Erieaddict Posted December 16, 2017 Report Share Posted December 16, 2017 Looking at trading cars with another guy. Even trade. Both cars are worth around 30K. How does one do this with the title agency ? do you put a sell value on the title when putting the new title in your name? Just curious as to how this might work. Quote Link to comment Share on other sites More sharing options...
Otis Nice Posted December 16, 2017 Report Share Posted December 16, 2017 1) Go to title agency with other guy. 2) Tell them you're trading. 3) ??? 4) Profit. Quote Link to comment Share on other sites More sharing options...
spectragod Posted December 16, 2017 Report Share Posted December 16, 2017 A guy I knew just got jammed up doing this, the state will want each party to pay sales tax on the value of their vehicles. If you put $0 in for the sale price, expect a call and a letter from the BMV and Ohio taxation. Quote Link to comment Share on other sites More sharing options...
Otis Nice Posted December 16, 2017 Report Share Posted December 16, 2017 A guy I knew just got jammed up doing this, the state will want each party to pay sales tax on the value of their vehicles. If you put $0 in for the sale price, expect a call and a letter from the BMV and Ohio taxation. 1) Go to title agency with other guy. 2) Tell them you're selling/buying for $500. 3) ??? 4) Profit. There. Quote Link to comment Share on other sites More sharing options...
spectragod Posted December 16, 2017 Report Share Posted December 16, 2017 That’ll get flagged too, been there, tried it. Quote Link to comment Share on other sites More sharing options...
Otis Nice Posted December 16, 2017 Report Share Posted December 16, 2017 (edited) That’ll get flagged too, been there, tried it. Really? What if both put down sell price and go their own ways? I've never had a prob with that. I guess if someone put $500 for a Lambo or what not it would... Edited December 17, 2017 by Otis Nice Quote Link to comment Share on other sites More sharing options...
Not Brian Posted December 16, 2017 Report Share Posted December 16, 2017 Ohio sales tax is 5.75% 5.75% x $30,000 = $1,725 Quote Link to comment Share on other sites More sharing options...
coltboostin Posted December 16, 2017 Report Share Posted December 16, 2017 Yup Best bet is to have bill of sales written up- find some bogus pics online and say the car was total. Declare $750 scrap value. Have all the docs ready when the state comes calling Quote Link to comment Share on other sites More sharing options...
STEVE-O Posted December 16, 2017 Report Share Posted December 16, 2017 Lol Trust in me when I say pay the tax yes sure fudge it a little bit if they are 30,000 don’t try and cut it out. Put llike 20 and move on. The bmv can and will bend you over and in the long run the tax is the easy way out. In Ohio you can not gift a vehicle unless the mast name is the same for family anymore. If you put a extremely low value of like $100 on these cars it will get flagged and cause you way more of a headache. “Trades” don’t exist so you can tell the person behind the counter that until you are blue in the face. Quote Link to comment Share on other sites More sharing options...
STEVE-O Posted December 16, 2017 Report Share Posted December 16, 2017 Ohio sales tax is 5.75% 5.75% x $30,000 = $1,725 It’s not just state tax you pay the sales tax in the county you live. Franklin 7.5 iirc and Fairfield 6.75 Quote Link to comment Share on other sites More sharing options...
Not Brian Posted December 16, 2017 Report Share Posted December 16, 2017 Even better. Whelp, there are all the answers. Quote Link to comment Share on other sites More sharing options...
cdk 4219 Posted December 16, 2017 Report Share Posted December 16, 2017 Yup Best bet is to have bill of sales written up- find some bogus pics online and say the car was total. Declare $750 scrap value. Have all the docs ready when the state comes calling Yea that’s a great idea, they won’t ever check the current status of the car. If you want to lie both of you pick a price and stick to your stories. Write each other checks and document them You will more than likely get a letter and with the value of the cars, it more than likely will go farther than that. Good luck Quote Link to comment Share on other sites More sharing options...
