I don't understand this..

[chachee52]

The story about saving money on the registration is false in MA. It doesn't matter how much you sell it to him for it's the price that the books go by for the taxes (or that might be in NH, I've changed back and forth I get confused).
Todd

[KenyanSandBoa]

Originally Posted by chachee52

The story about saving money on the registration is false in MA. It doesn't matter how much you sell it to him for it's the price that the books go by for the taxes (or that might be in NH, I've changed back and forth I get confused).
Todd

He could save on the sales tax, but the excise tax is based on book value, so he wouldn't save anything there.

I hope everythin works out, Bao...I think you would be safe with the police knowing the details. Best of luck.

[mosesbotbol]

Originally Posted by KenyanSandBoa

He could save on the sales tax, but the excise tax is based on book value, so he wouldn't save anything there.

I hope everythin works out, Bao...I think you would be safe with the police knowing the details. Best of luck.

If a MA dealer sells the car, the sales tax is on price paid, not book value. Private party sales you are correct.

In NY you can only buy and sell a certain amount of cars in a year without being considered a dealer. Becoming a dealer has its expenses. You ahve to pay taxes on profit also. The guy is just keeping his name off the paperwork so he does not need to become a dealer.

[Mugen910]

Originally Posted by Trouble

In NY you can only buy and sell a certain amount of cars in a year without being considered a dealer. Becoming a dealer has its expenses. You ahve to pay taxes on profit also. The guy is just keeping his name off the paperwork so he does not need to become a dealer.

But he's got a dealership though. We found this out after the fact so I don't think that is the worry for him. I'm starting to think (worst case) he just wants to keep his name off it and resell it so that there is no liability on his part if something goes wrong.

[krash]

The guy is floating the title. I would check with the motor vehicle department in MA be sure. The DMV registrars in your state will have the exact information you are looking for, and what options are available to you. Chances are everything will be fine, but it's nice to have peace of mind that nothing will happen.

[Mugen910]

Originally Posted by krash

The guy is floating the title. I would check with the motor vehicle department in MA be sure. The DMV registrars in your state will have the exact information you are looking for, and what options are available to you. Chances are everything will be fine, but it's nice to have peace of mind that nothing will happen.

Thanks. I'm sure it'll all work out but we would like that piece of mind.

[Blueface]

Originally Posted by Mugen910

But he's got a dealership though. We found this out after the fact so I don't think that is the worry for him. I'm starting to think (worst case) he just wants to keep his name off it and resell it so that there is no liability on his part if something goes wrong.

There is more to it than that.
If it was a warranty issue, all he would need to do is sell it "as is".
That would protect him.

I think he is trying to sell a car without ever showing up as having had the car. As such, whatever he sells the car for, goes under the table. Also, not liable for taxes. His not registering it is not her fault. Her not having an agreement is generally not an issue as the title normally provides evidence of interest in the property. Her not getting a copy of the title signed by him would not necessarily ease her worries. What would that prove? That she sold it? It can be argued anyone can do that. Can't she be someone alleging she sold it, show a copy of the title yet end up being the one that signed both names to allege she sold it?

There is possibility the vehicle could be intended to file fraudulent bodily injury claims. They can use it to allegedly have had four passengers who were injured as result of a staged loss with another vehicle and make claims against the other vehicle's carrier. Many more schemes out there than just this one.

If that vehicle is to be put on the road, it will have to be registered. If it is registered, it will have to be titled to the registrant. In between, doubt it will be on the road to cause her concern. However, I am sure all this can vary by state. I wouldn't lose sleep over it though.

I am not an attorney but I did stay at a Holiday Inn Select.

[mosesbotbol]

Originally Posted by Mugen910

But he's got a dealership though. We found this out after the fact so I don't think that is the worry for him. I'm starting to think (worst case) he just wants to keep his name off it and resell it so that there is no liability on his part if something goes wrong.

Probably wants to wholesale it and avoid the Lemon Law.