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Maybe-Baybe
My Sunshine
Member since 7/12 3415 total posts
Name:
My only Sunshine
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Leasing a car
I just got a new lease on a car yesterday, put no money down and just had to pay taxes and DMV fees. The taxes alone came out to about $2,600! The MSRP is $36,000- Is that normal? I've leased a few times before but don't remember the taxes being that much.
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Posted 7/6/17 5:25 PM  |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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Leasing a car
Isn't NYS sales tax alone over 8%? On a lease I think you pay the sales tax on total cost of vehicle not just the amount you're leasing.
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| Posted 7/6/17 8:24 PM |
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Pinkisles
<3
Member since 11/13 2868 total posts
Name:
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Leasing a car
I leased a car this weekend and with taxes and DMV fees it came to $1600. The MSRP on my car is 32k
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| Posted 7/6/17 9:44 PM |
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SLPRunner
LIF Adult
Member since 12/13 1101 total posts
Name:
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Leasing a car
What's your monthly payment? You always have to be careful here. I've been in leasing situations where they try to get one over one us and charge tax for things like the bank fee, dmv. You should only pay tax on the amount of the car that you are leasing. Doesn't matter the MSRP. Your lease agreement should state the price of the car. So if you're monthly payment is 300 dollars on a 36 month lease, you would pay tax on 10,800.
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| Posted 7/6/17 10:10 PM |
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Maybe-Baybe
My Sunshine
Member since 7/12 3415 total posts
Name:
My only Sunshine
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Re: Leasing a car
Posted by SLPRunner
What's your monthly payment? You always have to be careful here. I've been in leasing situations where they try to get one over one us and charge tax for things like the bank fee, dmv. You should only pay tax on the amount of the car that you are leasing. Doesn't matter the MSRP. Your lease agreement should state the price of the car. So if you're monthly payment is 300 dollars on a 36 month lease, you would pay tax on 10,800.
Monthly payment is $365. We put no money down. The actual price of the car is $3600, not the MSRP-I'm not so savvy on my car lingo!
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| Posted 7/7/17 8:58 AM |
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Maybe-Baybe
My Sunshine
Member since 7/12 3415 total posts
Name:
My only Sunshine
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Re: Leasing a car
Posted by Pinkisles
I leased a car this weekend and with taxes and DMV fees it came to $1600. The MSRP on my car is 32k
Thanks for sharing! I think we got swindled 
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| Posted 7/7/17 8:59 AM |
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SLPRunner
LIF Adult
Member since 12/13 1101 total posts
Name:
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Re: Leasing a car
Posted by Maybe-Baybe
Posted by SLPRunner
What's your monthly payment? You always have to be careful here. I've been in leasing situations where they try to get one over one us and charge tax for things like the bank fee, dmv. You should only pay tax on the amount of the car that you are leasing. Doesn't matter the MSRP. Your lease agreement should state the price of the car. So if you're monthly payment is 300 dollars on a 36 month lease, you would pay tax on 10,800.
Monthly payment is $365. We put no money down. The actual price of the car is $3600, not the MSRP-I'm not so savvy on my car lingo!
Not sure if you can do anything now, but check your deal sheet and maybe call dealer for clarification. Something doesn't sounds right to me. We got screwed in one lease deal and wised up afterwards. To be honest, even though it is nice to have a new car every 3 years, I got tired of having to negotiate and pay fees every 3 years, so we bought our last car.
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| Posted 7/7/17 9:08 AM |
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angelicd77
LIF Adolescent
Member since 12/13 794 total posts
Name:
Kim
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Leasing a car
PM me a pic of your lease contract. I can look at and let you know if its looks off or not 
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| Posted 7/7/17 1:41 PM |
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BargainMama
LIF Adult
Member since 5/09 15660 total posts
Name:
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Re: Leasing a car
You legally have 3 days to cancel a contract in NYS I believe. So if you think you got swindled, go back!
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| Posted 7/7/17 5:16 PM |
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CurlyQ
Member since 6/07 2024 total posts
Name:
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Leasing a car
That seems about right. Those were the numbers for my jeeps when I leased one. It's no money down, taxes and fees. Your first month might be included in that too.