Robochan Posted December 16, 2017 Report Share Posted December 16, 2017 I put zero down when i traded under the advice of a title agency, the letter i got later from the tax department stated that was wrong. They wanted tax on the average sale price of the car. Pay the tax. Quote Link to comment Share on other sites More sharing options...
spectragod Posted December 16, 2017 Report Share Posted December 16, 2017 Really? What if both put down sell price and go there own ways? I've never had a prob with that. I guess if someone put $500 for a Lambo or what not it would... Actually no, a couple years back, a local PD gave me a old crown vic, it was about 5 years old at the time, everything but the motor had been rebuilt. And it needed a motor. I did work for them time to time, asked about it, and it was mine. I put $500 in the value. You guessed it, they called the PD, they told them that they gave it to me and if I put a value on it and paid tax, they should be happy. Someone up in Columbus has too much time on their hands. Quote Link to comment Share on other sites More sharing options...
Green Bastard Posted December 16, 2017 Report Share Posted December 16, 2017 They did the same to me when I traded my old camaro for my old rx7. I put 200 down as a value (I had told the lady that the car didn't run and was in poor shape) and the state didn't like that. They told me I had to pay tax on the average value and they figured the average value was about 4k. The car in question was an 87 base model... Quote Link to comment Share on other sites More sharing options...
iwashmycar Posted December 16, 2017 Report Share Posted December 16, 2017 Lol Trust in me when I say pay the tax yes sure fudge it a little bit if they are 30,000 don’t try and cut it out. Put llike 20 and move on. The bmv can and will bend you over and in the long run the tax is the easy way out. In Ohio you can not gift a vehicle unless the mast name is the same for family anymore. If you put a extremely low value of like $100 on these cars it will get flagged and cause you way more of a headache. “Trades” don’t exist so you can tell the person behind the counter that until you are blue in the face. All this. So you both will have to pay a grand or whatever....if the trade is really worth that to you, then so be it. Quote Link to comment Share on other sites More sharing options...
coltboostin Posted December 16, 2017 Report Share Posted December 16, 2017 Yea that’s a great idea, they won’t ever check the current status of the car. If you want to lie both of you pick a price and stick to your stories. Write each other checks and document them You will more than likely get a letter and with the value of the cars, it more than likely will go farther than that. Good luck Nope. This has worked every single time for me. As long at the other party is willing to play ball. 95% of the time JUST a notarized bill of sale is enough. If you don't have that, The state will send a questionnaire to the Seller (if they are in Ohio Only) asking what the buyer paid they are sneaky- but I have won every-single-time. Its all about documentation, and if you read above, everyone that got fucked had zero documentation to back up their story. And even in the event your on the 5% side of the coin and they come sniffing around, you're still good if you are armed with docs. I even had a actual Tax Lien filed by the state which I got overturned. Lien was filed because they sent and info request to me and I never received it. Once fax to the state and I had a lien release in had in 72 hours. I saved $1850 on that ONE deal. And that's CASH people- that's like $3500 of gross income depending on your tax bracket. If you guys hate your money, feel free to pay the tax. But its is very, very easily avoided. Quote Link to comment Share on other sites More sharing options...
Benner Posted December 16, 2017 Report Share Posted December 16, 2017 So hypothetical situation. If you go in front of the DMV and 1 party has $1,000 cash. Person 2 hands it over to buy vehicle 1 from person 1 and then person 1 hands that money back as purchase price for vehicle 2 would they be able to argue since the purchase was performed in front of an agent for 1k each vehicle? Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted December 16, 2017 Report Share Posted December 16, 2017 Nope. This has worked every single time for me. As long at the other party is willing to play ball. 95% of the time JUST a notarized bill of sale is enough. If you don't have that, The state will send a questionnaire to the Seller (if they are in Ohio Only) asking what the buyer paid they are sneaky- but I have won every-single-time. Its all about documentation, and if you read above, everyone that got fucked had zero documentation to back up their story. And even in the event your on the 5% side of the coin and they come sniffing around, you're still good if you are armed with docs. I even had a actual Tax Lien filed by the state which I got overturned. Lien was filed because they sent and info request to me and I never received it. Once fax to the state and I had a lien release in had in 72 hours. I saved $1850 on that ONE deal. And that's CASH people- that's like $3500 of gross income depending on your tax bracket. If you guys hate your money, feel free to pay the tax. But its is very, very easily avoided.This. I did this one we moved our minivans to my in-laws. The state called just to ensure all paperwork was in line there is no debate about the selling price. We sold a $20,000 van for $1,000 paid tax on $1,000. The state cannot determine what I sell my vehicle for especially when I own it outright. They just wanted to make sure all the paperwork was in order. Sent from my Galaxy Note 8 using Tapatalk Quote Link to comment Share on other sites More sharing options...
