So I just recently purchased a 2004 G35 6mt Coupe! From a "private seller" Thought I had everything figured out until my credit union says I will have to take a bill of sale into the DMV and they will charge taxes on the purchase! I wouldn't consider myself a dishonest person, but at the same time, I don't want to pay a fortune in taxes.

I want the communities take on lying about the purchase price to pay a lower tax to the DMV.
I want more money to put into my G!!!
Does the DMV verify with the seller how much the purchase was done for?
I took a loan out to get the car, so with a lien holder on the title, this could make it more sticky? What would happen if I do lie and the DMV finds out?
Speculation, and person experience greatly appreciated!

 

^ With a lien it would make it much different I would suppose. You have to be careful with how often you put out what you actually paid for your car, say with your lien holder.

And you do not need to bring the bill of sale in when you apply for the title, at least I didn't, just the title, which you wouldn't have so idk how that works, since you have a loan.

If the government finds out I would assume they could get you for some kind of fraud.

Is it necessarily a bad thing, no. As long as your not making a 20k car a 5k car when you go pay taxes. Your not the only one that wants to save a little money

 

screw them for trying to collect taxes twice on the car.
definitely don't put full purchase price. in nj they may send you a notice inquiring as to why you paid so little for the car and asking you to pay NADA book value in taxes. simply state there was a defect with it bad trans/engine and they won't look into it.

 

dont put full purchase price. its risky...but, like it was previously stated, dont put 5k if the car was really 20k...i know somebody that has done that before and hasnt been hassled about it, yet. and this was a a G35 purchase made 4 years ago.

 

If you are financing from a credit union you have to declare how much you bought the car. Your credit union will not allow this.

But, if you got a personal loan and paid the private seller....then it is a different story.

 

I'm not sure how all the other states work, but I sold cars through a dealership for over 2 years and have purchased/sold countless cars through private party. If you took a loan out through your CU and then went and bought the car from a private party then (in GA at least) you can pull up a Bill of Sale template from the internet and put whatever selling price you feel like putting on there, that will be the taxed value...Last year I purchased an old F-100, had it restored through the same guy and we made a bill of sale that said 500 =) My brother just recently bought a little 2009 Chevy private party (back in March) and did something very similar, and the DMV just told him "WOW, you gotta good deal." Good luck in your choice, and as I said, this is GA, so not sure how it will work for you?

 

Depending on the state And their requirements. I wouldn't lie if you are financing. If it was a personal loan through a buddy then it's game.

 

If there wasn't a paper trail I would lie, but since you financed your vin might be on your loan as collateral. Im sure its not to hard for the DMV to find out if there's a lien on that vin number.

 

I'm in the same situation as well, so what would be a proper value to get away with? I'm on the verge of getting an 04 G coupe for ~11k, paid in cash, so I was thinking of putting something like 6k down as the sale price. Sound reasonable? Go higher? Lower? This is in PA.

 

^I would probably do like 7-7500 if I were you 6k is a little low.

 

there's no arguement you'd be defrauding the state if you put report incorrect amount. dont forget that the title will have your credit union as the lien holder and DMV will have a copy of it. it will take a dmv person one darn single call to red flag you... dont be stupid k?


rule of thumb for me is, if you are taking an auto loan for a vehicle, you put the exact purchase price and just pay the tax... it hurts i know...

 

In Massachusetts, they tax either the purchase price, or the NADA blue book price for the car, whichever is higher, so depending on how your state does it, it won't hurt you to say it sold for very little, but it may not help. I would be honest, suck it up, and just pay the taxes to get your car that you want.

-Wiley

 

If you can bring the title in, and a bill of sale with the same price you bought it for, whatever that may be, they shouldn't say anything. Who are they to say you didn't get a deal? haha. I did buy my STi for 15k and put 5,000 on the title and bill of sale and they lady charged me the sales tax for 5,000 without trouble. She did make a comment though and I just said it needed a new engine lol

 

It all depends on which state your from. Here in TX the taxes you pay on a vehicle that u buy privately they have their own calculator and get how much taxes based of year make model and mileage. Have u looked at your states DMV website it will have everything u need to know,