Why Illinois' Leasing Law is a Video Game Changer for Consumers

If you're considering leasing a vehicle in Illinois, the state's new leasing legislation might make the process a lot a lot more budget-friendly. Prior to the adjustment, consumers paid tax obligations on the full acquisition cost of a leased vehicle, which resulted in greater prices, although leases work more like leasings. The new legislation, which entered into effect on January 1, 2015, allows tax obligations to be applied just to the down payment and the monthly settlements. This change can lead to significant financial savings-- as much as $1,900 sometimes. For example, a $30,000 vehicle rented for 36 months saw the total tax obligation costs drop from $2,475 to around $1,056, a financial savings that might influence several customers to think about renting over purchasing.

The updated law likewise eliminated the effect of trade-ins on the tax price for leased cars. Whether you are new to leasing or an experienced pro, understanding how the brand-new legislation influences your bottom line can make a big difference in how much you end up paying over the term of your lease.

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