2 Sweet Posted December 16, 2017 Report Share Posted December 16, 2017 They did the same to me when I traded my old camaro for my old rx7. I put 200 down as a value (I had told the lady that the car didn't run and was in poor shape) and the state didn't like that. They told me I had to pay tax on the average value and they figured the average value was about 4k. The car in question was an 87 base model... Interesting. I figured with older cheap stuff, they wouldn't bat an eye. Here are the last several cars I've bought, and for how much..... 89 Camaro (trade) 89 Chevy half ton $1200 97 Park Ave $800 95 S10 $2100 95 S10 $200 95 Caprice $1000 99 Regal (trade) 97 Chevy half ton $3200 77 Blazer $900 98 Grand Prix $4000 I don't think any of them had more than $500 listed as the sale price on the title. A few of them were as low as 1-200. Never had an issue. Quote Link to comment Share on other sites More sharing options...
bdhill Posted December 16, 2017 Report Share Posted December 16, 2017 State gave me a rash of shit about a matrix i bought...07 with 230k miles and a dent. Took me months to get it staightened out, and i had copy of check i used to pay for it. Not worth the hassle Quote Link to comment Share on other sites More sharing options...
nurkvinny Posted December 17, 2017 Report Share Posted December 17, 2017 I've traded several times. Always put $100 bucks on both sides. No issues. Take it for what it's worth. Quote Link to comment Share on other sites More sharing options...
POS VETT Posted December 17, 2017 Report Share Posted December 17, 2017 To avoid hassle, do not put zero. Also, for the condition, check the box for "wrecked". Quote Link to comment Share on other sites More sharing options...
Green Bastard Posted December 17, 2017 Report Share Posted December 17, 2017 Interesting. I figured with older cheap stuff, they wouldn't bat an eye. Here are the last several cars I've bought, and for how much..... 89 Camaro (trade) 89 Chevy half ton $1200 97 Park Ave $800 95 S10 $2100 95 S10 $200 95 Caprice $1000 99 Regal (trade) 97 Chevy half ton $3200 77 Blazer $900 98 Grand Prix $4000 I don't think any of them had more than $500 listed as the sale price on the title. A few of them were as low as 1-200. Never had an issue. I've done the same with a few cars but this one was a pain for some reason. It may have had something to do with the title was improperly filled out the first time (we did what the bmv notary told us, but I didn't get the title printed that day) so we had to meet up again and the guy had to do power of attorney to get the title signed over to me. The lady asked the selling price and I told her it was a trade, she said she needed the value then. I told her 200 because it was in poor shape and not running. So many funky things went on with that deal could be why it was flagged, I really should have just kept my camaro. I will never go to the bmv on south high ever again lol Quote Link to comment Share on other sites More sharing options...
cdk 4219 Posted December 19, 2017 Report Share Posted December 19, 2017 Nope. This has worked every single time for me. As long at the other party is willing to play ball. 95% of the time JUST a notarized bill of sale is enough. If you don't have that, The state will send a questionnaire to the Seller (if they are in Ohio Only) asking what the buyer paid they are sneaky- but I have won every-single-time. Its all about documentation, and if you read above, everyone that got fucked had zero documentation to back up their story. And even in the event your on the 5% side of the coin and they come sniffing around, you're still good if you are armed with docs. I even had a actual Tax Lien filed by the state which I got overturned. Lien was filed because they sent and info request to me and I never received it. Once fax to the state and I had a lien release in had in 72 hours. I saved $1850 on that ONE deal. And that's CASH people- that's like $3500 of gross income depending on your tax bracket. If you guys hate your money, feel free to pay the tax. But its is very, very easily avoided. Either way you are lying, sounds good , this sort of thing works 100% of the time! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.