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 Post subject: Re: Dianne's Feb 4 thru March 3 deals for the Rav4 EVs
PostPosted: Wed Feb 05, 2014 12:53 am 
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Posts: 15
[quote="TonyWilliams"][quote="Charge"]What is the 'real' drive off costs for a CA resident with a 9% tax rate?


You could write a check for $2500 when you buy / lease the car, and when the $2500 check shows up weeks later, you're back to zero out-of-pocket.

[/quote]

Okay I'm confused again. Do I have to write any check for drive off? I'm assuming not and I'd still get the $2500 back a few weeks later from the state??? The DMV fees, tire fees, first month security deposit, other fees, etc. is all included?

Total Costs example:

$440 (avg) per month - unlimited
+ 44.10 (9% use tax)
= $479.60 total per month payment

$479.60 * 35 months = $16787 for the entire three years
MINUS the $2500 State rebate
= $14286 Total 3 years cost of loan


Thanks again


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 Post subject: Re: Dianne's Feb 4 thru March 3 deals for the Rav4 EVs
PostPosted: Wed Feb 05, 2014 1:04 am 
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Joined: Wed Nov 14, 2012 9:50 pm
Posts: 3868
Location: San Diego
Charge wrote:

Okay I'm confused again. Do I have to write any check for drive off? I'm assuming not and I'd still get the $2500 back a few weeks later from the state??? The DMV fees, tire fees, first month security deposit, other fees, etc. is all included?

Total Costs example:

$440 (avg) per month - unlimited
+ 44.10 (9% use tax)
= $479.60 total per month payment

$479.60 * 35 months = $16787 for the entire three years
MINUS the $2500 State rebate
= $14286 Total 3 years cost of loan


Thanks again


You're not confused at all!!!

No, you don't have to write a check at lease signing, and it's frankly dumb to do. Yes, you'll get that $2500 state of California check in your mailbox in a few weeks after you send in the application, regardless if you wrote a check or not at signing.


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 Post subject: Re: Dianne's Feb 4 thru March 3 deals for the Rav4 EVs
PostPosted: Wed Feb 05, 2014 6:31 pm 
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Joined: Sat Mar 30, 2013 9:20 am
Posts: 691
Location: Seal Beach, CA
[quote="Dianne"]Why would you even consider putting any cash out-of-pocket? No point to it.[/quote]If you put the $2500 down, would you lower your taxes a bit? For example, if the payment is $440/mo with $0 down for 36 mos, it should be $370.56/mo with $2500 down. If the "use tax" is based on the monthly payment - say 9% in your county - then you'd be paying $39.60/mo in tax with $0 down vs. $33.35/mo if you put $2500 down.

Is that correct, or are the taxes calculated on the total lease amount before any down payments are applied, so that it'd be $39.60/mo either way?

Sorry if I add to anyone's confusion...


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 Post subject: Re: Dianne's Feb 4 thru March 3 deals for the Rav4 EVs
PostPosted: Wed Feb 05, 2014 7:00 pm 
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Joined: Fri May 10, 2013 9:26 pm
Posts: 268
You pay cap Reduction on the car's depreciation.
Whether you let nature take its course and do it over 36 months or you add a large Reduction upfront, it gets taxed.
Best to do it over the course of 36 months.

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Dianne Whitmire
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Carson Toyota in Sunny SoCal
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In my garage:
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2012 Prius PlugIn
My son is a USMC Sergeant & am SO proud of him!


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 Post subject: Re: Dianne's Feb 4 thru March 3 deals for the Rav4 EVs
PostPosted: Wed Feb 05, 2014 8:01 pm 
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Joined: Mon Dec 03, 2012 1:09 am
Posts: 165
So for the lease there are no "document preparation fees" or "upfront sales tax on cap cost reduction" or "DMV registration fees" or "CA tire fee" or "lease acquisition fee" or any of that other stuff that people usually pay up front (especially the sales tax on cap cost reduction).

Seems fishy to me... some of those are required to be paid up front, not built into the lease. And if you're building things into the lease like upfront sales tax and registration, then you're being dumb because you're paying additional interest on those amounts.


