Do You Pay Taxes Again When You Refinance a Vehicle
Repaying sales tax when refinancing a vehicle?
I recently purchased a new vehicle and fincanced with ford motor credit to get a $1,000 rebate. The rate was higher than my credit union but my intent was to immediately refinance with them as before long as I got my first statement from fmc. Credit spousal relationship had no problem with this but said that I would demand to pay the taxes once more when refinancing. Does that make any sense?
And yeah I know that sense I didn't pay cash I'm an lol poor.
quote:
I'yard an lol poor.
EOT
Fine I'm poor. Now answer the question.
Does not brand sense.
You pay the taxes to the country once.
Not an skillful, but the transaction is not you refinancing. Yous don't own the car. The credit union is purchasing a used auto from Ford Motor Finance. The sale means sales tax. And the rebate was just bait for a loan with bad terms.
Deplorable. Ford ane, yous 0
She does own the motorcar Ford Motor Credit has a lien. I have not heard of this, you lot may want to clarify this is a refi. They may be thinking you are buying new.
[This message has been edited by Quartz (edited 7/30/2012 11:40a).]
Did you lease it, or did you purchase information technology? If it's a charter yous'll owe sales revenue enhancement, but you shouldn't if the original transaction was simply a purchase financed by FMCC.
quote:
Not an expert,
No ****?
The terms of the loan aren't bad. It'south just that the credit wedlock was amend. Withal not seeing how it'southward a buy. On a secured championship theres a line for possessor and 1 for a lienholder. I'd still the owner on both.
No, wasnt a lease.
[This bulletin has been edited by Lacy05ag (edited 7/30/2012 11:44a).]
No, you don't take to pay more sales tax. If it's in your proper name already, y'all'll just pay $33 to have the lienholder changed.
Should non take to pay sales tax. You already own the automobile.
Lacy, someone at the CU has head up their arse.
What CW said. This is a simple refi. If they don't know the specifics of this, I'd exist wary of having my loan in that location.
Cu is saying the tax assessor said this. I'm thinking at that place's a miscommunication somewhere
Shocking that a credit marriage would employ such a dumbass...
[This bulletin has been edited by Cjs4715 (edited 7/thirty/2012 12:25p).]
Y'all paid the tax when you lot originally purchased your vehicle. Title/ownership is not transferring and, therefore, you practice not owe additional SALES TAX. Accept the idiot at the bank telephone call a unlike idiot at the Tax assesor'due south role.
Sounds similar the CU thinks yous're refinancing a house.
The CU doesn't fifty-fifty have to know what kind of rebates you got. All they demand to know is the payoff at the current finance company and that their lien is currently on the vehicle.
If they argue with you, and so yous don't need to do business concern at that place. (email me instead, and I'll hook yous upwardly with one of our lenders who know the CORRECT procedures and fees for this! 
)
y'all exercise pay sales tax twice if you charter the vehicle, and then purchase it at the end of the lease.
ANOTHER TAX FROM OBAMA THE SOCIALIST
quote:
yous do pay sales tax twice if you lease the vehicle, then purchase it at the stop of the charter.
Non exactly. During the lease you lot pay tax on the depreciation from the negotiated cap price to the residual. If you then buy for the residual price you're only paying revenue enhancement in the residual. The full sales revenue enhancement terminate up beingness pretty close
When you refi an automobile with some other financial institution, you volition need to pay for a change in the title because of a new lien holder. No charge for sales taxes. Someone was misinformed.
quote:
Not exactly. During the charter you pay tax on the depreciation from the negotiated cap cost to the residual. If y'all so purchase for the residuum price you're only paying tax in the remainder. The total sales tax stop up being pretty close
you would think so, however, you are wrong; speaking from personal experience hither, and looked it up after I raised hell.
http://world wide web.leaseguide.com/Manufactures/texas-auto-lease.htm
http://www.carbuyingtips.com/lease.htm
Once the vehicle was purchased after lease terminate, dealer said they had to accuse tax on sold amount, essentially significant we paid tax twice on the residue value.
[This bulletin has been edited by 62strat (edited 7/30/2012 6:02p).]
quote:
In one case the vehicle was purchased after lease end, dealer said they had to charge tax on sold corporeality, essentially meaning we paid tax twice on the residual value.[This message has been edited by 62strat (edited 7/30/2012 6:02p).]
What are you defining as the 'sold'? Practice you live in Arkansas or new York and getting super confused about a airship contract?
[This message has been edited past Jamotoe1 (edited vii/30/2012 half-dozen:17p).]
When yous purchase out your lease, you take to pay taxes on the buy, because you are ownership information technology from the lease visitor.
Notwithstanding, the neb of sale may show taxes already paid, so they y'all would just pay taxes on that sales price.
Hi Lacy05Ag, I do not have a solution to your problem but I would exist a willing and able lover to you. We could spend each evening cuddling under a coating later on which I would mount yous similar a king of beasts.
Merely did this about 6 months agone from Ford. Didn't pay sales tax the 2d time.
Then you must have has a balloon contract
Contacted the tax assessor and she said it was a misunderstanding, they thought the motorcar was originally leased. Thanks a lot credit union for the headache today. Glad I came here first for lolpoor talk and infinite wisdom of the GB.
Jamatoe, in a nutshell, approx amounts:
Leased a $30k car. Residual value at $17k. Taxes equaled the tax rate multiplied by $30k. (non on $13k, similar you would think information technology should exist.)
Payments resembled that of a $13k note over 3 years.
Lease concluded in three years, decided to purchase the car for the predetermined $17k and paid taxes on that $17k as well.
So, paid taxes twice on the residual value of $17k, about $1k X 2.
from your link above:
quote:
Texas state laws consider the sale of a vehicle by a charter company at lease-end to be a separate sale, although a special 1, and the lessee is not charged sales tax again if the right corporeality of tax was paid originally at the get-go of the lease.
exactly.. that's why I raised hell. Since taxation was paid on total vehicle, I told them I shouldn't take to pay information technology again, simply they said it'south their policy to charge sales revenue enhancement when buying a used vehicle.
This was Fred Haas Toyota.
In my stance, there should only be sales tax on new car sales. I call up the authorities taxing used car sales is double taxation and complete horse****.
This post has been flagged.
Click to display linked image.
Source: https://texags.com/forums/12/topics/2123458
0 Response to "Do You Pay Taxes Again When You Refinance a Vehicle"
Enregistrer un commentaire