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Registration/Sales tax question
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07-25-2010, 07:28 PM | #1 |
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Registration/Sales tax question
I plan to lease a vehicle in about a week and have been really thinking about a multi-state registration issue...
I'm from Missouri and attend grad school full-time in Missouri, but live in central New York where I work full time and am a resident. My dealer suggested registering in MO since I am a student and have a semi-residence (parents) so that I'd be able to roll my sales tax into monthly payments instead of paying up front like NY requires... Will I run into issues with this? I visit Missouri several times a year for school but the vehicle will be primarily in New York. MO insurance and registration, NY license and residence... |
07-25-2010, 07:33 PM | #2 |
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I think the real issue is insurance fraud. If the car is always in NYS, and you tell your insurance co. the vehicle is garaged in MO, if they ever find out, you wont be covered. I know plenty of people who seem to feel it's ok, esp. in CT where there is property tax. But I know of one instance where a person's vehicle got stolen and recovered in Brooklyn, and he was questioned as to why if he lives in Brooklyn and works in Manhattan, that his car was registered in east jibit (insurance was cheaper). Needless to say his theft was not covered.
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07-25-2010, 07:45 PM | #3 | |
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Or would they expect me to come up with the $2600ish up front to pay out of my pocket. The only difference I see in paying the sales tax up front vs rolled into payments (other than the state's tax percentage) is that instead of the dealership financing the sales tax and charging me interest, a portion of my payment each month goes to the state. Is that correct? |
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07-25-2010, 07:50 PM | #4 |
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The real questions are:
Where do you live? Who issues your driver's license? Where do you pay taxes? Although you situation is a bit different based on two completely different locales, this is not that unusual and the above test must be applied. From your description, it appears that you are a resident of NY. Accordingly, the car should be registered there. |
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07-25-2010, 07:53 PM | #5 |
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http://www.nydmv.state.ny.us/register.htm#leased
I've never leased a car, but the way it reads is that you pay sales tax on the total amount of the lease payments. I don't think it's a big deal, taxes are not something one can really avoid. I like many on this forum paid sales tax on over 44k, as I had no trade. That's just the way it goes and it factors into a buy decision. If there were a luxury tax or gas guzzler tax, I'd get a different car... |
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07-25-2010, 09:56 PM | #6 | |
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07-26-2010, 12:02 PM | #7 |
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1. you do not need to pay the taxes upfront in NY. you can most definitely roll it into the payment.
2. it doesn't matter if you put taxes upfront or roll it into the payment, you still end up paying the same. give me a call or email me if you have anymore questions. i would be happy to help you out and get you a great deal on the car as well |
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07-26-2010, 01:06 PM | #8 | |
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Sounds like you're doing an on-line program in MO from NY so you had better register and insure the car in NY to be safe.
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