Lease Buy-Out. and State Taxes/Registration
05-30-2002, 04:59 PM
#1
AudiWorld Super User
Thread Starter
Join Date: Sep 2000
Posts: 9,705
Likes: 0
Received 0 Likes
on
0 Posts
Lease Buy-Out. and State Taxes/Registration
Gents,
When you buy out your lease via financing the Buy-Out value...what are you required to pay in State Taxes/Registration? Are you required to pay the taxes for the full buy-out amount?
When you buy out your lease via financing the Buy-Out value...what are you required to pay in State Taxes/Registration? Are you required to pay the taxes for the full buy-out amount?
05-30-2002, 07:15 PM
#6
AudiWorld Uber User
Join Date: Mar 2000
Posts: 66,965
Likes: 0
Received 0 Likes
on
0 Posts
No...either way, YOU pay the taxes.
If you take out a loan, the title is still in your name, but your bank is listed as a leinholder. The bank does not own your car, they own your a$$, and if you don't pay, THEN they get the car, because they have been listed as a leinholder.
From a tax standpoint...as far as the state is concerned, you are the owner, and you pay for sales tax.
From a tax standpoint...as far as the state is concerned, you are the owner, and you pay for sales tax.
Trending Topics
05-31-2002, 04:09 AM
#8
AudiWorld Uber User
Join Date: Mar 2000
Posts: 66,965
Likes: 0
Received 0 Likes
on
0 Posts
Lump sum, but, some banks will loan you 110% of car's value.
This helps you to cover the cost of taxes and roll it into the loan. This is more common with new cars, and very uncommon on a used car loan. In any event, the state gets their money up front, and they don't care where you got the money.
Thread
Thread Starter
Forum
Replies
Last Post
hiro
A4 (B6 Platform) Discussion
11
12-15-2003 08:31 AM
angryswede
S4 / RS4 (B5 Platform) Discussion
1
10-31-2003 04:42 PM
"How should I pay for my car?"...from today's Wall Street Journal Personal Finance Special Section..
no.radar
A6 / S6 (C5 Platform) Discussion
60
01-29-2002 03:17 PM