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| Posted 7/7/17 5:32 PM |
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angelicd77
LIF Adolescent
Member since 12/13 794 total posts
Name:
Kim
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Re: Leasing a car
Posted by BargainMama
You legally have 3 days to cancel a contract in NYS I believe. So if you think you got swindled, go back!
There's no cooling off period for contracted purchases. Some dealers will take cars back in the interest of customer satisfaction, but legally they arent really allowed to because of motor vehicle liability and the car is then technically a used car.
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| Posted 7/7/17 5:44 PM |
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Maybe-Baybe
My Sunshine
Member since 7/12 3415 total posts
Name:
My only Sunshine
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Re: Leasing a car
Posted by angelicd77
PM me a pic of your lease contract. I can look at and let you know if its looks off or not
Thank you! I'll try to send later.
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| Posted 7/7/17 6:58 PM |
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Maybe-Baybe
My Sunshine
Member since 7/12 3415 total posts
Name:
My only Sunshine
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Re: Leasing a car
Posted by CurlyQ
That seems about right. Those were the numbers for my jeeps when I leased one. It's no money down, taxes and fees. Your first month might be included in that too.
We paid $3,500 altogether 
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| Posted 7/7/17 6:59 PM |
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Jacksmommy
My love muffin!
Member since 1/07 5819 total posts
Name:
Liz
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Re: Leasing a car
I just bought a lease and didn't have to pay taxes. I am assuming it is rolled into the price of the car but it didn't make the price any more expensive and I got everything I wanted. I walked out of the dealership paying 600 and change (first month and dmv). I did trade in a car so maybe that took care of the taxes?
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| Posted 7/8/17 8:48 AM |
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DrMeg
Back home!
Member since 5/08 1858 total posts
Name:
Meg
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Re: Leasing a car
Posted by Maybe-Baybe
Posted by CurlyQ
That seems about right. Those were the numbers for my jeeps when I leased one. It's no money down, taxes and fees. Your first month might be included in that too.
We paid $3,500 altogether
I don't think you got ripped off. The last 3 cars I leased all totaled about $3000-$3500 in taxes, title and fees.
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| Posted 7/8/17 11:25 AM |
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CSK
LIF Adolescent
Member since 9/11 892 total posts
Name:
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Re: Leasing a car
Posted by DrMeg
Posted by Maybe-Baybe
Posted by CurlyQ
That seems about right. Those were the numbers for my jeeps when I leased one. It's no money down, taxes and fees. Your first month might be included in that too.
We paid $3,500 altogether
I don't think you got ripped off. The last 3 cars I leased all totaled about $3000-$3500 in taxes, title and fees.
This is a straight forward calculation, not a comparison between cars and leases.
https://www.leaseguide.com/articles/new-york-car-leasing/
http://www.nydailynews.com/news/money/paying-sales-tax-leased-car-drives-consumer-nuts-article-1.240899
Unless something changed, you pay sales tax on depreciation of the car during the lease period and any other fees. Not the sale price nor MSRP. Its closest to the lease payments and downpayment.
So if the MSRP or sale price of the car is in the 30K range, there is no way that the sales tax amount should be around $3K, that would be the sales tax on the car if you bought it outright.
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| Posted 7/8/17 3:05 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Leasing a car
What you may of missed is you have to pay your first lease payment when you take it. So "TAXES" may of embedded your first payment.
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| Posted 7/8/17 6:48 PM |
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Maybe-Baybe
My Sunshine
Member since 7/12 3415 total posts
Name:
My only Sunshine
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Re: Leasing a car
Posted by Maybe-Baybe
Posted by angelicd77
PM me a pic of your lease contract. I can look at and let you know if its looks off or not
Thank you! I'll try to send later.
The lease agreement is in the car and I forgot to take a pic. DH is driving right now, I'll take a pic later. Not sure what can be done now, but I appreciate you taking a look for me 
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| Posted 7/9/17 12:48 PM |
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Maybe-Baybe
My Sunshine
Member since 7/12 3415 total posts
Name:
My only Sunshine
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Re: Leasing a car
Posted by BabyBoy
What you may of missed is you have to pay your first lease payment when you take it. So "TAXES" may of embedded your first payment.
