hi there..
ive been looking to get a 5 series bmw for a while now, at first, i thought about doing thd ED thing, but i found one that is an '05 w/ about 14K miles. the person is leasing it now, and i can either take over the lease, or just buy it outright. the seller and i dont know for sure if we have to pay the sales tax twice? lets say the buy price from bmw is $40,000, and he is selling it to me for $39,000? does he have to pay sales tax to get the pink slip. than when he sells it to me, i have to pay another sales tax? what is the best way to do this when buying a car off a lease?
thanks in advance!
lisa
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| Reply » Do I have to pay sales tax after a lease?? |
sales tax is collected from both of u on both transactions. 
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| Reply » Do I have to pay sales tax after a lease?? |
If the seller buys it from BMW first and then sells it to you, seller will pay tax, then you will pay tax. Double taxation.
But if he transfers the lease to you, that maybe a different story. I'm not familiar with lease transfers but Agent99 from this forums gave me this site which may be useful http://www.swapalease.com/
Good luck, hope it works out for ya.
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| Reply » Do I have to pay sales tax after a lease?? |
Quote: hi there..
ive been looking to get a 5 series bmw for a while now, at first, i thought about doing thd ED thing, but i found one that is an '05 w/ about 14K miles. the person is leasing it now, and i can either take over the lease, or just buy it outright. the seller and i dont know for sure if we have to pay the sales tax twice? lets say the buy price from bmw is $40,000, and he is selling it to me for $39,000? does he have to pay sales tax to get the pink slip. than when he sells it to me, i have to pay another sales tax? what is the best way to do this when buying a car off a lease?
thanks in advance!
lisa | Ask BMWFS if your friend can buy the car at lease end directly from them. There are wholesaling the car off for much less anyway.
Personally, your friend would do better buying a CPO from the dealer. I am sure you took care of your car, but the longer warranty would be well worth it.
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| Reply » Do I have to pay sales tax after a lease?? |
hi there..
thanks for the info u guys provided...but i was told that if the first lessee pays off for the car and sells it to another person w/in 10 days, only 1 sales tax will be paid. is this true? ive gotten different stories and dont know which one to believe. i know u guys on here are the best..so thats why i ask u..
thanks
lisa
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| Reply » Do I have to pay sales tax after a lease?? |
The new buyer pays sales tax upon registration. The seller pays nothing. This applied to me when I just sold my 911 Carrera that was leased through Chase.
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Do I have to pay sales tax after a lease??