WebAug 2, 2024 · In many areas, the answer to this question is yes. Most states charge sales tax on a range of transactions, including buying, selling, and leasing a vehicle. However, these taxes vary by jurisdiction, and some … WebSo this scenario happens all the time: Customer's payoff amount is $15k. Carmax offers $18k. VW's dealer payoff price is $20k. You're down $2k unless you buy it yourself then turnaround and sell it... and you're on the hook for sales tax - in CA less an issue, but in TX you'd end up with $300 for the trouble.
California Vehicle Tax: Everything You Need to Know - Car and Driver
WebJun 16, 1997 · This Directive clarifies the application of the sales and use tax statutes, G.L. c. 64H and G.L. c. 64I, and the Department's sales tax regulation on Motor Vehicles, 830 CMR 64H.25.1, to motor vehicle leases. In many motor vehicle leasing transactions, the retail customer negotiates the terms and executes the lease contract with a dealer. king of the mountain horse race
Directive 97-4: Sales and Use Tax on Motor Vehicle Leases
WebOct 5, 2024 · Just the miles to get it back home is fine, but nothing much more than that. My payoff, I believe was about $12,800. The equity at that time was about $2,000. By the time everything was done (ready to sell) about a month later, the equity had disappeared. I … Name: Please leave this field blank. Name: This is the name that will be shown with … Search titles only; Posted by Member: Separate names with a comma. Newer … When charging the car, does Accessory mode draw from the 12v battery? … WebOct 13, 2024 · (California has a sales tax exemption if you manage to sell the vehicle within 10 days.) Consider selling the leased vehicle to a dealer. You can also sell your leased vehicle to a dealer. Such transactions are exempt from sales tax, and the dealer will handle the paperwork and send you a check for the equity you had in the lease. WebYou lease a bicycle for $100 per month with a $150 buyout option at the end of the lease. You paid sales tax reimbursement to your vendor when you initially purchased the bicycles and you do not collect tax on the rental payments. Tax is due on the buyout price of $150 that the customer paid. king of the mountain hall song