Why Illinois' Leasing Law is a Game Changer for Consumers

Prior to the change, consumers paid taxes on the full acquisition cost of a rented vehicle, which resulted in greater expenses, also though leases operate more like leasings. A $30,000 car leased for 36 months saw the total tax expense decline from $2,475 to around $1,056, a savings that could influence several customers to take into consideration renting over purchasing.

The updated regulation likewise eliminated the effect of trade-ins on the tax price for leased automobiles. Whether you are new to leasing or an experienced pro, comprehending just how the new regulation impacts your bottom line can make a big difference in exactly how much you finish up paying over the term of your lease.

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