Kansas Lease Agreement For Car
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FAQ
A car lease lets you drive a new vehicle without paying a large sum of cash or taking out a loan. To lease a car, you simply make a small down payment -- less than the typical 20% of a car's value you'd pay to buy-- followed by monthly payments for the term of the lease. When the term expires, you return the car.
Here in Kansas, buying a car is subject to sales tax. However, when you trade in your old car, the amount you get is deducted from the total purchase price. You will only have to pay sales tax on the difference between the two.
What information is necessary to include in a Vehicle Lease Agreement template?A description of the vehicle.The vehicle manufacturer's suggested retail price.The residual value of the car (the anticipated price of the car at the end of the lease term)The lessee's contact information.More items...
DEALER SALES TO RESIDENTS OF KANSASThe dealer is required to collect sales tax on $19,500 at the rate in effect at the dealer's place of business (6.5% state tax and 2% local tax).
Leasing contracts occasionally require the lessee to pay property taxes directly to the county treasurer. When a lease agreement requires the lessee to pay property taxes directly to the county treasurer, the property tax paid by the lessee is not subject to sales tax.