Tax credit towards a car if your trade in is a lease towards a purchase ???

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Tax credit towards a car if your trade in is a lease towards a purchase ???

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05-07-2011, 06:55 PM

RobertM

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Join Date: Aug 2007

Posts: 183

Drives: mercedes 2011 CLS550 with AMG package

Tax credit towards a car if your trade in is a lease towards a purchase ???

Tax credit towards a car if your trade in is a lease towards a purchase ???

I was at the jaguar dealership and at the last minute the sales manager comes in the office and says we have an issue. he THOUGHT that my trade in was financed and not a car that is being returned as a lease, so he had to remove the credit for the sales tax. That changed the deal, so we left.

Is that correct ???

I went to car max today and they offered me the same number BUT said I would get a tax credit if I got a car from them. I questioned their response because the jag dealershp said that there was no credit because I only pay tax as I make the monthly payments, which seems to make sense to me.

So who is correct ???

If I trade in my lease, do I get a tax credit for the cars value that are giving me, the new car will be a purchase ???

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05-07-2011, 06:55 PM
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2011, auto, car, credit, deduction, forum, ins, lease, leased, leasertax, purchase, sales, tax, trade, tradein, trading, vehicle

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