Quote:
Originally Posted by TheStanman
Quote:
Originally Posted by Jono2112
This also makes leasing more and more attractive. Hopefully Georgia will start allowing normal leases where you pay tax on the amount of car you lease rather than the 7.5% tax on the whole value of the car which you currently have to pay. It's hard enough to buy a $50,000-$80,000 car without coming up with another $3,750-$6,000 in tax. I also hope BMW lease residuals start reflecting reality or I may be back to buying used VW or Toyotas!
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My understanding is this law did change and will go into effect Jan 2018.
http://www.cnhi.com/featured_stories...0f9cadd1b.html
http://www.legis.ga.gov/Legislation/...0172018/HB/340
However, I am bit confused because I would have expected massive celebrations in the streets (and by car dealers). |
Quote:
Originally Posted by TheStanman
Quote:
Originally Posted by Jono2112
This also makes leasing more and more attractive. Hopefully Georgia will start allowing normal leases where you pay tax on the amount of car you lease rather than the 7.5% tax on the whole value of the car which you currently have to pay. It's hard enough to buy a $50,000-$80,000 car without coming up with another $3,750-$6,000 in tax. I also hope BMW lease residuals start reflecting reality or I may be back to buying used VW or Toyotas!
|
My understanding is this law did change and will go into effect Jan 2018.
http://www.cnhi.com/featured_stories...0f9cadd1b.html
http://www.legis.ga.gov/Legislation/...0172018/HB/340
However, I am bit confused because I would have expected massive celebrations in the streets (and by car dealers). |
I also heard that it changes the first of 2018. Dealers had special programs to get around the law. One was rather than a lease it was more like you bought the car, but financed it to pay for only the time you were going to keep it, with a huge ballon payment at the end. That way you're financing the tax rather than paying it at once. If you get out of the lease, your selling the car back to the dealer, if you buy, then you refinance the ballon payment and don't have to pay the tax again. It's a bad deal for the dealer and a worse deal for the lease holder. A real lease will be welcomed by all.