Leasing a car involves various taxes and fees, and these can vary by state. In Florida, as of September 2021, here are some general aspects regarding taxes and fees when leasing a car:
1. **Sales Tax:**
– Florida imposes a state sales tax on car leases, which, as of the last data, is 6%. However, local jurisdictions (counties) can impose additional sales taxes, which can make the total sales tax rate higher.
– The sales tax is typically applied to the monthly lease payment. So, if your lease payment is $300 per month and your local sales tax rate is 7%, you would pay an additional $21 per month in sales tax.
2. **Use Tax:**
– Some areas may also have a use tax, which is similar to a sales tax but is applied to leases and rentals.
1. **Acquisition Fee:**
– This is a fee charged by the leasing company to arrange the lease. It can range from $300 to $900. Some leasing companies allow you to roll this fee into your monthly payments.
2. **Disposition Fee:**
– This is a fee charged by the leasing company at the end of the lease if you choose not to buy the car. It covers the cost of preparing the car for resale and is typically between $300 and $400.
3. **Security Deposit:**
– Some leases require a security deposit, especially if you have a less-than-stellar credit score. This is often equivalent to one monthly payment.
4. **Registration and License Fees:**
– You will also be responsible for paying to register the vehicle and for its license plates. In Florida, the cost can vary depending on the type and weight of the vehicle.
5. **Documentary Stamp Tax:**
– Florida imposes a documentary stamp tax on all vehicle leases, which is calculated based on the total amount of the lease payments. The rate, as of the last data, is $0.60 per $100 (or fraction thereof) for all payments to be made during the lease term.
6. **Tire Fee and Battery Fee:**
– Florida charges a fee of $1.00 per new tire sold (including on leased vehicles) and a battery fee of $1.50 per battery.
7. **Lease Termination Fee:**
– If you end your lease early, you may be subject to a lease termination fee, which should be outlined in your lease agreement.
8. **Excess Wear and Tear Fee:**
– At the end of the lease, if the vehicle shows signs of damage beyond “normal wear and tear,” you may be charged additional fees.
9. **Mileage Overage Charges:**
– If you exceed the mileage limit set in your lease, you will be charged for the additional miles at the per-mile rate specified in your lease agreement.
– **Insurance:**
– Don’t forget that you’ll also need to maintain insurance on the leased vehicle, and leasing companies often require a higher level of coverage.
– **Policy Changes:**
– Keep in mind that tax rates and policies can change, so it’s always a good idea to check the most current rates and regulations by visiting the Florida Department of Revenue website or consulting with a tax professional.
Always read your lease agreement thoroughly and make sure you understand all the fees and charges that you may be responsible for both during and after the lease term. If you have any doubts, it might be helpful to consult with a financial advisor or an attorney who specializes in consumer finance and leasing.