Paper trade???
Thread Starter
Melting Slicks
Joined: Aug 2003
Posts: 2,906
Likes: 1,366
From: Sevierville Tn
Paper trade???
I mat have sold my 05 Mag Red coupe locally. If so I plan on ordering new 08 from forum vendor!!!
I liive Tennesse & the taxes are almost 10%!!!
The forum vendor is in another state!! If I give them a $1000.00 deposit & make order, can he show my car as a trade & sell it or wholesale it to the buyer for the $35K, so I would only pay taxes on the $20k difference??The car has a lein but I could pay it off if it made a difference!!
I liive Tennesse & the taxes are almost 10%!!!
The forum vendor is in another state!! If I give them a $1000.00 deposit & make order, can he show my car as a trade & sell it or wholesale it to the buyer for the $35K, so I would only pay taxes on the $20k difference??The car has a lein but I could pay it off if it made a difference!!
Melting Slicks
Joined: Nov 2006
Posts: 2,297
Likes: 12
From: Wheaton IL
I hate to be the bearer of bad news, but in most states this isn't going to fly. Unless, you let the dealer handle the sale of the used vehicle, in which case you are credited the taxes up to the amount of the sale. 10% sales tax....ouch! Either way, you're still getting a new vette and paying only about $1000 more than most people in taxes. Try negotiating a great discount on your new vette to offset the cost.
Melting Slicks
Joined: Jun 2005
Posts: 2,686
Likes: 1,014
From: Rock Hill SC (Charlotte NC Area)
2022 C8 of the Year Finalist - Modified
2022 C7 of the Year Finalist - Unmodified
From a former Tennessee resident (Johnson City for ~10 years), I only have one suggestion...move to South Carolina and pay the ridiculous ANNUAL car property tax for a while 
...you'll soon come to miss that you only had the large one-time sales tax in TN to deal with.
Incidentally...has TN really gone up that much? Last car I bought while living in TN was in 1999. At the time the general sales tax was 6.5% IIRC, but the sales tax on car purchases was at a reduced 4 or 4.5% rate.
...you'll soon come to miss that you only had the large one-time sales tax in TN to deal with.Incidentally...has TN really gone up that much? Last car I bought while living in TN was in 1999. At the time the general sales tax was 6.5% IIRC, but the sales tax on car purchases was at a reduced 4 or 4.5% rate.
Last edited by DWS44; Dec 29, 2007 at 09:25 AM.
Racer
Joined: Apr 2007
Posts: 385
Likes: 0
From: TABLE ROCK LAKE MO
Paper work
In Missouri you can download a form off of the state site, fill it out when you sale your car and you have six months to buy another car and deduct what you sold from what you bought. Check with YOUR tag office.
Melting Slicks
Joined: Oct 2006
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From: Made in USA Show Me State
Bob, did you ever get your radio issue worked out?
Racer
Joined: Sep 2007
Posts: 290
Likes: 23
From: Pigeon Forge TN
From a former Tennessee resident (Johnson City for ~10 years), I only have one suggestion...move to South Carolina and pay the ridiculous ANNUAL car property tax for a while ...you'll soon come to miss that you only had the large one-time sales tax in TN to deal with.
Incidentally...has TN really gone up that much? Last car I bought while living in TN was in 1999. At the time the general sales tax was 6.5% IIRC, but the sales tax on car purchases was at a reduced 4 or 4.5% rate.
...you'll soon come to miss that you only had the large one-time sales tax in TN to deal with.Incidentally...has TN really gone up that much? Last car I bought while living in TN was in 1999. At the time the general sales tax was 6.5% IIRC, but the sales tax on car purchases was at a reduced 4 or 4.5% rate.
Team Owner
Joined: May 2004
Posts: 82,175
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From: McKinney TX
St. Jude Donor '21-'22-'23-'24
From a former Tennessee resident (Johnson City for ~10 years), I only have one suggestion...move to South Carolina and pay the ridiculous ANNUAL car property tax for a while ...you'll soon come to miss that you only had the large one-time sales tax in TN to deal with.
Incidentally...has TN really gone up that much? Last car I bought while living in TN was in 1999. At the time the general sales tax was 6.5% IIRC, but the sales tax on car purchases was at a reduced 4 or 4.5% rate.
...you'll soon come to miss that you only had the large one-time sales tax in TN to deal with.Incidentally...has TN really gone up that much? Last car I bought while living in TN was in 1999. At the time the general sales tax was 6.5% IIRC, but the sales tax on car purchases was at a reduced 4 or 4.5% rate.
