Auto Title Transfer

[bballbaby]

need some help here.

i recently bought a truck (used) and i have the title in hand, and through one channedl or another, it's notorized with all our signatures and so forth.

the only thing not filled in is the amount of the sale price.

what are the pros and cons of being honest about the sale price versus putting, say, $1.

i understand that the sale price is how my taxes ont he sale are figured, so again, are there any disadvantages to putting $1 in the sale price?


thanks in advance

 

[blooz4u]

It won't fly at the DMV. They use a percentage of NADA guide to base taxes off of. It's got to be reasonably close.

 

[shuckins]

i always put a couple of hundred,and if asked,i say it's not running.

 

[Andytex]

I KNOW HERE IT DONT MATTER UNLESS YOU BOUGHT IT FROM FAMILY. iF ITS NOT FAMILY THEN IT GOES BY BOOK VALUE.

 

[derfatdutchman]

Here in PA, thats about the worst thing you can do. When the DMV reviews the paper work, if the sale price is not with in 80% of the listed fair market value they can charge the buyer for sales tax equal to 80% of the fair market value listed for the vehicle.

 

[PLUSH]

I know here in TX. You can give it as a gift. I had to do this as part of my divorce agreement. I signed our other car over to her

 

[smokemifugotem]

All my used cars I put under $500 and said that the engine was blown and I was doing the work on it myself. The DMV counter will give you crap...but just insist that it is the case. They can have someone contact you and ask about price and then contact the seller (worst case)...but I have never had it happen. Is it an older car or newer? If it is a 2008-09, you might have an issue with claiming it is a scrapper

 

[mav_sd]

In AZ they go off book value regardless... even if you pay more than it's worth... price doesn't really matter.

In SD (home state) They figured it off the dollar amount on the title. There wasalso a cut off for where the taxes kicked in (I want to say 700 bux or something) So most folks up there would leave it blank and let the buyer do what their gut told them to do. Some folks would put the actual purchase price, and others would put like $650 to avoid the sales tax issue.

I'd reccommend that you call the treasurer and see what the laws/cutoffs are and take it from there.

Congrats on the purchase.

 

[bballbaby]

ok, i purchased this from my brother. a 99 chevy silverado.

got a deal on it for $500 so i guess i'll tell the truth, since it's only $500 taxable. i just hate giving ANYTHING to the gov't