Paying sales tax when you trade straight up for a car? anybody know? - LS1TECH

Log In 


Midwestern Members IA, IL, IN , KY, MI, MN, MO, NE, OH, WI, KS, OK

Paying sales tax when you trade straight up for a car? anybody know?

Reply
 
Thread Tools Search this Thread
Old 08-10-2008, 08:29 PM   #1
Insurance Expert
Thread Starter
iTrader: (53)
 
Join Date: Dec 2001
Location: Chi-town
Posts: 7,732
Default Paying sales tax when you trade straight up for a car? anybody know?

Looks like I am trading my WS6 straight up for a car in North Carolina. Anybody know how that will work sales tax wise when I register it here in IL?

Blue book his car is worth alot more than mine, we agreed to an even trade given the massive pile of parts on my WS6 lol. My Dad said he thought they would maybe charge sales tax based on the blue book value of my WS6?

I can't find **** online as usual. Stupid Illinois.
SilverGhost is offline   Reply With Quote
Old 08-10-2008, 08:35 PM   #2
TECH Regular
iTrader: (4)
 
RPM Mark's Avatar
 
Join Date: Jan 2002
Location: Hoffman Estates, IL
Posts: 415
Default

I would think you would pay sales tax on the difference between your car's value and his car's value.

A good resource that I use for questions like this, is calling the Currency Exchange, the one on Devon and McCormick has some really knowledgeable people,847 673 3300.

Curious myself keep it updated.
RPM Mark is offline   Reply With Quote
Old 08-10-2008, 08:47 PM   #3
Insurance Expert
Thread Starter
iTrader: (53)
 
Join Date: Dec 2001
Location: Chi-town
Posts: 7,732
Default

Yeah I always use this one currency exchange right by my office, they really know their stuff. I'm going to call and ask tomorrow.

Well if that's the case and you are correct then we just sign two bills of sale. One with the real values of the cars and one stating they are the same value. I asked this question when i registered the WS6 and the answer was that they do not cross reference or check that the claimed value/paid price, etc is realistic or accurate in anyway. i.e--nobody cares. Hell I saw an article in the Trib once where the author suggested that trick, asking your seller to if they'd be willing to sign two bills of sale with one of them being a super low price for sales tax purposes. I did that with the WS6, but in IL a car as old as a 98 just gets a flat charge..it was $40. So I didn't end up using the $500 bill of sale I had
SilverGhost is offline   Reply With Quote
Old 08-10-2008, 09:42 PM   #4
Truck Sponsor
iTrader: (7)
 
Join Date: Sep 2005
Posts: 6,301
Default

I think the sales tax will not apply being basically an out of state sale. This is how it works when we sell transmissions out of state. Also this was a trade so no money changed hands. I know the last time I registered a vehicle things had changed. It use to be what you paid for it and now I believe that it is the year of the vehicle that determines the fees for the title transfer. It's no longer about the value. Vince
Vince @ FLT is offline   Reply With Quote
Old 08-10-2008, 09:43 PM   #5
11 Second Club
iTrader: (4)
 
twizted_creations's Avatar
 
Join Date: May 2007
Location: Chicagoland
Posts: 342
Default

Its a flat rate no matter what... When I regestered my 2000 it was only like 75 bucks... When I regestered the bike, it was close to that. I dont think its gonna be enough for you to even worry about...

So what kinda car you getting?

I was tempted to pick up your WS6 when I heard it was on the chopping block, as to have a his and hers, but I thought **** like that was limited to the RPMWS6 name...
twizted_creations is offline   Reply With Quote
Old 08-10-2008, 09:50 PM   #6
Insurance Expert
Thread Starter
iTrader: (53)
 
Join Date: Dec 2001
Location: Chi-town
Posts: 7,732
Default

I found a PDF file with all the info.

The flat rate is for anything under $15k in price. Above $15K bill of sale gets a more expensive one.

2003 model year under $15K is $115 flat fee.

It also says sales tax is still owed when an even trade takes place, it reverts to fair market value of the vehicle. This car blue book's at $14,500 so looks like I'll be paying $115 in sales tax to register it. I'm going to call the currenty exchange anyway tomorrow.

Twizted--its a performance luxury sedan. We still need to work out the logistics of the trade, the car is really far away, Greenville, North Carolina. If I ever stop by anywhere with this one, you'll be calling me big pimpin
SilverGhost is offline   Reply With Quote
Old 08-10-2008, 10:00 PM   #7
Insurance Expert
Thread Starter
iTrader: (53)
 
Join Date: Dec 2001
Location: Chi-town
Posts: 7,732
Default

ok here's a preview for you. car is triple black. comes with the stock chrome 17" wheels also. its a 2003 Lincoln LS. 280 horse 3.9 liter V8, fully loaded. seats are heated AND cooled, can't wait for that ****. will carry the kids, look nice, and peform pretty well, particularly after i get my hands on it for a little while

SilverGhost is offline   Reply With Quote
Old 08-10-2008, 10:10 PM   #8
9 Second Club/ LS1TECH Sponsor
 
INTMD8's Avatar
 
Join Date: Dec 2001
Location: WWW.SPEEDINC.COM
Posts: 2,449
Default

Quote:
Originally Posted by SilverGhost View Post
ok here's a preview for you. car is triple black. comes with the stock chrome 17" wheels also. its a 2003 Lincoln LS. 280 horse 3.9 liter V8, fully loaded. seats are heated AND cooled, can't wait for that ****. will carry the kids, look nice, and peform pretty well, particularly after i get my hands on it for a little while

Nice! U got a lane btw.
Attached Thumbnails
Paying sales tax when you trade straight up for a car? anybody know?-ls430-4.jpg  
INTMD8 is offline   Reply With Quote
Old 08-10-2008, 10:13 PM   #9
TECH Regular
iTrader: (4)
 
