Vlad92
Getting familiar with the group...
As far as my sale to Carmax there was no sales tax charged to me as Carmax is buying the car from Hyundai. The title was never put in my name (as I never owned the car). Hyundai got there lease payoff amount and will release the title directly to Carmax. Once that happens (a week or so) Carmax will cut me a check for the difference between that amount and the $22,000 they offered for the car. This is right at $2000.
As far as a trade-in to the dealer I discussed that potential with them, but they gave me all indications they were not interested in taking my car on trade so I didn't push for a trade-in quote. At that point I already had the Carmax quote in my pocket. Additionally, the dealer would have applied any positive equity toward my lease which I did not want (no sense in putting money down on a lease in my opinion). I'd rather have the $2000 in the bank from Carmax.
As mentioned for Ohio, it's the same here. I pay sales tax (called use tax) to the state as part of my monthly lease payment. As such, there would have been no tax advantage of trading in my leased car to the dealer (as I never paid tax on the residual amount anyway so I'd get no tax credit back).
One funny story at the dealership when I leased my new Genesis... everyone at the dealership was floored by my iLeaseCar app on my iPad (which computes lease payments). Once I knew the money factor and the residual I basically figured out my payment (to the penny) and told the dealer what it would be. The finance manager, sales manager, and others kept passing around the iPad playing with the app. I think historically with leases dealers have always had the upper hand, but with tools like this the playing field has leveled. I thought it was amusing!
As far as a trade-in to the dealer I discussed that potential with them, but they gave me all indications they were not interested in taking my car on trade so I didn't push for a trade-in quote. At that point I already had the Carmax quote in my pocket. Additionally, the dealer would have applied any positive equity toward my lease which I did not want (no sense in putting money down on a lease in my opinion). I'd rather have the $2000 in the bank from Carmax.
As mentioned for Ohio, it's the same here. I pay sales tax (called use tax) to the state as part of my monthly lease payment. As such, there would have been no tax advantage of trading in my leased car to the dealer (as I never paid tax on the residual amount anyway so I'd get no tax credit back).
One funny story at the dealership when I leased my new Genesis... everyone at the dealership was floored by my iLeaseCar app on my iPad (which computes lease payments). Once I knew the money factor and the residual I basically figured out my payment (to the penny) and told the dealer what it would be. The finance manager, sales manager, and others kept passing around the iPad playing with the app. I think historically with leases dealers have always had the upper hand, but with tools like this the playing field has leveled. I thought it was amusing!
romo&Rp=R&PP=50&sV=List&Us=8&CD=14+966+240+190+398+15&Q=d0a267ee-0ccb-4720-8fd3-a2fc25d71eb9
