[White340]

Hi guys,

I am moving to NY soon from NJ and need to transfer my lease from NJ to NY. When leasing the car, I didnt pay the sales tax UF (i pay an all in amount every month). Now that I'm moving to NY, i understand that I need to pay NY the sales tax for my lease. This is where I am confused. I called BMW FS and they said that my monthly payment is the base price (which is weird since I didnt pay anything UF). Perhaps the dealer paid it? I am waiting on my contract to see how this all worked out given all I put UF was my security deposit and first month.

My questions are:
1) If the 650 includes the tax, then would BMW have to recalculate the payment to account for NY tax instead of NJ?
2) If my dealer paid the tax UF and my base payment is indeed 650, does this mean i'm screwed and have to pay double the tax (i.e. what the dealer paid I wont get back)?
3) If 2, can I claim credit for the tax paid by the dealer to reduce my tax due?

Thanks!

[wdeerfield]

i would assume that if you paid NJ tax upfront and now have to pay NY tax you would get refunded the tax amount going forward for the unit based on the remaining depreciation amount from the amount paid for NJ tax. You would then have to pay the tax for the remaining depreciation amount based on the NY tax rate.

650 definitely does include sales tax if you capped it all when working your deal. depending on the tax percentage between NJ and NY you may only see a few dollars difference in payment.