How does the taxes work with a lease assumption in Florida? I live in florida and found a lease that I would like to take over from a person who is also in Florida. He says his payment is $568.00 with tax. Does that mean That I simply pay the same $568 for the remainder of the lease?

Thanks

Yes, Florida is a state that assesses taxes as part of the monthly lease payment. If you assume the lease, you will be assuming the base monthly payment (before taxes) and have your local sales tax added to your base payment to determine your total monthly lease payment.

If the lease seller has the same tax treatment (sometimes sales/use tax varies by county), then you will assume the same total monthly payment.

You might ask the seller what their sales tax is in their area to quickly assess if the rate will be the same for you.

I hope that helps!

Matt
LeaseTrade.com Support
http://www.leasetrade.com/
Customer Service: 800-919-9719

Thank you very much for the reply.

You're welcome.

Matt
LeaseTrade.com Support
http://www.leasetrade.com/
Customer Service: 800-919-9719

Hi
If I live in and lease a car from the dealer in florida, what is my sales tax based on? The total negotiated price or the monthly payment?

thanks for any info.

Being a Florida resident, you will pay sales tax as part of each monthly payment. Florida is considered a "use tax" state and your local county sales tax percentage is normally what is applied as part of each monthly amount due.

Matt
LeaseTrade.com support
http://www.leasetrade.com

so the tax is based on the montlhy payment? ie 6% of a 200 payment-12$? or is the tax based on the total price and then factored into the payments ie 6% of a 20000 car-1200 over 24 months? like in texas for example.

i hope i am being clear in my question. thanks for the help.

Yes, in Florida if your county sales tax is 6%, then on a $200 monthly lease payment, you will pay an additional $12 per month in use tax.

Matt
LeaseTrade.com support
http://www.leasetrade.com