question about buying an nsx

[sonik]

--question about buying an nsx--

so im in the process of applying for a loan...and one of the things i am starting to think about, is registering the car, as far as sales tax goes...on a 32k car that would be around 1800 dollars right...is there anyway around this?

 

[ANYTIME]

If your in Cal., the registration is 1 1/2 % of the price and your tax rate(mine is 7%, it would be 2240) If your getting a loan like I did, that institution would collect sales tax and registration. The only way around that is paying cash for your car and cheating on the amount you paid for your car. Illegal in many states. Unless your car is a fixer upper or crashed, the DMV can investigate a low ball sale if your car books for way more. Be careful, and good luck on your NSX!!! John

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97 T Yellow/Black Stock
99 BMW 3-series Red/Tan Harman/Kardan stereo,Zenons,Chrome 17's,AC Schnitzer rear wing,Smoked tailights, markers and turnsignals.
99 4runner Red/Tan TRD Supercharger, headers & catback, limited flares and cladding, highlander hood w'scoop, chromed 17" budniks w/pirelli 285/60 P-Zero's & Billet grille.

 

[BigbirdNSX]

You mean legally?!?!

The only way to get around it (that I know of), is to trade something in on what you are buying. For example: $40000 NSX times 6.25% (texas rate) is $2500. However, $40000 NSX, less a $25000 trade in, you only get taxed on the next sale price of $15000, or $937.50 Also, if you are buying the car from an individual, you can do what is called a "in-and-out". You take the car you are buying to a willing dealer, "buy" the car through him, and leave your trade-in with him. They can usually make enough money on the trade-in to more than cover their cost, so it's usually a no-brainer. Just make sure you don't screwed on your trade-in.

 

[nsxtasy]

The only way to get around it (that I know of), is to trade something in on what you are buying.

I seem to recall hearing that California doesn't work that way. Buy a $40K car, trade in a $25K car, and you still pay sales tax on $40K.

Here in Illinois, it's just as described for Texas - you only pay sales tax on the net amount due after trade-in.

 

[SpeedDemon]

I can't comment regarding the loan process, but I can tell you this:

If you live in CA, and buy an out-of-state car... A little-known fact is that you don't have to pay sales tax if the out-of-state car stays out-of-state for the first 3 months of ownership.

When you go to register, whoever handles your paperwork at the CA DMV office may not be familiar with this rule, but as soon as you casually & humbly

mention it to them they can/will look it up in their rule book and find the exception.

Marc

 

[HapaHaole]

Well I just purchased a $34K NSX from texas and it cost me $3040 inc out of state $10 fee, licence, new title, Usage Tax ect.

make an appoitment it makes it fast.. it took me 15 min in and out inc getting a plate.

The only way out of not paying tax is paying cash for the car or keep the car out of state for 90 days then bring it in..

I tried to tell them it was out for 90 days Yet my bill of sale says I bought it 3 weeks ago. Yet I too financed the car since I didnt feel comfortable paying cash for the car at first..

email me since I did all the homework this past month

[This message has been edited by HapaHaole (edited 20 March 2001).]

 

[Nsxotic]

In every state, you only pay tax on the cash difference.... (line 3) A trade will always give you the tax break because you already paid tax on that car. Answer in short: there isn't any way around paying sales tax unless it's cash and you want to risk a phony bill of sale as mentioned earlier.. Pay the tax, enjoy the ride.

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Todd Arnold

http://www.geocities.com/nsxcessive/index.html

 

[HapaHaole]

Originally posted by Nsxotic:
In every state, you only pay tax on the cash difference.... (line 3) A trade will always give you the tax break because you already paid tax on that car.

I guess you have never been to california before.. In the state of california.. you pay sales tax on the full amount of the PURCHASE price.. say the car is $10 and you have a $8K trade in vehicle.. well you pay tax on $10 not the $2K difference..

Yup California suxs.

OH BTW I got a refund from the DMV tonight.. something about a surplus in fees so I got back 43% of my Registration fees back..

 

[Veleno]

I guess I'm sort of lucky since there's no tax on Guam

I'd hate to pay what you guys have paid to buy a car, new or used.

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Richard
NSXTASY

 

[286 NSX]

doesnt sonik live in Iowa, Riceville and not cali?