Question regarding selling a car?
nelson rules
Joined: Sep 2001
Posts: 36,124
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From: the best coast
i don't know how it works in LO
but in MI when you sell the car the buyer is responsible for the taxes on it. he buys it and when he goes to the secretary of state to change the title over the take the value thats written on the title as the sale amount and charge him the tax right then. i've never paid tax on a car i've sold :dunno:
there isnt any benefit for you that i know of to alter the price sold, however there IS a benefit to the guy purchasing. If its someone i know, a friend or something, i will usually leave the selling price blank and let them put what they want. say i sold the car for 10k, if i let them put on the title 9k that saves them money or even 8k for that matter. just be careful because sometimes they actually check that shit and they will call you on it.
title + bill of sale + specificially state the car is sold as is in the bill of sale!!! you can hand right a bill of sale ... i (phat dong) sell this car to (ricer boy) for X amount o fdollars on (date) with no warranty of any kind, car is sold as is. both parties sign, keep a copy for yourself and a copy for him. fill out the title and he handles the rest
at least thats all in Michigan
but in MI when you sell the car the buyer is responsible for the taxes on it. he buys it and when he goes to the secretary of state to change the title over the take the value thats written on the title as the sale amount and charge him the tax right then. i've never paid tax on a car i've sold :dunno:
there isnt any benefit for you that i know of to alter the price sold, however there IS a benefit to the guy purchasing. If its someone i know, a friend or something, i will usually leave the selling price blank and let them put what they want. say i sold the car for 10k, if i let them put on the title 9k that saves them money or even 8k for that matter. just be careful because sometimes they actually check that shit and they will call you on it.
title + bill of sale + specificially state the car is sold as is in the bill of sale!!! you can hand right a bill of sale ... i (phat dong) sell this car to (ricer boy) for X amount o fdollars on (date) with no warranty of any kind, car is sold as is. both parties sign, keep a copy for yourself and a copy for him. fill out the title and he handles the rest
at least thats all in Michigan
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it's my D in a B
Joined: Aug 2001
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From: Your Mom's House
Only document we need here is a title with two signatures. I always leave the dollar amount blank so the buyer can write whatever he wants and avoid taxes. 
When I bought the truck, technically I traded it for my EF, so I didn't have to pay any taxes. h:
When I bought the truck, technically I traded it for my EF, so I didn't have to pay any taxes. h:
Joined: Jul 2003
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From: michigan
when I traded my beater for a different beater the lady at the SOS made me put down $1.00 cause she didn't know how to do it if there was no sale amount :chuckles:
I missed Sean
Joined: Aug 2004
Posts: 11,285
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From: Fairfield/Bridgeport CT
though if the car/bike is 1990~ish+ they go by either the sold value or blue book, which ever is higher, for tax