05-08-2015, 07:35 AM | #1 |
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NJ specific lease questions about taxes and fees
First off, thanks for the great forum- tons of really useful information. I was hoping someone could help me with a few questions specific to leasing in NJ:
. I believe the registration fee for a 428ix coupe would be $84. For the title fee, would it be $60 ("a standard vehicle") or $85 ("a financed vehicle with one lien")? I would have assumed the latter, but under the guidelines for out of state title transfers, NJ treats a leased vehicle as "standard" rather than "with one lien" and charges $60 rather then $85. If I understand correctly, NJ charges sales tax up front on the total lease payments (in this case over 36 months), rather than month by month. My plan is to roll everything into monthly payments, so that up front, I pay nothing other than first month's payment, and MSDs; this means I would have to pay the MF/APR on the sales tax to spread it out month by month. I had a question about calculating this correctly: . I believe the NJ tax basis excludes the title and registration fee but includes everything else. So I think I should (1) calculate my 36 month total of lease payments based on MF, residual, and cap cost exclusive of title and registration; (2) then calculate the 7% sales tax on this total, and add this tax amount, plus the title and registration fees, to the cap cost to get my true total cap cost inclusive of everything. (3) Based on this true total cap cost, I would then have my final monthly payment inclusive of sales tax. Is that correct? . Finally, I understand the MSDs are capped at 7. Just to clarify, does this mean 7 additional? I.e. as a first time BMW buyer, I put down one MSD by default, and can put down 7 more, making the total 8 MSDs. Hope my questions make sense. Thanks in advance! |
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