Leasing in Ohio

[Johnmbureau]

Hi all - I’m curious if anyone on the forum has navigated an Ohio lease yet? I snagged an R1S last week and the financing component has been a bit of a struggle. I had a sales rep (not my guide because my guide couldn’t do it) swap out the 22 brights for darks before I applied for financing. I applied for the lease, agreed to the terms, cost due at signing, and monthly payment late last week. This week I noticed my order summary on the paper work wasn’t right, it showed the brights instead of the darks, ok nbd just a quick update I'm sure. I’m told by my guide to ignore that, and to just move forward with the paperwork. I do so.

Then I get to process my payment and the payment due at signing is $10,029.00, which is $1079.00 more than what I agreed to in the financing. This is the exact cost of the up-charge of the darks plus tax. So I share the error with my guide, who says that is expected since I changed the tires. I explained that since this is a lease, I wouldn’t expect to pay the entire amount. They agree, and he says he will get it in front of finance. He comes back about 3 hours later saying it should be fixed and to take a look. I now see that my monthly lease payment is $43.00 more a month and my due at signing is 9,072.00, only $122.00 more than what I initially agreed to. I can’t say I was expecting that as the “fix” but it appears that the numbers were very off in the system.

I’ve now asked what is being included in my upfront taxes because the number doesn’t match what I would be expecting to pay. It seems to be $591.00 more than what I would expect. I’m wondering if anyone knows if the reservation and EV lease credit is considered a cap cost reduction in the state of Ohio or if that just comes off the MSRP of the car? Even if it is a cap cost reduction, then the number that they are charing me for tax doesn’t add up. I know that Ohio collects the sales tax for all of the lease payments up front and other dealer fees up front, and then the tax on my down payment.

I realize they are probably under a lot of pressure with quarter end, leasing a little new in Ohio since it was just turned on, but I am starting to detected a frustrated, short tone with from my guide, when I am just trying to feel confident in all of this.

Thanks for any insight on this one!

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[ssbmx90]

I am leasing form California, so not much help but what I have seen is you can request a new guide or a manager to get everything squared away before it gets too close to delivery. I almost did this because of some financing issues with my guide's info.

 

[Johnmbureau]

Thanks, I partially wondering if that is what my guide is doing now. I’ve asked for a break down in what is being shown to me as a rolled up cost, really for my understanding, and I haven’t heard back for a while.

I’m not really in a panic here, I think I understand what the differences are, but I’d like to not assume ha!

 

[Supratachophobia]

Hi all - I’m curious if anyone on the forum has navigated an Ohio lease yet? I snagged an R1S last week and the financing component has been a bit of a struggle. I had a sales rep (not my guide because my guide couldn’t do it) swap out the 22 brights for darks before I applied for financing. I applied for the lease, agreed to the terms, cost due at signing, and monthly payment late last week. This week I noticed my order summary on the paper work wasn’t right, it showed the brights instead of the darks, ok nbd just a quick update I'm sure. I’m told by my guide to ignore that, and to just move forward with the paperwork. I do so.

Then I get to process my payment and the payment due at signing is $10,029.00, which is $1079.00 more than what I agreed to in the financing. This is the exact cost of the up-charge of the darks plus tax. So I share the error with my guide, who says that is expected since I changed the tires. I explained that since this is a lease, I wouldn’t expect to pay the entire amount. They agree, and he says he will get it in front of finance. He comes back about 3 hours later saying it should be fixed and to take a look. I now see that my monthly lease payment is $43.00 more a month and my due at signing is 9,072.00, only $122.00 more than what I initially agreed to. I can’t say I was expecting that as the “fix” but it appears that the numbers were very off in the system.

I’ve now asked what is being included in my upfront taxes because the number doesn’t match what I would be expecting to pay. It seems to be $591.00 more than what I would expect. I’m wondering if anyone knows if the reservation and EV lease credit is considered a cap cost reduction in the state of Ohio or if that just comes off the MSRP of the car? Even if it is a cap cost reduction, then the number that they are charing me for tax doesn’t add up. I know that Ohio collects the sales tax for all of the lease payments up front and other dealer fees up front, and then the tax on my down payment.

I realize they are probably under a lot of pressure with quarter end, leasing a little new in Ohio since it was just turned on, but I am starting to detected a frustrated, short tone with from my guide, when I am just trying to feel confident in all of this.

Thanks for any insight on this one!

Also trying to work through the leasing details in Ohio, but you are farther than I am in the process. If I get any info, you'll be the second to know.

