[gulshan]

In case anyone missed we IL folks can finally lease like the rest of the nation without getting double taxed or going thru hoops like owners choice..Governor signed new law recently..

link

[bloppitybloop]

Originally Posted by gulshan

In case anyone missed we IL folks can finally lease like the rest of the nation without getting double taxed or going thru hoops like owners choice..Governor signed new law recently..

link

It's stupid that Illinois still makes you pay all the sales tax right away instead of when you make your payment, like most other states do. Sales tax is a transaction based tax and since there isn't really a transaction taking place on the total of monthly payments when you first enter into the lease, it doesn't make sense for tax to be collected at that point. But, I guess that's Illinois being Illinois.

[trohde78]

This change might make a lease something I would actually consider now. It was such a stupid law before.

[AceOnShake]

When is it in effect because just recently my mother had to pay the sales tax on a vehicle up front.

[Turbodog1]

I was told they now offer prepaid leases

[trohde78]

Originally Posted by MentegoE90

When is it in effect because just recently my mother had to pay the sales tax on a vehicle up front.

Jan. 1st according to the article.

[AceOnShake]

She bought her X5 on december 11th. Oh well its good to know they changed it.