Leaf Owners : Actual Lease Details

[evnow]

With deliveries starting tomorrow, this is the place to share & discuss your lease details.

This one is from Omkar ...

 

[LTLFTcomposite]

You get to pay tax on the $7500?

 

[evnow]

You get to pay tax on the $7500?

Yes - in CA.

 

[Train]

Residual is $15,580.40.

 

[LEAFer]

Residual is $15,580.40.

Which means the % residual is being applied to MSRP + $820 destination. Which seems wrong in my mind.

( Minor interesting tidbit: CA Tire Tax: $7 or 4x$1.75. The CA spreadsheet (and other quotes I have seen) show $8.75. $7 is the CORRECT value ... since the LEAF has no spare :lol: )

 

[leafenvy]

I've never leased a car before so forgive me if this is a dumb question. Why is $7500 (+$2000) due upon lease signing? Is this the same $7500 tax credit that Nissan is getting from the feds since they technically own the car. I've always assumed $2000 due at lease signing, not $9500!!

 

[garygid]

They are getting $9500, just $2000 from you, and $7500 from the feds, but it is AS IF you paid the whole $9500.

 

[Boomer23]

You get to pay tax on the $7500?

Yes - in CA.

What kind of tax is this? Is this withholding of state income tax on the $7500, the state considering this as income?

 

[LEAFer]

They are getting $9500, just $2000 from you, and $7500 from the feds, but it is AS IF you paid the whole $9500.

Which is also the reason why (in CA, and probably other states) you will be paying sales tax on that $7,500 amount of additional "Cap Reduction".

 

[evnow]

What kind of tax is this? Is this withholding of state income tax on the $7500, the state considering this as income?

Sales tax.

 

[Boomer23]

What kind of tax is this? Is this withholding of state income tax on the $7500, the state considering this as income?

Sales tax.

So the $7500 is considered my money when it is used as a down payment on my lease, and I'm charged sales tax when it is spent, eh?

Are all CA dealers charging this sales tax on the $7500 tax credit?

Heck, the money isn't mine, I've never touched it. If they want to charge sales tax, they can charge it to the Feds, they came up with the money. :lol:

I guess it makes sense. For people who purchase the LEAF, they'll be charged the sales tax on the whole purchase price, even though the tax credit reduces their actual cost.

 

[LakeLeaf]

Forgive me - I've never leased.

I understand what these are (I think):


Gross Capitalized Cost
Capital Cost Reduction
Adjusted Capitalized Cost
Residual Value

But I don't fully understand what

Depreciation and Any Amortized Amounts
Rent Charge

Yes - they add up to the total base monthly payments, but is there any significance in the split between the two? Is a different split more or less favorable for sales/income tax, insurance rate, etc? How is that split determined?

 

[LakeLeaf]

Heck, the money isn't mine, I've never touched it. If they want to charge sales tax, they can charge it to the Feds, they came up with the money. :lol:

You know what they say - What Andy Grove giveth, Bill Gates taketh away. If believe we are seeing the analogy - what Uncle Obama giveth, the Governator, er make that Governor Moonbeam now, taketh away.

 

[LTLFTcomposite]

You know what they say - What Andy Grove giveth, Bill Gates taketh away. If believe we are seeing the analogy - what Uncle Obama giveth, the Governator, er make that Governor Moonbeam now, taketh away.

It stems from the big government mentality that they have the moral right to lay claim to whatever you have.

Don't worry, they have determined that you still have "enough".

 

[DaveinOlyWA]

Lemmee explain please. Cali sales tax is big part of the headache of my job. waaay back in the early 60's , cali realized that many people were coming to state, winning money on game shows, spending lavishly and then going home, but many were not. they did not spend any money because their midwestern frugleness was shocked at the very high prices they encountered not realizing that they were in a hotel, surrounded by tourist attractions that had shocking prices even for a native cali dude.

soooo the legislature seeing a golden income opportunity flying out of the state daily, decided to set sales tax on all "transactions" based on the retail value of gifts or services

iow, if you win something, you pay tax on retail value which is why game shows are required to announce that. as you know the first thing that pops into your head is "i would never pay that price!!" and to be honest with ya, neither would anyone else, since retail price is not commonly paid. but you will pay taxes based on that retail value.

keep in mind the average sales tax for a smartphone in the state of cali even if its free from your provider is around $50

 

[Randy]

10-4 on that, Dave.

I just bought a new Droid X from Verizon in California for $49, and the tax was based on a $600 pricetag, which is something like $58 in tax. Ouch!

 

[DaveinOlyWA]

10-4 on that, Dave.

I just bought a new Droid X from Verizon in California for $49, and the tax was based on a $600 pricetag, which is something like $58 in tax. Ouch!

AWESOME choice !!!
ya i got 3 of them. bought them at $200 each. in WA we only pay sales tax on the actual purchase price. so my taxes for the 3 was over $60 as well, but in Cali it would have been you times THREE!!

now that would be painful!!

 

[Timaz]

I wanted to mention one quick lease piece of information that we found out last night when picking up our Leaf. If you choose the lease, Nissan reduces the balance by 7,500 like an instant rebate which reduces the total amount , but you only realize about 61% of that amount ($7500) as you will only make 39 payments. If you buy and are in a tax situation to get the benefit of the full amount back at the end of the year, you can take advantage of the full $7,500 back from Uncle Sam. That is just one of the reasons we went with a purchase!

Another quick tip we did not factor in was trading in our Prius. We saved another $1300 or so in sales tax on the purchase by trading in a vehicle. They took the total amount they offered for the Prius( they ended up giving us a generous offer) and subtracted that from the total purchase price which reduced the amount we paid sales tax on. We still had a balance owed on the Prius which they will pay off in a separate transaction.

Sorry if these area just common sense, but we used these and other factors to come to the decision to buy.

fYi

 

[EVDRIVER]

Lemmee explain please. Cali sales tax is big part of the headache of my job. waaay back in the early 60's , cali realized that many people were coming to state, winning money on game shows, spending lavishly and then going home, but many were not. they did not spend any money because their midwestern frugleness was shocked at the very high prices they encountered not realizing that they were in a hotel, surrounded by tourist attractions that had shocking prices even for a native cali dude.

soooo the legislature seeing a golden income opportunity flying out of the state daily, decided to set sales tax on all "transactions" based on the retail value of gifts or services

iow, if you win something, you pay tax on retail value which is why game shows are required to announce that. as you know the first thing that pops into your head is "i would never pay that price!!" and to be honest with ya, neither would anyone else, since retail price is not commonly paid. but you will pay taxes based on that retail value.

keep in mind the average sales tax for a smartphone in the state of cali even if its free from your provider is around $50

I guess you are lucky in Washi.

 

[DaveinOlyWA]

I guess you are lucky in Washi.

well, until i get my lease, wont know for sure, but do know that Leaf will be 2nd car in a row without the nearly 9% sales tax applied!

also got my 2010 Prius tax free!!