OT: Anyone ever "traded" cars? PLEASE offer some insight
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Joined: May 2012
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From: Richmond, VA
2007 E63 AMG
OT: Anyone ever "traded" cars? PLEASE offer some insight
Don't worry, NOT getting rid of my AMG!
But here's the deal, I've got a car I owe 35k on, guy that wants it has a car he owes 10k on but is worth lets say 20k. only reason I'd consider this is MY car has been impossible to sell thus far, and I'd at least be left with less overall debt and an easier car to sell.
It just sounds like a logistical nightmare since both cars have leins on them
Anyone ever done anything like this?
But here's the deal, I've got a car I owe 35k on, guy that wants it has a car he owes 10k on but is worth lets say 20k. only reason I'd consider this is MY car has been impossible to sell thus far, and I'd at least be left with less overall debt and an easier car to sell.
It just sounds like a logistical nightmare since both cars have leins on them
Anyone ever done anything like this?
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Are you sure you pay taxes when purchasing a privately owned vehicle? Wouldn't that be paying taxes on something that already paid taxes? I know some states are different than others but it seems wrong..lol
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one car at a time
I may not be understanding your issue, but I doubt the banks would allow you to transfer the debt to the other party...Therefore you would need to trade based upon the car's value (e.g. your car is worth $45K and the other car is worth $20K)....the owner of the less expensive car would need to provide the difference (incur more debt from the sounds of it) and pay the sales tax on the difference (e.g. $25k)...Also, I don't know what your loan paperwork states, but you may need to pay off the loan, before you trade the car, as you really don't own anything (the bank does)...
Last edited by cij911; Jan 6, 2013 at 11:17 AM.
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From: Illinois
W211 E63
It' just like if you went to the dealer and traded in your car for something else.
1. You guys need to figure out how much you are willing to let each car go for. Lets say you sell yours for $35k and buy his for $20k.
2. I am guessing both of you will still be financing so you will each need to secure a loan for your new vehicles.
3. Fill out a bill of sale, you can google car bill of sale, and there are plenty of examples you can print and fill out.
4. You will need to title and register your new vehicle so go to your local DMV and get the title and tax forms. You shouldn't owe any taxes because you traded a $35k car for a $20k car. The other buyer will be responsible for the $15k difference.
That's about it. Your $20k loan check goes to him/his lien holder and his $35k loan check goes to you/your lien holder.
1. You guys need to figure out how much you are willing to let each car go for. Lets say you sell yours for $35k and buy his for $20k.
2. I am guessing both of you will still be financing so you will each need to secure a loan for your new vehicles.
3. Fill out a bill of sale, you can google car bill of sale, and there are plenty of examples you can print and fill out.
4. You will need to title and register your new vehicle so go to your local DMV and get the title and tax forms. You shouldn't owe any taxes because you traded a $35k car for a $20k car. The other buyer will be responsible for the $15k difference.
That's about it. Your $20k loan check goes to him/his lien holder and his $35k loan check goes to you/your lien holder.
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Joined: Dec 2008
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From: Illinois
W211 E63
We don't pay taxes on vehicle purchaces. They get paid upon importation and that's it. So here a trade simply doesn't exist.
Are you sure you pay taxes when purchasing a privately owned vehicle? Wouldn't that be paying taxes on something that already paid taxes? I know some states are different than others but it seems wrong..lol
Are you sure you pay taxes when purchasing a privately owned vehicle? Wouldn't that be paying taxes on something that already paid taxes? I know some states are different than others but it seems wrong..lol
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Thread Starter
Member
Joined: May 2012
Posts: 198
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From: Richmond, VA
2007 E63 AMG
yeah i was mostly trying to se if there were a way to avoid the sales tax by assuming each others loans or who knows, but I dont think there's much you can do in VA to get around it.
I've got a 2011 Jag XF, other guy had a 2011 V6 Camaro, and when he was lookin at my car yesterday threw in "maybe we can work out some kind of trade deal", and I wasn't completely against the idea bc that's probably alot easier to sell than my Jaguar has been thus far.
But the guy called a little while ago and offered to buy the car outright, so i'm good to go!
I've got a 2011 Jag XF, other guy had a 2011 V6 Camaro, and when he was lookin at my car yesterday threw in "maybe we can work out some kind of trade deal", and I wasn't completely against the idea bc that's probably alot easier to sell than my Jaguar has been thus far.
But the guy called a little while ago and offered to buy the car outright, so i'm good to go!
