Assuming a lease in MD

f80er · 08-15-2016, 12:05 PM

Anyone assumed a lease for a non-MD car? Trying to find out the tax situation of doing that.

EALm4 · 08-15-2016, 02:13 PM

Quote:

Originally Posted by f80er

Anyone assumed a lease for a non-MD car? Trying to find out the tax situation of doing that.

KevinGS

bb1857 · 08-15-2016, 02:21 PM

You would pay MD tax(6%) on the full appraised value of the vehicle at time of transfer. MD sucks making you pay the whole nut versus many other states where you just pay the residualized portion. The current lessee no longer pays the sales tax and you don't pay the state tax where the vehicle is registered now. So get the payment before tax and the value before tax then give that info to MVA. They should give you an amount which I am pretty sure you can give to BMW. They will cut a check to MVA and you can add that into however many payments are left.

f80er · 08-15-2016, 03:06 PM

Quote:

Originally Posted by bb1857

You would pay MD tax(6%) on the full appraised value of the vehicle at time of transfer. MD sucks making you pay the whole nut versus many other states where you just pay the residualized portion. The current lessee no longer pays the sales tax and you don't pay the state tax where the vehicle is registered now. So get the payment before tax and the value before tax then give that info to MVA. They should give you an amount which I am pretty sure you can give to BMW. They will cut a check to MVA and you can add that into however many payments are left.

So basically the same as registering a used car in MD? Current payment is 659 and buyout is roughly 60K so that would be $3600 in taxes I would owe. 21 months remain on the lease which would that equate to an additional $171 a month? Is my math correct?

bb1857 · 08-15-2016, 03:11 PM

Quote:

Originally Posted by f80er

So basically the same as registering a used car in MD? Current payment is 659 and buyout is roughly 60K so that would be $3600 in taxes I would owe. 21 months remain on the lease which would that equate to an additional $171 a month? Is my math correct?

Yup thats exactly correct. Your numbers look good as well and BMW from what I understand is great at handling this stuff so it should be a breeze. Thats a cheapass payment you got yourself! Congrats

08-15-2016, 12:05 PM	#1
f80er Banned 2056 Rep 1,984 Posts Drives: An M3 Join Date: Jan 2016 Location: DMV iTrader: (1)	Assuming a lease in MD Anyone assumed a lease for a non-MD car? Trying to find out the tax situation of doing that.
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08-15-2016, 02:21 PM	#3
bb1857 Major 868 Rep 1,413 Posts Drives: 2020 X3MC Join Date: Jan 2016 Location: Sykesville, MD iTrader: (1) Garage List 2007 BMW 335 E92 [0.00] 2015 BMW 428GC [0.00] 2014 BMW 535i [0.00]	You would pay MD tax(6%) on the full appraised value of the vehicle at time of transfer. MD sucks making you pay the whole nut versus many other states where you just pay the residualized portion. The current lessee no longer pays the sales tax and you don't pay the state tax where the vehicle is registered now. So get the payment before tax and the value before tax then give that info to MVA. They should give you an amount which I am pretty sure you can give to BMW. They will cut a check to MVA and you can add that into however many payments are left.
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