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Car Leasing, Car Buying
#361 of 499 leasing car before moving states
Oct 08, 2011 (12:25 am)
I'm new to purchasing and leasing cars.
I will be moving from NY to MD this summer. I am looking to possibly lease 2 cars in the month before I move to MD. I know I will have to register the car in MD to get Maryland license plates. But will I be responsible for paying NY taxes on the lease vehicle or maryland taxes (which taxes the final sale cost)?
I can't find any information online so far.
Would there be any gain from doing the lease in NY?
#362 of 499 Re: leasing car before moving states [amosz]
Oct 08, 2011 (6:26 am)
NY Taxes are almost certainly higher than MD taxes.
In order to register the car in MD you'll probably have to already have MD residency.
#363 of 499 Re: leasing car before moving states [im_brentwood]
by kyfdx@Edmunds HOST
Oct 08, 2011 (6:43 am)
NY only taxes the total of payments, though.... and, MD taxes the full selling price..
I would worry about moving within a month of leasing... NY collects their tax upfront, and if you roll it into the payment, you could end up paying tax twice. Hopefully, there would be some sort of offset, but why take a chance?
I would wait to lease in Maryland, either way... If you absolutely knew you could pay the NY tax, and not be taxed again in MD, then that would be the best way to go.. but, I think the timing (moving shortly after signing) might be what trips you up..
#364 of 499 Re: leasing car before moving states [kyfdx]
Oct 08, 2011 (11:24 am)
My initial thought was that it may end up being cheaper to lease the car here in NY if I were to pay a higher sales tax on a smaller amount of money.
Because of my schedule, I really couldn't lease a car until memorial weekend at the earliest and hope to be in my new apartment by the 3rd week of June.
I guess as a side note. If I leased the car within NY, do I have to register the car in MD? I'll be in MD for only 12 months on a short contract. Where I go from there its still to be determined. I still have a texas drivers license.
Sorry, I'm new to a lot :|
Thanks for the replies. Very helpful so far.
Apr 24, 2012 (10:22 pm)
Hi, I just have a quick question and to see if anyone has a good way to solve this legal issue.
I went into a dealership and leased a g37 coupe, the deal was for 12k, but the lease contract said it's for 10k only, but i didn't look at it ( i know, it's my fault) until i got the payment in mail and it stated that the lease was for 10k not 12k. So i called back and talked to the sale person and he was nice enough and said 12k was the deal in his notes and that the financial guy screwed up but unfortunately there is nothing he can do. He said he will put a note in the system stating that our car is actually 12k instead of 10k so when we return the car in 3 years, we won't have to pay for the extra 6k we drive. He couldn't give me that in paper though, and he said he couldn't redo the lease
my question is, is there a way that i can get something like this in writing or have they re do the lease?
i know it's my fault not reading it clearly when signing contract, but i thought the finance guy needs to go over everything on the lease when we sign it, and obviously we would catch this mistake if he actually go over one by one
#367 of 499 Re: leasing question [cloud51620]
Apr 25, 2012 (6:06 am)
go up the chain of command. No way i'd settle for a note made in your file by the salesperson. He has no authority and most likely wouldn't even be working there by the end of your lease.
#368 of 499 Re: leasing question [qbrozen]
Apr 25, 2012 (9:23 am)
What q said. That gent is blowing smoke. If you can get something in writing you'll be OK. Could well be a classic case of buyer beware. One of many reasons I never lease but not leasing isn't for some people just as leasing is never even an option for me.
#369 of 499 leased camry, accident
Jun 28, 2012 (4:31 pm)
lease agreement says "You are responsible for all damage to the vehicle and for its loss, seizure or theft. you must tell us immediately if any of these events hapen, and cooperate with your insurance company"
accident has a total cost of $960.00, I am having it repaired at the dealer where I purchased the vehicle- same toyota dealer,
Wise, unwise, or unnecessary to report it to the toyota leasing company?
#370 of 499 Re: leased camry, accident [cessna10]
Jun 29, 2012 (8:12 am)
I would report anything that would not fall into the "typical wear and tear" bucket. $960 would be above that threshold.