I will say that the 7500 *should* be a cap reduction in our state. At least, that's what I was told. I want to see numbers though, just like you.

 

[b_ack51]

Just jumping in to also say in Ohio and waiting on lease break down details. I've gotten some info about the costs, but no MF or RV.

 

[Johnmbureau]

I haven't seen a MF, or RV either. I did notice that the value of the lease (also shown as the vehicle price) is the MSRP on the car plus the destination fee. My guide wasn't able to deliver additional detail on the line item called "Cap cost Reduction Tax." However, after reverse engineering some numbers, it appears you should be prepared to pay tax on the following in Ohio:

• T total value of lease payments
• Any down payment you may be making
• The $7,500 EV credit
• The $1,000.00 reservation (if you placed one)
• The acquisition fees

As others have mentioned the website, to maybe "simplify" the lease calculator, lacks a lot of detail about how costs are being calculated.

 

[b_ack51]

I haven't seen a MF, or RV either. I did notice that the value of the lease (also shown as the vehicle price) is the MSRP on the car plus the destination fee. My guide wasn't able to deliver additional detail on the line item called "Cap cost Reduction Tax." However, after reverse engineering some numbers, it appears you should be prepared to pay tax on the following in Ohio:

• T total value of lease payments
• Any down payment you may be making
• The $7,500 EV credit
• The $1,000.00 reservation (if you placed one)
• The acquisition fees

As others have mentioned the website, to maybe "simplify" the lease calculator, lacks a lot of detail about how costs are being calculated.

Thank you. Appreciate that info

My numbers are looking like the following for a early pre-order holder with the lease specials:

3 years 10k miles
2023 QM Forest Green, Black Int, Off Road Wheels/Tires, Underbody shield

• Vehicle price: $98,250.00
• Minus lease promotion and free paint: $90,500
• Fees: $347
• Delivery: $1,800 (picking up in columbus service center)
• $0 Down Payment
• Due At Signing includes 1st month: $4630.61
• Monthly Payment: $654.77
• Total cost: $27,547.56

I did see on the original forms for the lease a vehicle price of $92,050 ($1550 more than the $90.5k price above).

 

[Andasibe]

Hi all - I’m curious if anyone on the forum has navigated an Ohio lease yet? I snagged an R1S last week and the financing component has been a bit of a struggle. I had a sales rep (not my guide because my guide couldn’t do it) swap out the 22 brights for darks before I applied for financing. I applied for the lease, agreed to the terms, cost due at signing, and monthly payment late last week. This week I noticed my order summary on the paper work wasn’t right, it showed the brights instead of the darks, ok nbd just a quick update I'm sure. I’m told by my guide to ignore that, and to just move forward with the paperwork. I do so.

Then I get to process my payment and the payment due at signing is $10,029.00, which is $1079.00 more than what I agreed to in the financing. This is the exact cost of the up-charge of the darks plus tax. So I share the error with my guide, who says that is expected since I changed the tires. I explained that since this is a lease, I wouldn’t expect to pay the entire amount. They agree, and he says he will get it in front of finance. He comes back about 3 hours later saying it should be fixed and to take a look. I now see that my monthly lease payment is $43.00 more a month and my due at signing is 9,072.00, only $122.00 more than what I initially agreed to. I can’t say I was expecting that as the “fix” but it appears that the numbers were very off in the system.

I’ve now asked what is being included in my upfront taxes because the number doesn’t match what I would be expecting to pay. It seems to be $591.00 more than what I would expect. I’m wondering if anyone knows if the reservation and EV lease credit is considered a cap cost reduction in the state of Ohio or if that just comes off the MSRP of the car? Even if it is a cap cost reduction, then the number that they are charing me for tax doesn’t add up. I know that Ohio collects the sales tax for all of the lease payments up front and other dealer fees up front, and then the tax on my down payment.

I realize they are probably under a lot of pressure with quarter end, leasing a little new in Ohio since it was just turned on, but I am starting to detected a frustrated, short tone with from my guide, when I am just trying to feel confident in all of this.

Thanks for any insight on this one!

Hey there, I know this is an old(ish) post but wondering what the outcome was here for you? I am 4 business days from delivery and have not even gotten the option to apply for financing yet. But Just trying to understand (this is my very first lease) what I should expect..

In my mind I should be looking at this, am I wrong?

First Months Payment	1056​
Taxes	2851.2​
Acquisition Fee	895​
Documentation Fee (est)	350​
Title & Registration (est)	200​
Total Due	5352.2​
Deposit	500​
Cash receivable	4852.2​

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