I'm in NJ, assuming a lease from NY... couple questions

Boostin335 · 06-02-2016, 08:58 PM

Hi,

I am wondering how the tax piece works. If anyone has taken a car that was in NY and they live in NJ. NY has 8.875% tax, and NJ is 7%.

If NY car with tax all in is $550, the NJ lease would be $536.

Does BMW adjust this when you assume it? Would love to hear from anyone that has assumed a lease going from NY to NJ.

Stage1 · 06-03-2016, 10:58 AM

I just transferred my lease, however we were in the same state. If you do it it between two states with different tax rates, BMW takes the base lease rate and adds your states tax. They make the process seamless as long as you are diligent about getting all the paperwork back to them in a timely manner. When I did it, we sent both sets of paperwork together. Took under two weeks start to finish

MarcWinNJ · 06-11-2016, 12:02 PM

I looked into this when I was going to find a transfer. If you are in NJ and get a car from NY the tax was already paid (tax up front state) and NY is a no refund state where NJ does refund unused tax. NJ reciprocates with many tax up front states. All you have to do is show NJ DMV that the tax was paid and you will not have to pay any or only pay the difference. NJ DMV verified this. Because it is a lease take over you will have to go to DMV yourself to register it.

Bahn360Photo · 06-17-2016, 09:37 AM

yes, tax will be readjusted based on your state tax rate

06-02-2016, 08:58 PM	#1
Boostin335 Lieutenant Colonel 561 Rep 1,723 Posts Drives: G82 M4CX, C8, MKIV Supra Join Date: Sep 2007 Location: North/Central NJ iTrader: (2)	I'm in NJ, assuming a lease from NY... couple questions Hi, I am wondering how the tax piece works. If anyone has taken a car that was in NY and they live in NJ. NY has 8.875% tax, and NJ is 7%. If NY car with tax all in is $550, the NJ lease would be $536. Does BMW adjust this when you assume it? Would love to hear from anyone that has assumed a lease going from NY to NJ.
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06-03-2016, 10:58 AM	#2
Stage1 Curiosity Killed the Cat 241 Rep 822 Posts Drives: M4 GTS Join Date: Jan 2015 Location: PA iTrader: (2) Garage List 2021 BMW M4 [0.00] 2016 M4 GTS [8.00] 2016 Cayman GT4 [0.00] 2016 Wrangler [0.00]	I just transferred my lease, however we were in the same state. If you do it it between two states with different tax rates, BMW takes the base lease rate and adds your states tax. They make the process seamless as long as you are diligent about getting all the paperwork back to them in a timely manner. When I did it, we sent both sets of paperwork together. Took under two weeks start to finish __________________ SOLD - 2015 /// F82 M4 / AY-SO "AY-BRAVE" I'M BACK - 2016 M4 GTS I'M BACK AGAIN - 2021 M4 COMP FPB
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06-11-2016, 12:02 PM	#3
MarcWinNJ Private First Class 21 Rep 126 Posts Drives: '17 M4 Conv Comp, '01M Rdster Join Date: Dec 2010 Location: New Jersey iTrader: (0) Garage List 2017 M4 Convertible [0.00] 2001 BMW M Roadster [0.00]	I looked into this when I was going to find a transfer. If you are in NJ and get a car from NY the tax was already paid (tax up front state) and NY is a no refund state where NJ does refund unused tax. NJ reciprocates with many tax up front states. All you have to do is show NJ DMV that the tax was paid and you will not have to pay any or only pay the difference. NJ DMV verified this. Because it is a lease take over you will have to go to DMV yourself to register it.
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06-17-2016, 09:37 AM	#4
Bahn360Photo Fitness Gene 1112 Rep 2,413 Posts Drives: 2018 M4 Join Date: Feb 2014 Location: SoFlo iTrader: (2) Garage List 2006 bmw m5 [10.00] 2016 bmw z4 35is [8.33] 2000 bmw m5 [10.00] 2018 BMW M4 [10.00] 1987 BMW 325 Conver ... [10.00]	yes, tax will be readjusted based on your state tax rate __________________ Effective 11 Min Home Workouts????? No equipment????? 20 years of experience Spartan Race winner PROtrainer! Click the link?? https://www.youtube.com/c/FitnessGene
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