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After years of commuting from Stamford to Jersey City via Metro North+NYC Subway+PATH, we're considering renting our house here and moving to a city in NJ that is between 30-45 minutes train/bus commute to JC. Tried driving, but the last 3 miles to get to my office takes 45 minutes!
One of my concerns is that I leased a 2014 car and in CT I pay 6.35% sales taxes on each monthly payment. Would you know how NJ state (or county) taxes car leases that are transferred into NJ? I still have 17 months left on a 36 month lease, and I've heard that I need to pay all sales taxes upfront.
And of course, if you have any recommendations of good cities to live - we don't have kids, so school is not important at least for the next 5 years, and we're looking into renting a condo - any suggestions are greatly appreciated.
After years of commuting from Stamford to Jersey City via Metro North+NYC Subway+PATH, we're considering renting our house here and moving to a city in NJ that is between 30-45 minutes train/bus commute to JC. Tried driving, but the last 3 miles to get to my office takes 45 minutes!
One of my concerns is that I leased a 2014 car and in CT I pay 6.35% sales taxes on each monthly payment. Would you know how NJ state (or county) taxes car leases that are transferred into NJ? I still have 17 months left on a 36 month lease, and I've heard that I need to pay all sales taxes upfront.
And of course, if you have any recommendations of good cities to live - we don't have kids, so school is not important at least for the next 5 years, and we're looking into renting a condo - any suggestions are greatly appreciated.
Thanks!!
Sorry, I know nothing about leasing. As far as commuting to JC, look along the NJ Transit path. Time wise you'll probably be looking in the Berkley Heights area. Anything much past that (on that line) is +45 minutes.
I would suggest Rahway for a look. Nice residential areas and directly on the train.
Going to JC you'd go to Newark Penn then PATH.
I never leased a car so I can't imagine paying for then paying taxes on something that your borrowing. I would ask the dealer how it works. And I've always felt if I paid that much for a car I'm not sure if I could give it back to them.
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One of my concerns is that I leased a 2014 car and in CT I pay 6.35% sales taxes on each monthly payment. Would you know how NJ state (or county) taxes car leases that are transferred into NJ? I still have 17 months left on a 36 month lease, and I've heard that I need to pay all sales taxes upfront.
...
Thanks!!
Not 100% sure, but isnt the sales tax computed only once, when you lease the car? Lets say you lease a car worth $10k, with a 50% residual value. That means you are 'borrowing' $5,000 ($10,000-50%) over the course of X months. I *think* that the total sales tax is 6.35% of that $5,000 you are 'buying'/'borrowing' for the lease. You *might* have rolled the tax ($5k*6.35%= $317.50) into you lease payment, which means its broken up by X months.
Long winded way of hypothesizing that your taxes *shouldnt* change--they've been paid. You are now paying interest (the moneyfactor portion of your payment). I would certainly confirm this with a more qualified source though!
@captne76: thanks for recommending Rahway, we'll take a look!
@nomad00: I will look into Berkeley Heights - although it seems kinda far from JC.
@sirk98: I expect my monthly lease to increase, given the 6.35% to 7% sales tax change, but my concern is whether NJ DMV wants to charge back sales taxes on the entire lease at once when I register my car in NJ... Maybe it's work a call to NJ DMV (ugh)
I really dont think you have to pay NJ. I believe it was paid once, at Lease initiation, to CT. That money was 'borrowed' and lumped into your payment.
I would start with your lease financing company. THEN I would talk to NJ MVC
If you are willing to spend close to $3000 in rent, why not just rent a 1BR condo in Jersey City (Newport, Exchange Place, Grove St)? Will save you time and commuting cost.
@davenj08: need 3BR, rentals in JC are just too expensive
I may look into Woodbridge area (Rahway, etc), commute not that long (compared with 2hr each way from CT)
Re: car lease, I'll check with the bank and will post back here.
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