RPM Mark's Avatar
 
Join Date: Jan 2002
Location: Hoffman Estates, IL
Posts: 415
Default

Dang, someone's joining the luxury full size performance sedan club! Pimpalicious!
Lets have DD wars now Sean...
RPM Mark is offline   Reply With Quote
Old 08-10-2008, 10:21 PM   #10
Insurance Expert
Thread Starter
iTrader: (53)
 
Join Date: Dec 2001
Location: Chi-town
Posts: 7,732
Default

Mark, car like this is considered mid size performance sedan not full size. its Lincoln's competitor to the 5 series BMW's, etc. Now Ryan will have another vehicle to learn all the random and pointless things about so he has something to talk about if I bring it around. Hmmmmm..what to powdercoat on this thing

Jim you got a lane only if you pop the hood you shady bastard
SilverGhost is offline   Reply With Quote
Old 08-11-2008, 11:26 AM   #11
LS1Tech Co-Founder
iTrader: (34)
 
Pro Stock John's Avatar
 
Join Date: Nov 2001
Location: Chicago, IL
Posts: 41,946
Default

You all have a lane with my TBSS.
Pro Stock John is offline   Reply With Quote
Old 08-11-2008, 02:11 PM   #12
NKAWTG...N
iTrader: (3)
 
StoleIt's Avatar
 
Join Date: Nov 2003
Location: Wichita, KS
Posts: 4,736
Default

Quote:
Originally Posted by Pro Stock John View Post
You all have a lane with my TBSS.
2.
StoleIt is offline   Reply With Quote
Old 08-11-2008, 02:35 PM   #13
Insurance Expert
Thread Starter
iTrader: (53)
 
Join Date: Dec 2001
Location: Chi-town
Posts: 7,732
Default

no problem bitches, just no looking under my hood...or trunk lol.

Whatcha gonna do when you see a luxury sedan on 20's rolling away from you
SilverGhost is offline   Reply With Quote
Old 08-11-2008, 02:41 PM   #14
On The Tree
iTrader: (12)
 
DAS1998's Avatar
 
Join Date: Jul 2008
Location: St.Charles, Illinois
Posts: 151
Default

make up a bill of sale for $1.00 for each car. sometimes they will just make you pay a portion of the value of the car when you go to title it and sometimes they will tax you on what you pay for it, so if it is a dallor it will not be very much... depends on the state. in illinois it is based on the value of the car
DAS1998 is offline   Reply With Quote
Old 08-11-2008, 03:02 PM   #15
Insurance Expert
Thread Starter
iTrader: (53)
 
Join Date: Dec 2001
Location: Chi-town
Posts: 7,732
Default

nope, its by year, see what i put above.

Under $15k and its one set of metrics by year. Over 15k the metrics are higher. Its a 30k cap i saw on the table. Was like $1500 i think flat tax for anything $30k and above.
SilverGhost is offline   Reply With Quote
Old 08-11-2008, 04:12 PM   #16
11 Second Club
iTrader: (24)
 
fast's Avatar
 
Join Date: Jan 2003
Location: Champaign, IL
Posts: 628
Default

you shouldn't ever pay sales tax (at a dealer) on a trade in
fast is offline   Reply With Quote
Old 08-11-2008, 09:17 PM   #17
Insurance Expert
Thread Starter
iTrader: (53)
 
Join Date: Dec 2001
Location: Chi-town
Posts: 7,732
Default

ITS NOT A TRADE IN.

is anyone actually reading this thread?
SilverGhost is offline   Reply With Quote
Old 08-11-2008, 09:30 PM   #18
TECH Regular
iTrader: (4)
 
RPM Mark's Avatar
 
Join Date: Jan 2002
Location: Hoffman Estates, IL
Posts: 415
Default

Quote:
Originally Posted by SilverGhost View Post
ITS NOT A TRADE IN.

is anyone actually reading this thread?
Hey why are you trading it in? Wait you're trading in the Camaro? Why? What are you looking for? What color is the car?

Sorry, I thought I'd just post without reading any of the previous posts!
RPM Mark is offline   Reply With Quote
Old 08-11-2008, 09:44 PM   #19
LS1Tech Administrator
iTrader: (3)
 
RPM WS6's Avatar
 
Join Date: Nov 2001
Location: Lincolnwood, IL Member: #317
Posts: 22,139
Default

You want a full sized luxury car? Fine. All you bitches can grab a lane with THIS:

RPM WS6 is offline   Reply With Quote
Old 08-11-2008, 10:10 PM   #20
Insurance Expert
Thread Starter
iTrader: (53)
 
Join Date: Dec 2001
Location: Chi-town
Posts: 7,732
Default

LOL sitting inside that thing is like joining the mafia.

ps who's that *** looking under the hood??
SilverGhost is offline   Reply With Quote
Reply

Related Topics
Thread Thread Starter Forum Replies Last Post
Retail Sales Tax on Out-of-State Vehicle Purcahse (dealer)...IL Residents? RPM WS6 Midwestern Members 4 05-16-2016 02:17 AM
Loans for Cars that sell above Blue Book? mustangpwr98 General LSX Automobile Discussion 9 10-13-2015 10:11 AM
Private Party sale in NV with CA car. Any Tax? willizm Western Members 0 03-08-2012 12:35 PM
Trading titles and sales tax in NJ mpls1 Eastern Members 11 08-30-2008 07:34 PM
No sales tax in Oregon 99blancoSS Northwest Members 9 04-28-2008 12:46 PM


Tags
car, cars, exchanged, illinois, money, ohio, pay, sales, straight, tax, taxes, trade, traded, trader, vehicle

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off



All times are GMT -5. The time now is 10:40 AM.