I have a buddy that wants to trade cars with another buddy....
Thread Starter
Lexus Champion
Joined: Oct 2002
Posts: 11,204
Likes: 12
From: The Woodlands, TX
I have a buddy that wants to trade cars with another buddy....
can this be done at a dealer to minimize the sales tax....??
don't dealers do this for like $500?
I forgot what they call it.....thanks for any help.
don't dealers do this for like $500?
I forgot what they call it.....thanks for any help.
Last edited by bagwell; May 14, 2008 at 08:37 AM.
Thread Starter
Lexus Champion
Joined: Oct 2002
Posts: 11,204
Likes: 12
From: The Woodlands, TX
one has a lienholder, the other holds the title.
...I should ad - in Texas they use presumptive values for your car when registering (they type your VIN into their system and it gives them a value which your are taxed on).
the vehicles are 200? BMW 530i and a 2006 VW Jetta diesel.
...I should ad - in Texas they use presumptive values for your car when registering (they type your VIN into their system and it gives them a value which your are taxed on).
the vehicles are 200? BMW 530i and a 2006 VW Jetta diesel.
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Lexus Fanatic
Joined: Aug 2006
Posts: 7,468
Likes: 0
From: Vancouver, BC
i dunno if you can do this if poth parties don't own their cars but:
the two friends could 'gift' the cars to each other, or sell them to each other for $1 ... there are special forms for both cases ... but since one guy doesn't own his car i dunno if he can 'gift' it
the two friends could 'gift' the cars to each other, or sell them to each other for $1 ... there are special forms for both cases ... but since one guy doesn't own his car i dunno if he can 'gift' it
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Thread Starter
Lexus Champion
Joined: Oct 2002
Posts: 11,204
Likes: 12
From: The Woodlands, TX
that's correct.......unless you use a dealer to do the trade...I thought there was a term for this...I know you can do something like --- if I wanted to trade in a car at a dealer for a new one and already have a buyer lined up the dealer will handle the transaction, acting as the seller of my trade-in and I get full tax credit towards the new vehicle.
Driver
Joined: Nov 2006
Posts: 148
Likes: 0
From: Pa
does anyone have an answer for this? i'm interested to know because my brother may be trading cars with someone
both lienholders are still banks
brother owes 18k and i believe the other person owes roughly about 25
both lienholders are still banks
brother owes 18k and i believe the other person owes roughly about 25
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