Why Illinois' Leasing Law is a Game Changer for Consumers

If you're taking into consideration renting a car in Illinois, the state's brand-new leasing law could make the process a great deal a lot more budget friendly. Prior to the change, consumers paid taxes on the full purchase price of a leased lorry, which led to higher costs, despite the fact that leases operate even more like services. The new regulation, which came right into result on January 1, 2015, enables taxes to be applied just to the deposit and the month-to-month repayments. This change can cause significant cost savings-- approximately $1,900 in some situations. A $30,000 lorry rented for 36 months saw the general tax obligation bill drop from $2,475 to around $1,056, a financial savings that could influence numerous customers to think about leasing over investing in.

The upgraded law also got rid of the influence of trade-ins on the tax obligation rate for rented vehicles. Whether you are brand-new to renting or a seasoned pro, understanding how the new law influences your bottom line can make a large distinction in exactly how much you end up paying over the term of your lease.

Check for more info at Bill Walsh Kia Facebook Twitter