[RoyB]

Does anyone know how a lease transfer works with taxes in IL?

Let's assume (for easy math) I have leased for 1 year and my lease payments are $1000/mo. $800 for the car and $200 in taxes.

Does the person that takes over my lease pay the $1000/mo, or would they have to pay $1000/mo PLUS another $200/mo in taxes on top? I read that NY double taxes on a lease transfer.

I assume since it's a lease take over that I wouldn't be liable for the lump sum of taxes on a car I didn't use? In this case, $4,800 ($200x24mo.)

On a buyout quote, they include the taxes of the whole vehicle, which makes sense because I am trading in a whole vehicle vs just the portion I used during the lease.

On a lease transfer it still goes back to BMW and still only being "rented" for the original amount which is why I am uncertain how the tax part works.

If the tax amount goes to the new owner, for listing purposes, would I advertise the car @ $800/mo lease + their taxes?

If BMW buys back the lease, would it be less the tax amount of the unused portion (24mo @ $200) or would it be like a trade in I would have to pay the tax of the whole car (or pay on the unused portion too).

I called BMW financial but the lady that barely spoke English couldn't understand my question.