cheepest way to get tt&l when buyin used car
06-01-2008, 08:53 PM
#1
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cheepest way to get tt&l when buyin used car i have been searching for an 02 z28 m6 and have finaly come upon a few. I will be purchasing within the next week and was curious what the cheapest way to get the tax title and liscesne .. it is through a private party so can you say it was a gift or something ..let me know if you have any loopholes?... so if i get a car for 13k how much will it end up costing at the cheapest.
Last edited by chevy0128; 06-01-2008 at 09:08 PM.
06-01-2008, 09:16 PM
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the law changed to your ttl will cost you fair market value of the car, not what you pay for it. They say its because people were saying they paid 2K for a car when they paid 20K to avoid taxes 
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06-02-2008, 05:51 AM
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if you have a freind at a dealership that sells those cars u can have it appraised at a lower value ........... say something like it had a blown motor or body damage................ worked for me
06-02-2008, 08:51 AM
#11
Texas has a "Presumptive Value" now. They use your VIN# and it calculates the market value of the car. You pay 6.25% tax on 80% of the value they determine the car is worth.
If you have the VIN#, you can check their presumptive value here:
http://www.dot.state.tx.us/services/...tive_value.htm
If you have the VIN#, you can check their presumptive value here:
http://www.dot.state.tx.us/services/...tive_value.htm
06-02-2008, 09:30 AM
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Also, if you have a bill of sale filled out,
you pay taxes on whats on the bill of sale.
But be warned. If you fudge to much on the bill of sale they will most likely start asking questions. I noticed last week while i was in paying taxes on the TA I bought a few weeks ago that they had alot of signs up saying that it was a felony to lie about the price.
Be sure you get TTL taken care of the week of the sale too. They just recently added mafia level penalties and fee's for not paying the taxes right when its sold.
My mom bought a car last month, and didn't have time to make the 30 mile drive to the county tax office for the last three weeks of school(school teacher). It cost her an extra 75$ in late fee's.
FWIW: I paid 7k for the TA and taxes came out to about 543$ Plus 40 for the vanity plate.
you pay taxes on whats on the bill of sale.
But be warned. If you fudge to much on the bill of sale they will most likely start asking questions. I noticed last week while i was in paying taxes on the TA I bought a few weeks ago that they had alot of signs up saying that it was a felony to lie about the price.
Be sure you get TTL taken care of the week of the sale too. They just recently added mafia level penalties and fee's for not paying the taxes right when its sold.
My mom bought a car last month, and didn't have time to make the 30 mile drive to the county tax office for the last three weeks of school(school teacher). It cost her an extra 75$ in late fee's.
FWIW: I paid 7k for the TA and taxes came out to about 543$ Plus 40 for the vanity plate.
Last edited by Deceptikon; 06-02-2008 at 09:35 AM. Reason: added info
06-02-2008, 11:20 AM
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Only true if the bill of sale amount is higher....I bought mine last month and paid $6300 for it.They said it was worth 8200 and that there is a 20% allowance for condition.That came out to $6560. My bill of sale had the $6300 amount on it and I had to pay taxes on $6560. Didn't make much difference in my situation, but it could in some cases.I was freakin out at first because the bank told me loan value was $10,200
06-02-2008, 04:49 PM
#17
That is the old way of doing it. It doesn't work on newer cars, only old classics now. TX uses the presumptive value on all newer vehicles now, no way around it unless you have a professional state appraisal done, which usually costs more than the taxes themselves. Click that link in my first reply.
06-02-2008, 05:59 PM
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I am Illinois auto dealer myself. 6.25%+$143.00 for plates and title transfer. In IL i cant not had a customer the title. I have to be the one to send it in. As for private sales, you will pay tax on the year. Not the price. I know you dont care about IL, but just thought to throw that out there. The dealer side, i will not right up a vehicle for less to save them taxes. For the lil you will save it is not wroth the possible headachs. After reading the posts in this thread , your TX Laws are totaly different then up hear.
06-02-2008, 06:10 PM
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Ahhh... I want to check my vin when the car gets back from the shop tomorrow... I paid tax on the 7300.... I'll be pissed if I could have gotten away with paying on less.
From 9's link:
Vehicles NOT Subject to Standard Presumptive Value Taxation
* New vehicles
* Vehicles purchased from licensed dealers
* Vehicles purchased at a governmental or foreclosure auction
* Vehicles 25 years old or older
* Off-road vehicles, such as dirt bikes or all-terrain vehicles (ATVs)
* Salvage or abandoned vehicles (except rebuilt salvage vehicles)
* Vehicles sold through a mechanic or storage lien
* Vehicles given as gifts
* Even-trade vehicles, when vehicles of equal value are swapped by the owners
learning something everyday...
From 9's link:
Vehicles NOT Subject to Standard Presumptive Value Taxation
* New vehicles
* Vehicles purchased from licensed dealers
* Vehicles purchased at a governmental or foreclosure auction
* Vehicles 25 years old or older
* Off-road vehicles, such as dirt bikes or all-terrain vehicles (ATVs)
* Salvage or abandoned vehicles (except rebuilt salvage vehicles)
* Vehicles sold through a mechanic or storage lien
* Vehicles given as gifts
* Even-trade vehicles, when vehicles of equal value are swapped by the owners
learning something everyday...
06-18-2008, 03:41 PM
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That is the old way of doing it. It doesn't work on newer cars, only old classics now. TX uses the presumptive value on all newer vehicles now, no way around it unless you have a professional state appraisal done, which usually costs more than the taxes themselves. Click that link in my first reply.
you can get the car as a gift. (you can then buy some floormats for 13k or whatever the price of the car is, or give the seller a gift yourself)
you can have the car appraised at a lower value. if you buy a car that needs body work and has no engine/tranny you would probably want to do that so you dont pay tax on the full value
