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I've been leasing cars in NY & NJ for years.... The way that every manufacturer (Lexus, Honda) that I've dealt with calculates sales tax on a lease is very straightforward..... If my monthly lease payment is $140.... And my tax rate is 8.125%.... Then my monthly sales tax is $11.37... Either added to my monthly payment for a total of $151.37 or paid upfront (for example if it's a 36 month lease then it would be $11.37*36=$409.32...............HOWEVER the Hyundai dealer that I dealt with calculated the sales tax the following way.

If the MSRP was $21,000 and the residual was 60% (or $12,600) then the remaining ($8,400)is what is taxed...So 8.125% * $8,400 is $682.50..../36 is $18.90 a month.

Has anyone ever heard of this?... Or have I been a victim of a slick dealer?
 
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