Car Loan Calculator Detailed for Michigan |
Calculate by State > Michigan
Cost Breakdown In our calculation, the taxable amount is $ which equals the sale price of $ plus the doc fee of $ minus the trade-in credit of $. SOS registration fees are about $ on a $ vehicle based on a $15 transfer fee plus a $16 lien filing plus registration and plate fees calculated from a percentage of the vehicle value. View the State of Michigan registration resources below to verify your exact amount, and use our SOS Override to adjust the calculator. Reg Fee Calculator | Plate Fee Schedule |
How are car loans in Michigan calculated?
Michigan includes the sale price and the doc fee in the taxable amount of an auto loan but does not include up to $5000 of the trade-in value. Therefore, car buyers get a tax break on trade-in vehicles in Michigan up to a maximum of $5000. Consumer Advice Prepaid maintenance plans, extended warranties, and GAP insurance are not taxed in Michigan and provide considerable savings over paying down the road. You can include maintenance on the warranty line of the calculator for accurate handling. The documentation fee is set by the dealer, but is not negotiable so expect it on the purchase agreement. The customary doc fee of $220 is the maximum allowed by the State of Michigan for vehicles priced over $4400. The maximum doc fee for vehicles under $4400 is 5% of the sale price. EV surcharges are levied to offset declining fuel tax revenue. Add $135 to the SOS fees for electric vehicles and $47.50 for hybrids. Dealer Quote Thank you for considering our dealership for your new vehicle! I can offer you a net price of $ which equals the dealer sale price of $ minus the factory rebate of $. I can purchase your trade vehicle for $, payoff your loan up to $, and apply the balance of $ to this purchase. The estimated tax and registration combined is $, but this may vary based on vehicle valuation and usage. Our required dealer documentation fee is $. |
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