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Trading cars and titles


Erieaddict

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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.

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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.

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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

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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.

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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...
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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.

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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.

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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?
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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

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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. :confused:

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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. :confused:

 

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

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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!

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