Want to lease then Buyout in NC

[Ruturaj]

I am currently living in NY and moving to NC next month. As per some reading, NY charges tax upfront on lease payments and if I opt out I have to pay that as KMF as paid that already for me plus I would need to pay tax on the buyout amount. How's the situation with NC?

 

[TurboDiesel]

I'm looking for more info on NC if anyone has it as well.

 

[Ruturaj]

I'm looking for more info on NC if anyone has it as well.

One thing I found out is no one is offering Ballon financing in NC.

 

[Ruturaj]

Update: From city data, I found out the 3% HUT tax (highway use tax, similar to sales tax) is charged monthly on the lease on just lease payment. And on the buyout, 3% on buyout amount. Haven't been able to find out about property taxes though.

 

[Ruturaj]

Update 2: As mentioned in previous post, indeed 3% HUT is getting charged monthly for the lease. I will soon have to pay 1% property tax this year.

I will update on what amount I would have to pay HUT and if any, property tax. (For NC, they won't be charged by KMF/HCA with buyout amount).

 

[Ruturaj]

Since I transferred my license plate from old car, no property tax this year on stringer (my last car was valued 5k on which I paid taxes vs my 50k stinger). Doing buyout next month, would have to pay HUT then. May be property tax.

 

[Jertom08]

Since I transferred my license plate from old car, no property tax this year on stringer (my last car was valued 5k on which I paid taxes vs my 50k stinger). Doing buyout next month, would have to pay HUT then. May be property tax.

How did the buyout process go for you in NC? I'm in Charlotte trying to decide if I want to pull the trigger on a new 2020 GT2 AWD.

 

[Ruturaj]

How did the buyout process go for you in NC? I'm in Charlotte trying to decide if I want to pull the trigger on a new 2020 GT2 AWD.

I decided not to. The property tax is yearly and same on lease or owned car. You will have to pay HUT tax of buyout amount when you transfer title.

 

[Jertom08]

I decided not to. The property tax is yearly and same on lease or owned car. You will have to pay HUT tax of buyout amount when you transfer title.

I mean you would have to pay sales tax if you bought the car as well. Guess I'm not understanding.

 

[Ruturaj]

I mean you would have to pay sales tax if you bought the car as well. Guess I'm not understanding.

In NC there is HUT which is 3% instead of sales tax, then there is 1% property tax every year.