Instructor
Joined: Feb 2005
Posts: 151
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From: Pigeon Forge Tn
Hey neighbor!
Are you selling it to someone in Tennessee? If so, go see our local county clerk, Joe Keener. He may have a suggestion that could save you the tax. You probably would have to run the deal through the dealer that you buy the new car from, but most are willing to do whatever it takes to make a deal in this climate. BTW, I know that the chevy dealer in Ktown that starts with a "R" will deal, my new car will be here next week and supplier price is the number at the moment. Actually even our local "V" dealer is advertising invoice in the paper this morning on in stock corvettes, check it out.
Are you selling it to someone in Tennessee? If so, go see our local county clerk, Joe Keener. He may have a suggestion that could save you the tax. You probably would have to run the deal through the dealer that you buy the new car from, but most are willing to do whatever it takes to make a deal in this climate. BTW, I know that the chevy dealer in Ktown that starts with a "R" will deal, my new car will be here next week and supplier price is the number at the moment. Actually even our local "V" dealer is advertising invoice in the paper this morning on in stock corvettes, check it out.
Racer
Joined: Apr 2007
Posts: 385
Likes: 0
From: TABLE ROCK LAKE MO
Not yet, I was hoping it would just start working like others have, but after a trip to Tulsa (3 hrs turning it off/on cd/fm and nothing but X-mas music) its going to the dealer soon. Just hated to take it in to the dealer she is only a virgin once.
Bob
Bob
Thread Starter
Melting Slicks
Joined: Aug 2003
Posts: 2,906
Likes: 1,366
From: Sevierville Tn
Hey neighbor!
Are you selling it to someone in Tennessee? If so, go see our local county clerk, Joe Keener. He may have a suggestion that could save you the tax. You probably would have to run the deal through the dealer that you buy the new car from, but most are willing to do whatever it takes to make a deal in this climate. BTW, I know that the chevy dealer in Ktown that starts with a "R" will deal, my new car will be here next week and supplier price is the number at the moment. Actually even our local "V" dealer is advertising invoice in the paper this morning on in stock corvettes, check it out.
Are you selling it to someone in Tennessee? If so, go see our local county clerk, Joe Keener. He may have a suggestion that could save you the tax. You probably would have to run the deal through the dealer that you buy the new car from, but most are willing to do whatever it takes to make a deal in this climate. BTW, I know that the chevy dealer in Ktown that starts with a "R" will deal, my new car will be here next week and supplier price is the number at the moment. Actually even our local "V" dealer is advertising invoice in the paper this morning on in stock corvettes, check it out.
Thanks for the onfo about the local dealers but they don't have the car I want!!
I've got a quote from forum vendor:$55,150 to include the new price increase!!
2008 Crystal Red 6 speed auto
performance axle
F55 Magnetic ride
3lt package
navigation
polished wheels
dual mode exhaust
dual roof
two-tone cahsmere int
Seems like a good deal to me!!!
Race Director
Joined: Dec 2006
Posts: 11,762
Likes: 2
From a former Tennessee resident (Johnson City for ~10 years), I only have one suggestion...move to South Carolina and pay the ridiculous ANNUAL car property tax for a while ...you'll soon come to miss that you only had the large one-time sales tax in TN to deal with.
Incidentally...has TN really gone up that much? Last car I bought while living in TN was in 1999. At the time the general sales tax was 6.5% IIRC, but the sales tax on car purchases was at a reduced 4 or 4.5% rate.
...you'll soon come to miss that you only had the large one-time sales tax in TN to deal with.Incidentally...has TN really gone up that much? Last car I bought while living in TN was in 1999. At the time the general sales tax was 6.5% IIRC, but the sales tax on car purchases was at a reduced 4 or 4.5% rate.
Guess I'm glad to live in Texas.
Melting Slicks
Joined: Aug 2007
Posts: 2,641
Likes: 80
From: Florida
The forum vendor is in another state!! If I give them a $1000.00 deposit & make order, can he show my car as a trade & sell it or wholesale it to the buyer for the $35K, so I would only pay taxes on the $20k difference??The car has a lein but I could pay it off if it made a difference!!
A dealer would be putting his license in grave jeopardy if he tried to back door a sales transaction like this.
