Quote:
Originally Posted by platinum903
Yep, it's even worse in Texas than your post indicates because Texas actually charges tax on the full purchase price amount of the car, not the current fair market value. So they look at the bill of sale from the original Lessee and charge you the tax on the full amount of the purchase price the original lessee paid. You do get credit for taxes the original lessee paid in their state, but that's usually peanuts compared to Texas taxes owed because most states only charge taxes on the monthly payment amount or the amount of depreciation during the lease term.
You really have to do your homework and make sure you know what's up before pulling the trigger on a lease deal from out of state. I've done it and it worked out great, but I knew all the implications and ran the math to make sure I knew exactly what to expect at the DMV.
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You're saying, hypothetically, if someone paid 8.25% tax on their lease in a different state, then you don't pay any taxes in Texas, correct?