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 Post subject: Re: Dianne's Feb 4 thru March 3 deals for the Rav4 EVs
PostPosted: Wed Feb 05, 2014 8:19 pm 
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Joined: Sat Mar 30, 2013 9:20 am
Posts: 691
Location: Seal Beach, CA
I think in this case the interest is 0% or very nearly that.


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 Post subject: Re: Dianne's Feb 4 thru March 3 deals for the Rav4 EVs
PostPosted: Wed Feb 05, 2014 8:23 pm 
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Joined: Fri May 10, 2013 9:26 pm
Posts: 268
You may as well use TFS's $16,500 to pay everything up front anyway, because what's left is going to be taxed as if it was part of a car payment. If the large cap reduction wasn't there, you'd be taxed on it as part of the payment anyway.

Blastphemy, you know not what you speak here.
No hidden fees in CA.
Contracts are clear.
All cars, whether a Yaris or a Landcruiser, have a $650 TFS inception fee. Doc here is $80. CA tire fee, $7. HOV sticker is $8. License fees are what they are - and depend on buyer's county of registration.
What's left is pure cap reduction. and the state taxes it. If it wasn't there as a cap reduction, it would be part of the payment and subject to tax anyway.


Blastphemy wrote:
So for the lease there are no "document preparation fees" or "upfront sales tax on cap cost reduction" or "DMV registration fees" or "CA tire fee" or "lease acquisition fee" or any of that other stuff that people usually pay up front (especially the sales tax on cap cost reduction).

Seems fishy to me... some of those are required to be paid up front, not built into the lease. And if you're building things into the lease like upfront sales tax and registration, then you're being dumb because you're paying additional interest on those amounts.

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Dianne Whitmire
Fleet | Internet Sales Director
Carson Toyota in Sunny SoCal
949-689-0717 cell
310-522-2317 office
In my garage:
2013 Rav4 EV Blue #2030 & 2014 Rav4 EV blue #3473
2012 Prius PlugIn
My son is a USMC Sergeant & am SO proud of him!


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 Post subject: Re: Dianne's Feb 4 thru March 3 deals for the Rav4 EVs
PostPosted: Wed Feb 05, 2014 8:25 pm 
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Joined: Fri May 10, 2013 9:26 pm
Posts: 268
For folks with tier 1+ fico score, the lease rate is .00001 and that's as close to 0 as one can get.

fooljoe wrote:
I think in this case the interest is 0% or very nearly that.

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Dianne Whitmire
Fleet | Internet Sales Director
Carson Toyota in Sunny SoCal
949-689-0717 cell
310-522-2317 office
In my garage:
2013 Rav4 EV Blue #2030 & 2014 Rav4 EV blue #3473
2012 Prius PlugIn
My son is a USMC Sergeant & am SO proud of him!


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 Post subject: Re: Dianne's Feb 4 thru March 3 deals for the Rav4 EVs
PostPosted: Wed Feb 05, 2014 8:50 pm 
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Joined: Mon Dec 03, 2012 1:09 am
Posts: 165
[quote="Dianne"]For folks with tier 1+ fico score, the lease rate is .00001 and that's as close to 0 as one can get.[/quote]

If that's the case, then indeed $0 upfront is the way to go. Sorry I doubted you, Dianne! :)

BTW, what's going on with the forum software? The quoting isn't working in many cases, and the "edit" button doesn't appear anymore after a reply has been posted.


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 Post subject: Re: Dianne's Feb 4 thru March 3 deals for the Rav4 EVs
PostPosted: Wed Feb 05, 2014 8:57 pm 
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Joined: Fri May 10, 2013 9:26 pm
Posts: 268
Blastphemy wrote:
If that's the case, then indeed $0 upfront is the way to go. Sorry I doubted you, Dianne! :)

BTW, what's going on with the forum software? The quoting isn't working in many cases, and the "edit" button doesn't appear anymore after a reply has been posted.


That's OK.
Maybe the board installed Entune.

:twisted:

_________________
Dianne Whitmire
Fleet | Internet Sales Director
Carson Toyota in Sunny SoCal
949-689-0717 cell
310-522-2317 office
In my garage:
2013 Rav4 EV Blue #2030 & 2014 Rav4 EV blue #3473
2012 Prius PlugIn
My son is a USMC Sergeant & am SO proud of him!


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