~AL~
Race Director
Joined: Oct 2004
Posts: 10,089
Likes: 14
It isn't the dealer's problem that the tax code is FUBAR. What he is doing isn't illegal, and the new car manager certainly doesn't care that he's screwing the used car manager out of a commission.
Safety Car
Joined: Sep 2005
Posts: 4,103
Likes: 0
From: Springfield MA
St. Jude Donor '08
From a former Tennessee resident (Johnson City for ~10 years), I only have one suggestion...move to South Carolina and pay the ridiculous ANNUAL car property tax for a while ...you'll soon come to miss that you only had the large one-time sales tax in TN to deal with.
Incidentally...has TN really gone up that much? Last car I bought while living in TN was in 1999. At the time the general sales tax was 6.5% IIRC, but the sales tax on car purchases was at a reduced 4 or 4.5% rate.
...you'll soon come to miss that you only had the large one-time sales tax in TN to deal with.Incidentally...has TN really gone up that much? Last car I bought while living in TN was in 1999. At the time the general sales tax was 6.5% IIRC, but the sales tax on car purchases was at a reduced 4 or 4.5% rate.
Melting Slicks
Joined: Jun 2005
Posts: 2,686
Likes: 1,014
From: Rock Hill SC (Charlotte NC Area)
2022 C8 of the Year Finalist - Modified
2022 C7 of the Year Finalist - Unmodified
Yes...it's disgusting.
Highest I've paid was when my Firehawk was new, almost $800/yr (drops over time as it's tied to SC's estimate of the car's value). My 350Z when new $700/yr. Have to pay $450/yr on my 05 Tacoma. I dread seeing what the Vette will be. I was paid up on the 350Z I traded, and you only have to pay once per year...if you trade the vehicle you already paid the tax on, you don't have to pay again till your tags get renew the following year.
Highest I've paid was when my Firehawk was new, almost $800/yr (drops over time as it's tied to SC's estimate of the car's value). My 350Z when new $700/yr. Have to pay $450/yr on my 05 Tacoma. I dread seeing what the Vette will be. I was paid up on the 350Z I traded, and you only have to pay once per year...if you trade the vehicle you already paid the tax on, you don't have to pay again till your tags get renew the following year.
Thread Starter
Melting Slicks
Joined: Aug 2003
Posts: 2,906
Likes: 1,366
From: Sevierville Tn
Why would you say that? Other than cutting the used car manager and a used car salesman out of their commissions, this sort of paper transaction is no different than if the dealer had actually accepted the trade-in and resold it more traditionally out of his store.
It isn't the dealer's problem that the tax code is FUBAR. What he is doing isn't illegal, and the new car manager certainly doesn't care that he's screwing the used car manager out of a commission.
It isn't the dealer's problem that the tax code is FUBAR. What he is doing isn't illegal, and the new car manager certainly doesn't care that he's screwing the used car manager out of a commission.
One guy bought the new car & traded in the old one & paid the tax difference. The dealer sold the car for the same price to the friend & collected the taxes on the trade for the state.
I hope to get the new car for 55K make the trade 35k & only pay the taxes on the 20k difference.
The savings can pay for the F55 & the polished wheels!!!
Team Owner
Joined: Sep 2005
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From: Big Bend Country, TX
St. Jude Donor '06-'07-'08-'09-'10-'11-'12-'13-'14-'15- '16-'17-‘18-‘19-'20-'21
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Team Owner
Joined: Sep 2005
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From: Big Bend Country, TX
St. Jude Donor '06-'07-'08-'09-'10-'11-'12-'13-'14-'15- '16-'17-‘18-‘19-'20-'21
NCM Lifetime Member
Team Owner
Joined: Sep 2005
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From: Big Bend Country, TX
St. Jude Donor '06-'07-'08-'09-'10-'11-'12-'13-'14-'15- '16-'17-‘18-‘19-'20-'21
NCM Lifetime Member
I seem to remember years ago, neighbors in another state,doing something like this!!
One guy bought the new car & traded in the old one & paid the tax difference. The dealer sold the car for the same price to the friend & collected the taxes on the trade for the state.
I hope to get the new car for 55K make the trade 35k & only pay the taxes on the 20k difference.
The savings can pay for the F55 & the polished wheels!!!
One guy bought the new car & traded in the old one & paid the tax difference. The dealer sold the car for the same price to the friend & collected the taxes on the trade for the state.
I hope to get the new car for 55K make the trade 35k & only pay the taxes on the 20k difference.
The savings can pay for the F55 & the polished wheels!!!