Lease You Can Do

Auto Leasing Options in Morris, IL

On January 1, 2015, leasing a vehicle in Illinois became quite a bit more attractive (by 50%, if you look at the numbers). The new Illinois Leasing Law reduces the amount of tax that a customer would pay while leasing a car.

Prior to 2015, a customer would pay tax on the purchase price of the car, even though a lease acts as a long-term rental. This made leasing a car unappealing. Nationally the lease rate is right around 26%, but in Illinois it has been only 14%. Chicago is even lower than that, at only 8% of all vehicle sales being leases. New York, for example, has a nearly 50% lease rate. The new law states that a customer only has to pay taxes on the down payment and subsequent monthly payments.

Since, the Illinois sales tax rate varies by area- we went with 8.25%, the rate in Cook County, which contains Chicago, for our demonstration. Chicago rates are actually higher at 9.5%. Here is the difference for leasing in 2014 vs. 2015 for a 36-month lease:

View Greenway GMC Lease Offers

Lease a GMC Near You | Morris

Greenway GMC offers a great selection of new GMC vehicles near you at a great price. View our current offers on a variety of GMC vehicles. With the help from our knowledgeable and professional sales team, we'll help you find the best vehicle, with the right features you're looking for. Stop by our GMC dealership today and view our available vehicle inventory or contact us to schedule a test drive. Whether you're in the market for a new family SUV, a sedan for daily driving or another vehicle, Greenway GMC in Morris is here for you. Browse our range of vehicles including the GMC Acadia, GMC Sierra, and more.