Has anyone delt with Lone Mountain Truck Leasing?

NO The current version of the FET (I.R.C. §§ 4051-4053) affecting trucks levies a 12% tax on the first retail sale of a taxable body, chassis or tractor.

no the lease payment is just a lease payment

at lone mountain you make the down payment, the monthly payments when you make the last one they mail you the title.... at a dealer the price you see is the CASH price... when you add all the interest and finance charges it works out to about the same......... a friend went to the bank and got a 2007 freightliner 1 month before I got my 2006 Volvo, book price was about the same (freightliners are cheaper) he paid his off in 36 months I paid mine off in 44 months.... his payment was about $2,000 a month mine was $1,150.... he ended up paying less than $1,000 less for his truck...... I didn't have to pay sales tax because it was a lease and when it was done the company I'm leased to has a ICC number so all I had to pay was $12 to put the title in my name

what YOU will need to pay OUT OF POCKET is your 2290 ($550 pro rated the 1st year) your base plate (about $1,500 1st year) if you lease the truck on to a company THEY may give you a base plate or they may charge you for it (monthly) one downside to lone mountain is they will not give you (because they don't have it) last years cab card so even if the company you lease to gives you a free base plate you will need to buy the 1st one (plan on it), insurance on the truck.....

 

Thanks for the details Flood. That puts it into perspective. Are the prices open to negotiation?

 

Ryder Truck rentals and leasing

 

no because it's a lease..... also because it's a lease no discount for paying it off early

 

When I talked to Cresco capital [the lone mountain bank] they said I will pay the sales tax when I register the title? Does anyone KNOW differently from experience with LM or what? I have about a year left on my 387 Pete. I was kind of ignorant to paying the sales tax on these titled equipments. I just bought a used 48' flat from another O/O (titled in his LLC) for $15k and am having to pay $1k in taxes when I switch the title over next month! Go figure didn't even know lol, it's okay,

but what about the truck and LM's set up? Any body know? Sales tax, or FET, or both, or is it the same? As far as I know, I'll be paying sales tax in GA on $65k

and what about this scenario,
;I pay for the sales tax in Georgia to register say a trailer, then a few years later MOVE to Texas and need to re-register in Texas for Texas plates, since my name or LLC is already on the GA title, do I need to pay sales tax AGAIN in TX to plate the trailer/ and or truck?

Thanks in advance..

 

Why not register your trailer in OK or ME and skip paying GA the grand? I've registered most of my trailers in ME using an agent.
Sales tax on a lease is typically paid on the monthly payment, but it depends on the state. FET is a 12% federal sales tax only paid on the first purchase of a truck. Since LM is the first purchaser of the new trucks they are selling, FET should already be paid.

 

You only need to pay sales tax the first time you register the equipment. Once the equipment is titled you should not need to pay sales tax again when you move or change your registration state. Some states don't charge sales tax for class 8 equipment if you have a MC number. There are states that charge an annual property tax on all owned equipment.

 

depends on YOUR STATE
in TN my trucks is leased TO a company.... my lease has a ICC number on it so NO SALES TAX just pay $12 to have the title changed.....

FET is only charged to the 1st buyer of a NEW TRUCK....... you have a USED truck so no FET.....

 

So how does one get an IRP plate without the title? Is this something some states do and some states don't? I'm in MI.

 

Nevermind, I found the answer to my own question.

To establish an IRP account in MI:

http://www.michigan.gov/sos/0,1607,7-127-1631_8852-248628--,00.html