Wease Posted August 13, 2013 Report Share Posted August 13, 2013 So I finally got my Michigan title for the G8 I bought back in early July. Long story on that, just some run around with the two banks involved. So looking at this Michigan title, the previous owner did NOT fill out the purchase price. Of course I'm looking to save some money on taxes, so I'd like to put a lesser value in there. However, I do have a lien on the car from my bank. But nothing on the title says that. So will the BMV ask me if there is a lien? If I say "No", do they have any way of proving that I do? I'm just curious if I'm missing a step here, like I'm supposed to send the title to my bank first, etc. Otherwise, I'm just going to fill out this title today with a lesser price, no lien, and be done with it, as I'm sick of waiting. Thoughts? Quote Link to comment Share on other sites More sharing options...
Drewhop Posted August 13, 2013 Report Share Posted August 13, 2013 The title is supposed to be given to the bank to have lien placed on it. they will notice eventually. Fairly surprised they didn't give you a paper requiring you to do that. The amount of the lien will be the amount the tax must be paid on. Quote Link to comment Share on other sites More sharing options...
Sledhead36 Posted August 13, 2013 Report Share Posted August 13, 2013 Curious how you got the title and the lein holder did not. But if it is in your name and not the lien holder, it is up to you what you want to say. I really like the states that tax a car only once and not on resale, to me it is a system that double dips on taxes when they charge it again. Quote Link to comment Share on other sites More sharing options...
BIGGU Posted August 13, 2013 Report Share Posted August 13, 2013 If there is a lein I would not chance it. Also make sure the po knows what price you are putting down because they may check on it. Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted August 13, 2013 Report Share Posted August 13, 2013 Curious how you got the title and the lein holder did not. But if it is in your name and not the lien holder, it is up to you what you want to say. I really like the states that tax a car only once and not on resale, to me it is a system that double dips on taxes when they charge it again. It's rare but it can happen. Once drove out of state with a check from a credit union. He handed me the title, and they trusted me to drop it off when I got back in town. Quote Link to comment Share on other sites More sharing options...
LJ Posted August 13, 2013 Report Share Posted August 13, 2013 Curious how you got the title and the lein holder did not. But if it is in your name and not the lien holder, it is up to you what you want to say. I really like the states that tax a car only once and not on resale, to me it is a system that double dips on taxes when they charge it again. Huntington just has you send in the title on a private party purchase. Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted August 13, 2013 Report Share Posted August 13, 2013 I would give the blank title to your lender. Even if you put $.01 as a sale price, I believe OH is one of the states (if not all) that make you pay tax on either the stated sale price, or "fair market value" for the car, whichever is higher. Quote Link to comment Share on other sites More sharing options...
Wease Posted August 13, 2013 Author Report Share Posted August 13, 2013 So the risk I'm running is my bank asking for the title, the BMV won't care or know if I hand them this title as is. Correct? Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted August 13, 2013 Report Share Posted August 13, 2013 How did you get financing (and the current lien on the G8) before the title? Memorandum? Quote Link to comment Share on other sites More sharing options...
Sledhead36 Posted August 13, 2013 Report Share Posted August 13, 2013 BMV will want a bill of sale, showing the price. Quote Link to comment Share on other sites More sharing options...
Drewhop Posted August 13, 2013 Report Share Posted August 13, 2013 So the risk I'm running is my bank asking for the title, the BMV won't care or know if I hand them this title as is. Correct? The BMW wont know you have a lien. Once you flip the title into your name. ( and falsify a value.) Then you have to turn in the title to your bank. The bank will then send the title to the BMW (again) and apply a lien were they will make a copy of your Lien amount. The lien amount will be checked against your stated value. That is were you can get audited in regards to the price posted on the title. (trouble zone) The lien amount is the only value you should put on the title. If you had paid cash for half of vehicle and got lien on other half. You could put the lien value down and save tax that way. All this being said you could do it and no one would notice and live happily ever after. If they catch it you will have to pay. (they catch liens 99% of the time) Quote Link to comment Share on other sites More sharing options...
owndjoo Posted August 13, 2013 Report Share Posted August 13, 2013 Last car i bought I filled it out and the BMV kept the title and sent it to the Bank. I just filled in the lien amount, which I had put a substantial amount of my own cash down, soooo.... Quote Link to comment Share on other sites More sharing options...
1Quik7 Posted August 13, 2013 Report Share Posted August 13, 2013 Last car i bought I filled it out and the BMV kept the title and sent it to the Bank. I just filled in the lien amount, which I had put a substantial amount of my own cash down, soooo.... This is what I did as well. We figured in the tax of the lien and had a separate check cut to the DMV for that, the rest was payed in cash. I had the title for a few months before I registered the truck and the bank called constantly, it was very annoying. Quote Link to comment Share on other sites More sharing options...
Wease Posted August 13, 2013 Author Report Share Posted August 13, 2013 I ended up sending the title in to my bank. Didn't want any problems down the road. Thanks for all of the replies... Quote Link to comment Share on other sites More sharing options...
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