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Old 02-03-2015, 05:34 PM
Staszek Staszek is offline
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Default Chicago/Illinios leasing help.

I need some expert help here.

Here is the situation, we moved to Chicago a little over a year ago. I own both cars but my fiance's car is leased.

The old law in Illinois (which was archaic) was that you had to pay the taxes for 100% sale price of a car at the inception of the lease. That law finally changed this year and now on a new lease its taxed just like the rest of the US with you paying tax on the payment not the car price.

So here is the issue, her car was leased in another state. She went to move her registration and plates over to IL and they wanted to charge her $4000 in taxes to move it over because her lease was paying taxes only on the payment.

So here is my question, are they just behind at the DMV, or does this law change only effect new leases and not transfers into the state. If its the latter then we will just keep it on the old state. We are planning on buying a new X5 (purchase) when the lease ends at the end of this year so do we just let it go and deal with it if she gets pulled over with a Chicago license and out of state plates?

$4000 pays for a lot of tickets before we would eat into the tax bill.
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Old 02-04-2015, 08:43 AM
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m3driv3r m3driv3r is offline
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Hey bud I am a client advisor for Elmhurst bmw. Let me talk to my finance manager to confirm but I think the new lease laws apply to new leases post 1/2015. I would keep her car in the previous state until your ready to lease another/ purchase another. Also let me know what you are in the market for when the time comes I will take care of you!
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