[f30nynj]

Hello Sunshine state folks!

Do any of you guys know what is the tax hit by assuming lease from a guy in a different state?

Car leased state: NJ (Tax paid in Full to dealer)
Assuming Party: FL

There's so many contradicting information from google search, so I wanted to ask someone who has assumed a lease from someone out of the state. What did you pay to DMV when you went in to register?

Thanks

[carzaddict]

subscribing...I too am interested by this

[infinitigor]

My educated opinion (tax major) would be:

You would have to pay the Florida sales tax on the remaining payments of said lease- either in monthly intervals or up front in full. I don't think the person from NJ would be able to get back the sales tax he paid up front though, so I don't see this deal even happening unless the NJ person is okay with losing that or if NJ refunds the excess sales tax.

[Liquid2.0T]

I took over a lease from someone in NJ and had the car registered in Florida (Miami).

They simply apply the taxes on the base payment of the lease in Miami it is 7%. It's a smooth process. I registered the car and received the plates at a tag agency on the spot.

[carzaddict]

but what happens to the taxes that are already paid?

For example....I paid taxes in full at the dealership.....if I transfer the lease...what happens to all that money I paid?