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Re: I think you pay tax twice!!! How to avoid it
Posted by LG Aero (more from LG Aero) on Sat, 23 Jun 2007 04:47:24
In Reply to: I think you pay tax twice!!!, TonyM, Fri, 22 Jun 2007 05:13:04
Tony is right if you followed his scenario. However remember this number one rule, the leasing company does NOT want the car back. It is more profitable for them to have the residual paid off and never see it again.
This means that if your friend is getting to the end of his lease and does not wish to buy it out, the leasing company would be as happy as could be to have you buy it for the stated residual value. That way you would only pay sales tax on that price avoiding double taxation.

But even better than that you can often buy out the car for LESS than the stated residual amount. Remember rule one! It would be easier use your friend in this process, just be fair and firm. The fair part is to find recent local area auction sales prices ( that is where the lease cars go if the dealer doesn't pick it up). Remember there are costs to the leasing company to get it to auction and commissions etc. So the real auction price gives a good guide as to the fair offer to the lessor. It will also point out to you how different the stated residual value is from the real world price. This can be a great way to buy a Saab as you know the history of it.

posted by 74.67.28...
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