Archive for the ‘Leasing’ Category
What are the lease tax changes in Illinois?
Did you know that new auto lessees could save up to 50 percent in taxes in Illinois? It’s true and there’s never been a better time to lease a new vehicle! Not only is Honda offering a variety of great lease specials, the State of Illinois has implemented some big changes with positive impacts on car lessees. So what are the lease tax changes in Illinois? (more…)
What are the changes to the Illinois auto lease tax law?
Effective January 1 the Illinois Department of Revenue implemented changes to how it taxes motor vehicle leases and prospective car leasers could save big. Prior to the start of the year Illinois and Texas were the only states to tax the capitalized cost of leased vehicle. That means even though an individual was essentially renting a vehicle from a dealership, the individual was taxed on the “negotiated price” or the price he would pay if he was purchasing the vehicle. For example the individual could pay $2,800 in sales tax alone on a $35,000 vehicle at 8 percent. A use tax is also applied to leased vehicles, but isn’t affected by the new law. (more…)
End of Lease Options for Honda
Low monthly payments and a lack of financing have always made vehicle leases appealing options for drivers. Combined with a simple lease process, these qualities provide a valuable path for drivers looking to get behind the wheel of a reliable automobile.
Though the initial lease details are very clear to many drivers, a general sense of uncertainty is introduced when exploring the opportunities available at the conclusion of a lease. For this reason, Continental Honda provides a run-down of the end of lease options for Honda drivers near Chicago. (more…)