Lease with immediate buyout in GA?

[ShrekSquatch]

Live in GA, still considering a Stinger (GT, AWD). Can't find one around here, closest ones are northern states about 300 miles away plus. Would want to take advantage of the lease cash with immediate buyout, but seems like GA in essence charges tax twice? Anyone have any idea how the tax situation would work with an out of state purchase then a buyout in GA?

 

[STNGRNV]

The GT is the rarest trim as it is. There are only 4 within a 100 mile radius of me and only 1 is AWD (Yellow). I believe that I read in one of the threads that it is the state of residence that matters. So I don't think that you can get around it. I could be wrong though.

 

[HomeLAN]

Effective 1/1/18, Georgia changed the way fair market value can be treated on a lease for TAVT, allowing the sum of the lease payments to be used as a basis or the FMV in their book. I don't see, though, that they made any change in when the tax is assessed - meaning that they're going to want to get you on the lease value when you bring it into the state and again when you change the title to your name - at 7% each time. You might or might not get away with pleading a lower market value at the conversion since it's no longer a new car, but I'd guess that's going to be more trouble than it's worth.

You might ask a Georgia dealer. They'd be far more informed than I am.

 

[Zac]

Hope this helps. Buy a one way ticket to MN and go to Luthur Kia in Bloomington. I'm half serious if you really want a Stinger. Ask for TJ, he was cool. There are a ton of Stinger GTs avail in the area, but they all have 18s w drivewise. It's the damn snow.

Lease and buyout is the BEST deal by far. You can pay it off as soon as your info is live on Kia's site. Took 7 days for mine.

Simple calculation to get your price.

MSRP of the one you find...

-5000 dealer discount from MSRP
And
-5900 Kia lease cash (GT1)
Or
-7000 Kia lease cash (GT2)

Add a $650 aquisition fee
Add a $100 doc fee
Add tax based on price so far
Add +/- $175 for first month rental fee
Add license, title, and registration

Done. Thats what you'll pay to lease and buyout after 1 lease payment, when it's said and done. Docs will look more confusing, but that's the math.

Good luck!

 

[ShrekSquatch]

Thx for the info folks. I'm sure I'd get double-docked for tax in GA, which really sucks. Still a couple of grand extra off, but not as good of a deal as it could be... Still debating.

 

[Atheleus]

Hope this helps. Buy a one way ticket to MN and go to Luthur Kia in Bloomington. I'm half serious if you really want a Stinger. Ask for TJ, he was cool. There are a ton of Stinger GTs avail in the area, but they all have 18s w drivewise. It's the damn snow.

Lease and buyout is the BEST deal by far. You can pay it off as soon as your info is live on Kia's site. Took 7 days for mine.

Simple calculation to get your price.

MSRP of the one you find...

-5000 dealer discount from MSRP
And
-5900 Kia lease cash (GT1)
Or
-7000 Kia lease cash (GT2)

Add a $650 aquisition fee
Add a $100 doc fee
Add tax based on price so far
Add +/- $175 for first month rental fee
Add license, title, and registration

Done. Thats what you'll pay to lease and buyout after 1 lease payment, when it's said and done. Docs will look more confusing, but that's the math.

Good luck!

I take it you bought yours At Luther Kia in Bloomington?

I too live in MN and bought mine there. I leased and bought out immediately, and when I went to get the title transferred in my name at the DMV-I was surprised at the tax hit of just under $3k on the sales price. Essentially being double taxed, because MN considers a sale a sale.

Did you already transfer your title? I imagine you suffered the same fate, right?