Mr. Hoovestol, question for you Sir,
If i lease a brand new truck from Lone Mountain on a 5-year, zero balloon payment at the end, meaning i own the truck outright upon my 60th monthly lease payment, do i then have to pay sales tax? And if i do, is that tax based on the value of the truck when the lease commenced 5 years ago, or is it on the value of the truck at the end of the lease? And is the sales tax paid to the state Lone Mountain purchased the truck in, or is it payable to my state of residence?
Thanks in advance to you or anyone else here who knows these answers.
Lone mountain SCAM
Discussion in 'Report A BAD Trucking Company Here' started by Debal, Jul 5, 2017.
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When you buy a new truck you pay a 12%Federal Excise Tax ( FET) It is for new trucks only.
Jarhed1964 and Dave_in_AZ Thank this. -
I just bought a 2019 Western Star, titled it in Missouri, no sales tax because I'm interstate, if i only ran intrastate in MO I would have had too pay sales tax.Jarhed1964 and Dave_in_AZ Thank this. -
Im in the midst of registering my truck ( from Lone Mountain ) in NY because there is no sales tax on big trucks here, but South Dakota ( where the company Im moving to is located) charges 4% excise tax on big trucks.
Vampire, Jarhed1964 and Dave_in_AZ Thank this. -
The original poster might have solved his problem by doing a rigdig report on the truck. It would have pointed out any accidents and or insurance claims.
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The leasing company owns the truck until you pay it off, and they depreciate it.
Might wanna have a talk with your accountant.
And there is sales tax on big truck purchases, which is one of the reasons people lease, to avoid them.Vampire and Jarhed1964 Thank this. -
I picked out my 2016 in August of 2015 from Lone Mountain. I have had major motor failures and the occassional quirky sensor issues. All of my issues have been Volvo issues none of them were through fault or action on the part of LM. The price tag for the truck 166k was roughly 8k more than going through the local dealership and they couldnt get what I wanted for at least 3 months at the time i was ready to make the commitment. So between an unwillingness to wait, and the cost being relatively close, especially minus FET I opted to go with LM. I have never regretted my choice. Keep in mind they are a finance/reseller company not the manufacturer, and when purchasing any used EPA truck there are additional risks to consider.
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