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      02-08-2019, 01:49 PM   #1
Nomar584
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Exclamation 2018 Lease Transfer - SUNNY FLORIDA

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2018 M5 lease assumption. Expecting second child at the end of the month so wife is making me get something more "practical".

Specs:

MSRP $118,795.00
Exterior is Marina Bay Blue mettalic
Interior is Silverstone FULL leather


Options:
Driving Assistance Package
Executive package
20" M wheels 706M w/perf non
20% ceramic tint on driver windows
Bowers and Wilkins sound system

Lease terms:

VIN: WBSJF0C55JB282919
Lease start 9/8/18
Lease end 9/8/21
Total allowed miles 30,078
Current miles 2,877 as of 2/8/19
0 DOWN
Monthly payment $1,386.52

MSD: $7,500

Car is superb condition. Non Smoker. No pets. Detailed weekly. Located in sunny Tampa, FL.

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      02-11-2019, 12:10 AM   #2
acf10
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Wish you posted 3 weeks ago
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      02-26-2019, 07:26 PM   #3
Nomar584
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Car is still available. Baby is coming Saturday!!!
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      02-26-2019, 09:25 PM   #4
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Quote:
Originally Posted by Nomar584 View Post
Car is still available. Baby is coming Saturday!!!
So who ever takes over will inherit the MSDS and still no money down?
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      02-27-2019, 05:23 AM   #5
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I put $0 money down on the lease. I am not asking for anything beyond the MSD which you will get back at the end of the lease.

As the assuming lease holder - the entire MSD (7,500) will be refunded to you at the end of the terms.
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      03-11-2019, 07:52 PM   #6
Nomar584
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The car is still available. I am offering a $1500 incentive off of the MSD. Three deals have fallen through because of credit issues.
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      03-20-2019, 03:12 PM   #7
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How do Florida taxes work on leases? I'm in Texas and we have to pay tax on the full amount of the cost of the vehicle when leased so I'm trying to figure out what the tax implications would be assuming a lease from Florida.
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      03-20-2019, 08:34 PM   #8
Nomar584
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I pay 6% tax on the lease agreement (State of Florida). So the lease agreement is $1386.52 and I pay about $83 in tax per month.

I don't know how to calculate accurately your cost since you pay tax on the total cost of the car purchase price but since its a lease transfer it may be more complicated.

Last edited by Nomar584; 03-20-2019 at 08:39 PM..
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      03-23-2019, 05:01 AM   #9
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Quote:
Originally Posted by Nomar584 View Post
I pay 6% tax on the lease agreement (State of Florida). So the lease agreement is $1386.52 and I pay about $83 in tax per month.

I don't know how to calculate accurately your cost since you pay tax on the total cost of the car purchase price but since its a lease transfer it may be more complicated.
In Texas he would have to pay 6.25% of assessed value of vehicle I believe.
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      03-23-2019, 01:59 PM   #10
Nomar584
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who assesses the value? the value from bmw?
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      03-30-2019, 02:17 PM   #11
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I have two car seats in the back of mine you'll be good!
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      03-30-2019, 11:42 PM   #12
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Quote:
Originally Posted by Nomar584 View Post
who assesses the value? the value from bmw?
They use either kbb, nada or some other system at Texas DMV
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      04-01-2019, 06:31 PM   #13
Nomar584
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Yeah - its working out ok for now but then add those strollers ;-/ and the costco runs. lol

***car still available. high interest but i didn't realize how many have poor credit.....7 applications failed.
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      04-22-2019, 06:49 PM   #14
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MSD

I am willing to break the MSD into two separate payments so you don’t have as much money paid out upon transfer.

$3000 upon transfer
$3000 3 months later

Last edited by Nomar584; 04-22-2019 at 11:50 PM..
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      04-22-2019, 09:15 PM   #15
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Quote:
Originally Posted by Nomar584 View Post
Yeah - its working out ok for now but then add those strollers ;-/ and the costco runs. lol

***car still available. high interest but i didn't realize how many have poor credit.....7 applications failed.


sorry to see this thing hasn't moved yet.

i guess there are retards out there with a 600 credit score trying to get into a 100k vehicle huh?
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      04-22-2019, 10:30 PM   #16
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Quote:
Originally Posted by paliknight View Post
In Texas he would have to pay 6.25% of assessed value of vehicle I believe.
I'm actually in the process of taking over a different lease and got clarification on this. You actually get taxed 6.25% of the original capitalized cost of the vehicle (not the current appraised value), all due up front at registration. Texas taxes are brutal on leases.
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      04-22-2019, 11:49 PM   #17
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Yup.
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      04-23-2019, 05:20 AM   #18
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Quote:
Originally Posted by platinum903 View Post
Quote:
Originally Posted by paliknight View Post
In Texas he would have to pay 6.25% of assessed value of vehicle I believe.
I'm actually in the process of taking over a different lease and got clarification on this. You actually get taxed 6.25% of the original capitalized cost of the vehicle (not the current appraised value), all due up front at registration. Texas taxes are brutal on leases.
Haha of course information varies depending on the DMV rep

I asked them earlier and that's what they told me. But your info makes more sense.

I know assuming a lease that's already registered in Texas exempts you from paying tax, but some people have gotten lucky and not paid tax on any lease assumptions regardless of what state they were registered in before.

I completely agree though, Texas tax on cars is brutal, but better than paying property taxes on it lmfao
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      04-24-2019, 11:29 PM   #19
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Quote:
Originally Posted by paliknight View Post
Haha of course information varies depending on the DMV rep

I asked them earlier and that's what they told me. But your info makes more sense.

I know assuming a lease that's already registered in Texas exempts you from paying tax, but some people have gotten lucky and not paid tax on any lease assumptions regardless of what state they were registered in before.

I completely agree though, Texas tax on cars is brutal, but better than paying property taxes on it lmfao
Man, it would be awesome to hit the jackpot and not have to pay taxes when I go to register, but not counting on it.

I actually have to pay property tax on my M5 currently every year so we get hit with that too!
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      04-27-2019, 09:41 PM   #20
Nomar584
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In order to move the car I will entertain collecting the MSD at the end of the lease.
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