My friend wants to sell her car to me, but it's still not paid off. she want me to give her money to pay of the rest of the car, and when she receives the title from the dealership, she will transfer the title to me instead of her. In that case, i don't have to pay any taxes and such. Is this a good idea? should i write a contract just in case she doesn't do as she says?
2007-07-13 16:32:31 · 8 answers · asked by Deesa 2 in Politics & Government ➔ Law Enforcement & Police
If you are purchasing the car for what she owes on her loan, then I would definately get at least, a written letter stating your aggreement, then have it notarized (to make it official). When you go to DMV to change over the title, they will ask you if you bought the car and if so, how much. Tell them you paid $1 (they don't need to know if you spend $500 or $2000). That way, you'll only have to pay taxes on the $1. They have no way to verify you bought it for that much. I've done it several times and have never had to fight it.
2007-07-13 16:56:29 · answer #1 · answered by DH 7 · 0⤊ 0⤋
There are different techniques. a million- i could never purchase a motor vehicle from somebody on craigslist, maximum are products of junk that look ok 2 - once you're a student the final element you like is a extreme charge. many of the time the vehicle would be sitting exterior loosing fee familiar. 3 - evaluate this, detect a motor vehicle from a chum, a acquaintances determine or relative, somebody you have prevalent for some time, or anybody you comprehend that ought to be common with regard to the project of the vehicle. placed the be conscious out and you gets reponses, then make a call. 4 - Spend a pair of dollars on a carfax previously you purchase it
2016-10-01 13:58:13 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Yes ,because something could accidentally happen to one of you.You never no.I would have a contract and I would also pay her in check or moneyorder and on it I would specifically write for make and model of car.Also have her to write you a bill of sell.Make sure you see something in writing that indicates her payoff amount.So are you going to get that insurance that covers you driving other peoples cars or do you already have it?Because if not and you wreck she could be in big trouble and you could also.
2007-07-13 16:48:11 · answer #3 · answered by tosha38401 3 · 0⤊ 0⤋
When you guys get to court, after one of you sues the other, you won't have a leg to stand on!
Man this sounds bad. You'd better talk to a lawyer. There's so many things there in your short paragraph that sounds bad...and suspect. You pay off that car, and you might not see her again.
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2007-07-13 16:51:56 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You definitely want a written agreement. Legally, you owe sales tax on amount of purchase; they may ask about that at the DMV when transferring title.
2007-07-13 16:41:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Write a contract, but if she is a deadbeat then you might end up being cheated anyhow. What kind of credit does she have? Is she good about paying her bills? How do you know she has integrity and won't end up cheating you?
2007-07-15 06:40:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
All you have to do is go to the department of motor vehicles and fill out the right forms, pay the fees and that is it...the car then belongs to you...good luck with that///
2007-07-13 17:09:44 · answer #7 · answered by Walter J 3 · 0⤊ 0⤋
its not a good idea but hey if you do get a witness and a contract aproved by three other people
2007-07-17 13:42:47 · answer #8 · answered by Dr. Answers 2 · 0⤊ 0⤋