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Smart Shopper Questions About Private Sale Transactions
236 messages, Last post on Nov 20, 2009 at 5:18 PM
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Replying to: novice1144 (May 16, 2008 6:53 pm) Unless your state has an unusual requirement, I don't understand the argument that the notary requires evidence of the purchase price - that's not the notary's job. This is really very simple - either the sellers take the title to the lender or the lender comes out to the sellers to conclude matters.
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Replying to: cccompson (May 17, 2008 3:08 am) Good luck, -Mathias
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Replying to: steine13 (May 17, 2008 3:41 am) Perhaps in Michigan there is no use tax on a family sale. The same is not true in all other states. Your idea of mom signing the car over and then the OP using the new title to secure financing is a good one. The tenor of the post, however, somewhat suggested the lack of trust necessary to do it that way.
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Replying to: cccompson (May 17, 2008 9:41 am) That surprises me; I think it's true for "most" states. But I only really know thisabout MI and MO. -Mathias |
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Replying to: novice1144 (May 16, 2008 6:53 pm)
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Replying to: novice1144 (May 17, 2008 6:01 pm) As one might imagine, there is much resulting fraud in private sale transactions. It's gotten so bad that the the state tax department will sometimes send a letter out later to the seller seeking to verify the sale amount (because many titles are assigned "blank" as to price). Don't know how much cooperation they get - they don't even include a stamp on the return envelope!
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Replying to: cccompson (May 18, 2008 7:24 am) Here in MI the secretary of state people will sometimes decide on their own that something's fishy and assess a higher price. The law says that use tax is calculated on the "sale price or retail price, whichever is higher." This made the newspaper some years back when they decided some lady was scamming them with the price of a used RV. It got to be a bit of a mess because the lady apparently was a pillar of the community and hadn't lied at all, and the "retail price" was taken straight out of one of the more idiotic price guides. I'm all for this law, but in my version, if they don't like the price, they should assess the car... and then give the buyer the option of turning the car over to the state in exchange for, say, 90% of the assessed value. I'd be all over that ;-> -Mathias |
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Replying to: cccompson (May 18, 2008 7:24 am) The state is looking to get their piece of the pie. |
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Here's one that just happened- My kid had just picked up a screaming deal on Craigslist-(2004 Cavalier-3300 bucks) his old car (a 2000 Cavalier) was worse for the wear of 8 years of so-so maintenance and typical Midwest rust on top and underneath. After trying to get decent money for the car- decided to dump it back on Craigs for 800. 1/2 later phone is ringing off the hook- knew I priced it too low but wanted it gone. Young kid and boss show up 2 hours later- drive the car - like it- grind 25 bucks off of me and agree to take it a few days later. Kid is "desperate for the car" No wheels. Day comes and kid doesn't have ride because he's watching his little baby- we drop car off- Few hours later - car is listed on Craigslist for 1500.00 more. Moral of the story. Be happy its out of my life and feel sorry for whoever paid the 2 grand for it. They were screwed. And don't take to much stock in what a buyer tells you.
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