bagwell

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.

PhilipMSPT

iTrader: (5)

I presume that the banks are still the lienholders, right?

bagwell

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.

whoster

what the deuce...

what a strange trade....

bagwell

he's going to brew his own biodiesel.

Mbenz528i

You can say that again!

Anyone want my 1996 Jeep Cherokee for a 2003 Mini?

bagwell

the 530i is the last gen with about 82000 miles I think, showing a book value under $16K; Jetta books at $18K....or so I was told.

Faymester

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

litesoarer

It doesn't matter if they "sold" the car for $100,000 or $1

In Texas the taxes paid go by blue book value.

bagwell

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.

sonikbo0m

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

tmf2004

iTrader: (15)

I think you can only gift up to 12k annually... Not sure though