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there are no tax consequences for you. You sell him the car like you would anyone else. Personally, I would leave the sale price on the title blank and let him fill it in. If he goes too low, they will probably catch and penalize him, though, so warn him of that.
he will take the title to his local DMV and pay his state taxes to them directly.
gee, under bluebook, huh? what a pal. ;b
I'm just joking with you, but seriously, bluebook is typically very high. Unless you mean under bluebook trade-in value.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
If not gifting the car, set the value at the Private Party level. If not receiving full payment immediately, consider keeping a lien on the car.
It will take some planning to sort out the best course of action.
A friend of mine purchased a car from supposely a good friend for x amount of dollars. My friend was to make payments on the car which he did each month and finished paying it off 6 months later. During this time, my friend drove the car under the sellers insurance and registration.
Now that the car was paid in full (with a bill of sale) my friend tried to retrieve the title and his friend kept stalling for time but said he would will give it to him. To make a long story short, the friend has recently passed away and the friends nephew claims the title was held by a bank from another owner which is suppose to be the original owner.
My friend bought this car and as you can see made a big mistake from the beginning (just because they were friends) only to find out that his friend had no right to sell that car to him since he never owned the car. Of coure there is a lien on the car and my friend had to purchase another vehicle and take this car off the streets because he can't register without the title.
My question is, has anyone reading this post ever heard or been in this situation before or might know how to fix this problem in a legal way? If in the event nothing can be done what should he do with the car without having any problems for himself?
Thank you in advance,
jainct
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Thank you for the reply. Yes, he does have the bill of sale that he paid for the car. What does he do from here?
Thank you in advance,
jainct
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
One thing to note: There may be a lien on the car, but that doesn't mean that it hasn't been paid off. It may just be a paperwork issue. Of course, if the nephew is the executor of the estate, your friend will have to deal with him, as a bill of sale won't help you much, without clear title to the car.
EDIT: I'm not a lawyer, either..
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sounds logical. kind of like a 1st and 2nd mortgage.
Actually, I take back everything I said. I reread the original post and it sounds to me like the seller sold a car he didn't even own or have any rights to whatsoever!!
The bank holds the title from the ORIGINAL owner, who is not the seller? Good grief! So it sounds like he borrowed the car from someone and sold it??
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Based on your post, it looks like your friend got scammed by the deceased person. That probably was not the original intent but unfortunately he passed away before it could be settled. Even though your friend has a Bill of Sales (hopefully notarized), the deceased had no right to sell the car without settling the first lien. As kydfx suggested, the first lien holder will have first go at this. Your friend may be able to re-coup his money by suing the estate, if there is anything to sue. if I were a family member and found out what the deceased friend did and there was money available, I would try to make it right.
The other thing that I find interesting is that your friend was willing to drive around for 6 months using the now deceased person's registration and insurance. In my state, that would be considered a violation. Also it does not look good for your friend if this was to ever go to court.
Do you have any way of showing that the previous owner used extraordinary means to conceal a leak?
tidester, host
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I am not a lawyer either.
hopefully, i can get a quick reply to this one. i'm selling my car to someone and they will be transporting it overseas (i've met him and we're going to complete the transaction at his bank in new york, so that's not the problem).
the problem is the NY title is in my deceased wife's name. the dmv requirements for transferring a title in ny is to complete an affidavit and have it notarized with a copy of the death certificate (which i've already done). my concern is that the death certificate contains my wife's social security number and i'm very concerned about that.
so here's my choices:
cross out the social security number and give him the title signed by me with the affidavit and death certificate (with crossed-out ss#)
-or- just sign the title with my wife's name (no affidavit, no death certificate) and don't worry about it since it's going to eastern europe and nobody will even care about it once his has the signed title and bill of sale.
what would you do?
thanks,
phil
I would go with the buyer to the DMV or a private transfer company and present them with the paperwork including the death certificate. The buyer should receive paperwork at that time indicating ownership and a pending title. The buyer would never need to see the SSN on the death certificate.
Alternatively, you could transfer the title to yourself and later to the buyer.
That's what I would do... Get the title in your name. Then, you can immediately transfer it to your buyer.
Your buyer is taking the car out of the country? Watch out for bogus cashier checks.. :surprise:
regards,
kyfdx
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Yes, for sure my friend was scammed. His friend had no right to sell that car because he never had the title. I told my friend you need to get in touch with the original owner (the person that had the bankloan and lien) to find out why my friends friend had this car from the get go. Maybe the original owner owed money to my friends friend and he sold the car to my friend. My friend was desperate at the time and gave him x amount of dollars up front and paid the rest off in 6 months. I believe the total amount was 5k for 1999 Lexus 300. On top of it my friend paid him for the insurance for the 6 months which was under the friends name including the reg. Now the guy is dead and it looks like he does not have a leg to stand on but what does he do with this car with no insurance and registration. Should he try to reach out to the original owner. It could be the original owner was getting money from my friends friend and not making the payments on the car. I was wondering and should ask my friend how did his friend register and put insurance on the car under his name without the title. What do you think my friend should do with the car? I just want to thank everyone that replied to my post.
