Re: Signing over an empty title?
Quote:
Originally Posted by
Vovchandr
That's why there are more Bugatti's per Capita in Montana than any other state. Power of the LLC loophole.
Buying a Bugatti? That's an interesting tidbit to know about MT.
Re: Signing over an empty title?
Quote:
Originally Posted by
e30addict
Buying a Bugatti? That's an interesting tidbit to know about MT.
Not me. But there are quite a few NY local exotics rocking the Montana plate.
Also very common sight at cars in coffees in SoCal for the reasons above.
I looked into it as/when I'm having registration issues with the Caterham in NY. If all fails, it's a plan B.
Re: Signing over an empty title?
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Originally Posted by
tsorfas
Imagine this. A bike comes in the country and the manufacturer/dealer pays import fees and taxes.
Then the bike is sold in the wonderful state of MA, for let’s say $20,000. The commonwealth collects $1250 of sales tax. Let’s not forget the $75 title fee and whatever registration is these days ($50?)
The new owner bites the bullet because he always wanted a new bike. Roughly 2 months later he gets an excise bill tax for the new bike he just paid a shitton of fees on that is $5 for every $1000 of value at the 90% of the MSRP price of the bike.
Now the bike turns out to be too fast for him and he has a few spooky moments and decides sport bikes aren’t for him and decides to sell the bike and cut his loses. So he lists the bike for $17,000. A buyer shows up and offers him $16,500 cash and he accepts. Now the new buyer has to pay sales tax on that bike for the price that he got it or the book value of the bike, WHICHEVER IS GREATER (because fuck you) and all the same fees, registration, title, etc. guess who gets an excise tax for 90% of the msrp value AGAIN. Our man keeps the bike for a good 10 years (of course paying his annual excise tax and registration as good citizen). Now that bike is nearly 11 years old. Our guy is tired of the aggressive sport position of the bike and decides to sell it and get a touring bike. Let’s say he sells it for $5000. Guess what? Another $312.50 in taxes, $50 registration and $75 title fee (and of course the excise tax at 10% of the msrp value for $5 per $1000).
And that is why the government are worse than the Mafia.
Thank you for coming to my Ted Talk.
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Originally Posted by
e30addict
You're paying one way or another. Try registering a new truck in NH and have them charge you $800 for the privilege. They get you there instead of calling it excise.
My Corvette has bottomed out at $111/year. (total state & town fees). Fuckin' insane I'm still paying that for a 37 year old car, no matter what the fuck it is. Although it's not currently on the road. But still...
Re: Signing over an empty title?
Quote:
Originally Posted by
e30addict
You're paying one way or another. Try registering a new truck in NH and have them charge you $800 for the privilege. They get you there instead of calling it excise.
That's on the town. The state charges a pretty paltry fee in NH (IIRC somewhere south of $100 for cars/trucks). Towns fees can vary quite significantly.
Re: Signing over an empty title?
Quote:
Originally Posted by
dankatz
I'm struggling a little here...my gut says not to do it,
I echo Stoner's advice. Might do it for a friend but not a complete stranger. Really opens the door for crazy things to happen. Don't ask me how I know!
Re: Signing over an empty title?
Quote:
Originally Posted by
Vovchandr
While all that's true and excise tax is quite silly in my opinion, it is called a sales tax, so all sales get taxed when the system isnt being frauded/cheated.
If you truly don't agree with it you can always go to a state like NH which doesn't have sales tax to avoid it. It's not like this is some kind of trap. It's a self inflicted punishment by you if you live somewhere and have such strong opinions about the taxes there.
I find more things that I like than things I dislike about the place of residence I chose. That doesn’t mean I like every thing.
That being said, I’m not one of the people who complain online and move on with my life. I have been involved with local boards and committees since 2016 (not tax related as I have no expertise or real experience in that field) and I will continue to do so in order to do my part and hopefully change a few things for the best.
My opinions on taxes have been very strong and getting stronger every year as I learn more and more. But I pay those taxes because of the opportunity I have been given here. Doesn’t mean I enjoy it.