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  #11  
Old 02-05-2019, 07:04 PM
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fw102807 fw102807 is offline
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Originally Posted by Nucky View Post
It was smoking beautiful. I wanted to buy it but the boss said Nope.

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  #12  
Old 02-05-2019, 07:36 PM
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Location: Bay Ridge Brooklyn, NY, The Village of Lynnhaven
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Originally Posted by John_W View Post
Sales tax on a new car is only on the difference between the trade-in and the sales price. I traded in a 2017 car which they gave me $24,000 for on trade, so sales tax was 7 cents times $200 = $14.00.
This is such an important concept that I learned years ago relative to our mortgage. New York’s various mortgage taxes combined are just under 2%. You are charged this on your first mortgage. If, at some point, you refinance, you are going to pay the 2% tax again on the entire amount of the refinance not just the new money -- although unconscionable, it is normal practice! But those in the know can avoid the duplicate tax by insisting on a CEMA (Consolidation Extension Modification Agreement) on the refi mortgage. The banks hate doing the extra paperwork and, get this, are not required to allow it if they choose not to. If they do allow it, they will charge you. I paid about $500.00 for this.

Fortunately I was aware of this at the time and despite my CEMA refi, the bank made a recording error on my first refinance which caused New York to demand the tax on my 2nd refi. I paid (in order to close on the loan) and then successfully fought Bank of America and got them to reimburse me $5,287 for the excess taxes that I was forced to pay NY due to the bank's recording error. (The state will not allow a change to the recording without a court order, etc.) so fighting the bank was easier than fighting the state.
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Last edited by BK001; 02-05-2019 at 08:00 PM.
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