2015 Illinois Leasing Tax Changes

Lease Tax Changes in Illinois

Starting Jan. 1, Illinois is cutting the lease tax on new cars and trucks. New lessees could save up to 50 percent in taxes. That's right, up to 50 percent!

Everyone loves a tax break. This is big news you can take to the bank. Even better, leasing your next new car or truck from Cucci Ford allows you to afford more for less money. With an automobile lease, you do not pay for the entire car, you only pay for what you use. That means lower monthly payments for the same car, or more car then you ever thought possible.

Stretch your dollars, now lower taxes mean less cost to lease your next Ford from Cucci Ford. With leasing, you can get a new car or truck every two or three years, the latest automobile technology more often, state of the art safety features, outstanding fuel economy, and low maintenance costs.

What's Changing

Thanks to a new Illinois law that takes effect Jan. 1, 2015, state taxes on vehicle leases will be reduced by as much as 50 percent, allowing consumers to get more car for less money. House bill 2317, signed by Gov. Quinn in May 2014, alters the way taxes are collected on light-vehicle leases., Prior to Jan. 1, a leasing customer paid tax on the entire purchase price of the vehicle. After Jan. 1, customer intending to lease a new vehicle will pay taxes only on money due at lease inception and monthly lease payments. Because most vehicles have a residual value of 50 percent or more, this change reduces the taxes owed by new lessees by 50 percent or more.

Leasing Can Save You Money!

Prior to Jan. 1 a DuPage County resident leasing a $27,000 vehicle for 36 months with no money down would expect to pay about $1,890 in state taxes. After Jan. 1, that same customer would pay just $945 in taxes - assuming the vehicle had a residual value of 50 percent. That's a savings of $945, amounting to more than $25 per month. The savings get even greater on 24-month leases or more expensive vehicles. For example, a DuPage County resident leasing a $60,000 vehicle for 24-months with a 65 percent residual prior to Jan. 1, would pay $4,200 in taxes. After Jan. 1, that same customer would pay $1,470 in taxes, saving $2,730 in taxes over two years.

Finally, with a leased vehicle, you don't have to worry about selling or negotiating for a fair trade-in price. When your lease is up, you simply turn the vehicle in or purchase the vehicle for the residual value.

When you lease your new Ford from Cucci Ford located in East Dundee, Illinois, you will be saving up to 50 percent in taxes. Cucci Ford has the best selection of new Ford's in the area that you can lease.

Please contact us and let us know when you can stop in for your VIP Visit and lease the Ford of your dreams!

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