Quote:
Originally Posted by MBBM5
I am looking at assuming a lease from out of state to VA. The dealer (who is trying to sell me a new car) told me that I will owe the 4.15% tax on either the gross purchase amount or in the best case the NADA Value of the car at the time of registration. Has anybody done this before and do you know if that's true? Basically there is the potential for me to owe another $4500+ at the time of registration. Those numbers change the calculation of the my effective payment and it may make more sense to go with a new car. I appreciate any thoughts!
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Is tax due at the time of purchase or based on the monthly payment? that should give you a pretty good clue as to how your state will handle it. In CA we are charged tax monthly on the payment so an assumed lease, even if out of state, would be charged tax monthly.