Quote:
Originally Posted by hyde
I don't mind transferring my plates to another vehicle, but I don't have another vehicle and won't for few more months. I just paid $250 for my registration renewal, and these are my vanity plates, anyway maybe they'll make us get new registration and in the meantime I can keep my plates "on hold"?
Those who bought their vehicle at the end of the lease, can you please tell me if you had to pay taxes on the sale price, or if you paid no taxes, along with which state you are in?
Someone I know did this and paid $0 taxes in California. Maybe California leases require taxes upfront on MSRP or the agreed sale price vs NY taxes due on lease payments only, but if you pay, more taxes due?
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if you pay the lease off, bmw will give you the title. then you take title to the dmv to register a new title and pay the sales tax to the dmv. sales tax rate may be lower if the dmv considers it a private sale....depending on the state. process should be like buying a car from a private party.
you'd only pay sale tax on the buyout amount.