I just got a $6500 used car loan from wells fargo. I't wil be difficult for me to pay the registration fee (the tax is like $480). Do I have to pay the same amount in registration fees next year? WIth the tax on it? And my other question is, is if I say i bought the car for 4000, will the dmv know that i paid 6500 since i have a loan on it. Do they get info about how much my loan was?
2007-08-19 14:32:40 · 3 answers · asked by Selma 2 in Cars & Transportation ➔ Buying & Selling
The registration fee is every year, but sales tax & titling fees are one-time fees only. Registration fees and tax rates depend on what state and county you live in, check your local DMV's web site.
I doubt the DMV receives any information about your loan, but some places like California it doesn't matter, because they do not charge sales tax based on the purchase price -- they charge a "use tax" (at the same rate as the sales tax) based on the estimated value of the car.
2007-08-19 16:37:38 · answer #1 · answered by nevergonnaletyoudown 4 · 0⤊ 0⤋
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2016-09-26 21:28:46 · answer #2 · answered by ? 3 · 0⤊ 0⤋
I dont know about the DMV and if they would know, not sure, but I think the registration is a one time thing, inspections are every year
2007-08-19 14:38:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