Trades and Vehicles

Discussion in 'Community Discussion' started by dukebound85, Dec 18, 2010.

  1. dukebound85 macrumors P6

    dukebound85

    Joined:
    Jul 17, 2005
    Location:
    5045 feet above sea level
    #1
    How does this work when dealing with titles?

    Say I want to trade my car with someone else and add say 1000 cash

    For the sale price of his car, would we put 1000? or would it be the value of my car and then his sale price would be the value +1000?

    I assume the latter as it is clearly in the interest of the state in the form of higher sales tax but wasn't sure
     
  2. fanbrain macrumors 6502

    fanbrain

    Joined:
    Jan 31, 2005
    Location:
    So. UT
    #2
    If the vehicles are equal in value, you have to create and/or fill out a bill-of-sale/equal trade paper that has both of your contact info (address, phone number), description of the vehicles (VIN #, year, make, model etc) and a statement that both vehicles are valued at $____.

    In the value section of the title you write "refer to bill-of-sale" or "trade" or something along those lines. You won't end up paying sales tax if the values are the same.

    Keep in mind, vehicle values can vary largely for a number of reasons, and $1000 is not that big of a difference, hence the equal trade info above.

    I was in the same situation a couple weeks ago and all I did was call my local DMV's title division and they gave me the above info.

    Good luck.
     

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