assumed best case scenario), so its not a flat fee, but rather a full sales tax as if it were a sale. IL is one of seven states that doesnt just tax you on the remaining cost of the lease, or the cost of the lease, but rather the full retail value of the vehicle. Depending on what county you live in, will determine your sales tax rate, I assumed 8%

**unfortunately

'
theres no sales tax in NH???

damn

I just am not sure since its a transfer.

I paid my tax upfront with my lease and when I moved to wisconsin (a state that taxes the payment each month) they didn't like switch over my stuff to paying tax in this state because it was already done in IL. If there is no tax in NH, i would think they'd just consider it paid on a lease transfer... BMW will also see its not a state that taxes payment so they won't change the payment. who knows, maybe ben should just call the DMV and find out.

[Vudoo4u2]

Originally Posted by UdubBadger

'
theres no sales tax in NH???

damn

I just am not sure since its a transfer.

I paid my tax upfront with my lease and when I moved to wisconsin (a state that taxes the payment each month) they didn't like switch over my stuff to paying tax in this state because it was already done in IL. If there is no tax in NH, i would think they'd just consider it paid on a lease transfer... BMW will also see its not a state that taxes payment so they won't change the payment. who knows, maybe ben should just call the DMV and find out.

BMW prob wouldnt change the payment, but the state of IL would request the sales tax be paid sadly (and then if you were to figure out the math itll be an extra 211/mo if you could split it). WI probably didnt ask you to pay anything because you had already paid the IL sales tax which was higher then the WI one. They wont double you up on the tax (thank god)

its shitty, but man, living in NH would be a dream wouldnt it?

[UdubBadger]

damn thats bogus.

So if I were to buy/lease a new car next summer up here in WI before I move back they're gonna charge me more tax on that?

[Vudoo4u2]

Originally Posted by UdubBadger

damn thats bogus.

So if I were to buy/lease a new car next summer up here in WI before I move back they're gonna charge me more tax on that?

if you are getting WI plates, you will pay WI tax. When you move to IL, if you decide to get IL plates and register the vehicle in IL, you will be charged the difference in tax if there is one

[Kruz]

Originally Posted by Nebster

something came up. need to try and get rid of it.

This size should get you ready...

[Vudoo4u2]

Originally Posted by UdubBadger

damn thats bogus.

So if I were to buy/lease a new car next summer up here in WI before I move back they're gonna charge me more tax on that?

looked up IL tax..

If you are bringing a leased car into this state (or if you transfer the lease from someone else, it is considered a new lease from that date @ the price paid for the total vehicle cost on the contract)

you will take the IL sales tax that you would owe had you leased the car here, depreciate it 2% per month of ownership, and subtract the sales tax already paid.

ex:

Seth leases car in WI in august 2009, brings car to IL in oct 2009.
If you paid 1,000 in sales tax in WI, and the IL tax for an equivalent car was supposed to be 1,500. you would take 1500, depreciate by 2% for two months, so (1500-1500(.98)^2)=1440.60, and subtract the 1000 you paid, so you would owe IL 440.60 in sales tax.

tis nasty...I agree

[UdubBadger]

Originally Posted by Vudoo4u2

if you are getting WI plates, you will pay WI tax. When you move to IL, if you decide to get IL plates and register the vehicle in IL, you will be charged the difference in tax if there is one

thats such fuckin bullshit. So I'm no better off buying the car up here than I am down in Chicago huh?

[kyleb350]

Originally Posted by UdubBadger

thats such fuckin bullshit. So I'm no better off buying the car up here than I am down in Chicago huh?

Yes... Yes you are. I'd buy and register it up there, then transfer the plates when you move back.

[UdubBadger]

Originally Posted by kyleb350

Yes... Yes you are. I'd buy and register it up there, then transfer the plates when you move back.

but then I'm paying for plates twice and still paying the same amount of tax in the long run.

its 5.5% here, so I'll pay $2600 on a $50,000 car but then be charged the extra 4.5% ($2400) to make up for the 10% tax in cook county when I move back to Glenview.

is that right?