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Published byJeremy Perkins Modified over 9 years ago
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www.illinoisdealers.com
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WELCOME PLEASE SQUEEZE IN www.illinoisdealers.com
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GOOD STUFF TO TALK ABOUT: IMPROVED LEASE PROCESS How it will work How the process will flow thru CVR Helpful CVR training issues Relevant SOS title & reg issues www.illinoisdealers.com
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THANKS FOR YOUR SUPPORT AND MEMBERSHIP IN IADA ACCOMPLISHMENTS Grassroots effort with legislators and Governor – lease tax improved Dealers worked with SOS to automate the title process - CVR www.illinoisdealers.com
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THANKS FOR YOUR SUPPORT AND MEMBERSHIP IN IADA ACCOMPLISHMENTS Effort to end Sunday Closing – dealers defeat Perpetual discussion to take away dealers 1 ¾ retail collection allowance – dealers defeat www.illinoisdealers.com
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NICE JOB!! These things don’t just happen without working together. A lot of tangible and intangible things constantly going on in State Government so your support / membership is critical Thanks again and keep up the good work www.illinoisdealers.com
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Beginning on January 1, 2015, apply to: Fixed-Term Leases of Qualifying Vehicles Fixed-Term Lease: Standard lease. The term of the lease is stated in the lease contract. Leases that include charges if the customer holds the vehicle past the lease term are still fixed-term leases. www.illinoisdealers.com
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Qualifying Vehicles: Any 1 st Division Vehicle A 2d Division Vehicle that is: A self-contained motor vehicle with living quarters for recreational, camping, or travel use, with direct walk through access to the living quarters from the driver’s seat; A van configured for the transportation of between 7 and 16 people; or 8,000 pounds or less Gross Vehicle Weight Rating. www.illinoisdealers.com
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New Car $31,000Dealer SellsCustomer Dealer Sells (Trade – in) Customer $10,000 Used Car Taxable Amount $31,000 - $10,000 $21,000 $21,000 Taxable Amount X 6.25% Tax Rate $ 1,313 Tax www.illinoisdealers.com
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New Car $31,000Dealer SellsLessor (Captive Finance Company) Dealer Sells (Trade – in) Lessor (Captive Finance Company) $10,000 Used Car Taxable Amount $31,000 - $10,000 $21,000 $21,000 Taxable Amount X 6.25 Tax Rate $ 1,313 Tax Tax www.illinoisdealers.com
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New Car $31,000Dealer SellsLessor (Captive Finance Company) Lease Terms: 36-month Lease $2,400 Down $350/Month Taxable Amount $15,000 $15,000 Taxable Amount X 6.25 Tax Rate $ 938 Tax www.illinoisdealers.com
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