We paid $3500 altogether at singing, putting no money down towards the lease. The portion of taxes alone was about $2600.
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| Posted 7/9/17 12:49 PM |
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Maybe-Baybe
My Sunshine
Member since 7/12 3415 total posts
Name:
My only Sunshine
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Re: Leasing a car
Posted by CSK
Posted by DrMeg
Posted by Maybe-Baybe
Posted by CurlyQ
That seems about right. Those were the numbers for my jeeps when I leased one. It's no money down, taxes and fees. Your first month might be included in that too.
We paid $3,500 altogether
I don't think you got ripped off. The last 3 cars I leased all totaled about $3000-$3500 in taxes, title and fees.
This is a straight forward calculation, not a comparison between cars and leases.
https://www.leaseguide.com/articles/new-york-car-leasing/
http://www.nydailynews.com/news/money/paying-sales-tax-leased-car-drives-consumer-nuts-article-1.240899
Unless something changed, you pay sales tax on depreciation of the car during the lease period and any other fees. Not the sale price nor MSRP. Its closest to the lease payments and downpayment.
So if the MSRP or sale price of the car is in the 30K range, there is no way that the sales tax amount should be around $3K, that would be the sales tax on the car if you bought it outright.
Yes, which is why this seems off. Thank you!
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| Posted 7/9/17 12:51 PM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
Name:
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Leasing a car
I have leased many cars with no money down and never had to pay that much taxes or out-of-pocket. The most I ever paid was $1200..
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| Posted 7/10/17 9:19 AM |
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angelicd77
LIF Adolescent
Member since 12/13 794 total posts
Name:
Kim
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Re: Leasing a car
Posted by Maybe-Baybe
Posted by Maybe-Baybe
Posted by angelicd77
PM me a pic of your lease contract. I can look at and let you know if its looks off or not
Thank you! I'll try to send later.
The lease agreement is in the car and I forgot to take a pic. DH is driving right now, I'll take a pic later. Not sure what can be done now, but I appreciate you taking a look for me
I just came back to this post. Sorry. Send it whenever you can!
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| Posted 7/11/17 1:45 PM |
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dctead
It's 5 o'clock somewhere!
Member since 11/10 2139 total posts
Name:
Emily
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Re: Leasing a car
I generally do sign and drive, which means I'm paying my first month (sometimes ) and DMV fees.
I usually walk out paying 600-700 ish - taxes are built into my lease payment (which is usually higher).
No money down - you generally don't put down a deposit, but do pay 1st month, taxes, title and licence - and it usually runs 2500 - 3200 for me (car depending).
So unless I'm missing something - seems normal to me...
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| Posted 7/11/17 4:32 PM |
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pnbplus1
Family
Member since 5/09 5751 total posts
Name:
Mommy
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Re: Leasing a car
Now i'm wondering about my lease downpayment bc it's significantly less than anything I see in this thread. I find the entire car buying/leasing experience stressful and always wonder if we were somehow screwed. We leased a 2016 Odyssey (middle trim level) and we only paid $400 at signing and it included new plates. We then got a check from the dealer about 10 days later crediting us bc our fee was overestimated. Our payment is $385 for 3 years. We're in FL so I don't know if that makes the big difference.
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| Posted 7/12/17 8:52 AM |
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Re: Leasing a car
I don't lease so don't have skin in the game, I prefer buying (just bought a new car with 100% cash down and spent weeks contacting different dealerships for pricing/availability) but I dont trust dealerships in general because you always get scammed in 1 way or the other (front end or back end).
I found the boards over at Edmunds to be helpful with leasing. One of the things they discuss a lot is MF/residual #s. If you go to the site and plug in the specific make/model of the car - there are posts from people all over the country sharing what their lease deals are. I really don't believe any "no $ down" deal because in the end, you do pay something, whether its tax/title/fees or shortchanging you on a trade-in, etc. Of course, different dealerships offer various incentives/new car programs, so thats why you should shop all dealers before committing to 1 specific place.
https://www.edmunds.com/car-leasing/calculate-your-own-lease-payment.html
https://forums.edmunds.com/discussions/tagged/x/leasing
Message edited 7/12/2017 10:11:34 AM.
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| Posted 7/12/17 10:03 AM |
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