Best regards,
jainct
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
I would find out who his friend owed the money, contact them regarding this situation, and try to make sense of this situation. The lienholder may not be aware that the man has died. Once they find out, my guess is they will want the car. Maybe your friend can work something out with them once he explains his predicament. I doubt the lienholder wants the car except to maybe sell at auction to recoup their money.
Most of us get our cars registered and insured with out the title. Normally, the bank holds the title and the registration and insurance reflects this (At least they do in PA).
So, it looks like my friend could register and insured the car under his name without the title. I'm not saying this would be the right thing to do or should I say the smart thing to do but my friend could actually get the car registered and insured it without the title and no other documents or does he need at least the bill of sale because this is exactly what my friends friend did because my friend drove the car under his registration and insurance for 6 months.
If all you need is a bill of sale to do this then the original owner had no right to sell that car to my friends friend because the car was owned by the bank. If this is the case then my friend should contact the lein holder and turn the car in explaining the whole situation. Could my friend get in any kind of trouble if he turned the car in explaining what happened.
Even though my friends,friend that passed away was wrong for selling the car to him but if you think about it the original owner is also wrong for selling the car as well. Two wrongs don't make a right! It looks like my friend was scammed but his friend was also scammed as well since he had possession of that car with no title. The original owner either gave the car to my friends friend with the intent the guy would make the payments or sold him the car for x amount of dollars (one sum of money) and the original owner stalled with the title and then my friends friend did basically the same thing to my friend. All I can say is, friends like this you don't need enemies.
Best regards,
jainct
this is pretty cool...did anyone see the 360 deg. immersive walkthru for *used* cars as we have for real estate! No more fixed and limited view photos...I think this would change online used car marketing forever!
anyway, I don't see it being any more useful than photos. And it could have been done at any time by someone with a digital video cam (and has been done). But, frankly, a 320x240 video is still an extremely poor substitution for an in-person looky touchy. Grainy video can still hide alot of problems, not the least of which is previous paint work.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Any advice on how long should I wait, or if I should let others come by and test drive the car? I am driving the car everyday for my commute, and not really worried about transportation, but this delay is getting a bit irritating. Thanks, - MS.
Call him up.. give him his money back, and get your car sold...
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'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
BTW, once you contract to sell a vehicle it is a good idea to park it lest anything bad happen to it prior to delivery to the buyer.
Is there a way set this deal on firmer ground? Should I cut the deal, even thou I'll initially be w/out title?
TIA, Ed
If not you can send the money to the bank and have them send the title directly to you.
I was trying to be nice to another gentleman, thats all. He didn't ask for a receipt about the advance, and I didn't give him one. We figured that if I could drive a car for so many years without wrecking it, I could be trusted for a few more days with it. That was our verbal agreement, so I could use the car for commute and car shopping for myself. I did have the insurance, anyways. This is why I didn't park it. If something happened to the car, I would have fixed it.
Lets close this issue. I will keeping chatting on other threads about my new ride. Best regards to all of you, - M.S.
That was a big mistake on both your parts. Always ask and give receipts over cash transactions. I wouldn't assume that just because someone hasn't wrecked their car they could be trusted. Enjoy your new ride, which was a...?
I'm a small business owner in California and I just bought a minivan for my business for the first time. I bought it from a private seller. On the slip the seller sends to the DMV, there was a place that he could put my business name.
On my side, I know I have to take the title to the DMV and register it within ten days. However, the application on the back of the title doesn't give me a place to put my business name. It just has a place for a person's name and their driver license number and for liability purposes, I don't want to use my name.
Anyone ever bought a car for their business? What is the process to register the car at California DMV under the business name?
Thanks.
It looks like you can use the regular form to include the business name.
What documents do we need?
I live in Massachusetts and my cousin is in Toronto, he wants to buy my car because the Canadian dollar now is so strong CAD 1.00 = USD 1.05. He figured out he can save thousands of dollars by buying mine instead of locally in Toronto.
tidester, host
SUVs and Smart Shopper
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I m from Europe, I want buy a car, what dou I need ?
Hello,
I m from Europe, I want buy a car, what dou I need ?
You're going to need some money. How many euros you got?
What are they gonna do, sue you for too many digits?
-Mathias