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As far as sales tax the buyer pays this.
When there is a sale between two private parties, the buyer is responsible for paying the sales tax owed to the state and local taxing authorities. In most states this tax is collected by the taxing authority or tag agency when the vehicle is registered in the name of the new owner.
What else can I help you with?
When you vehicle is reposed are you financially responsible to pay the bank anything?
When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.
How can I privately sell my car while still having an outstanding loan on it?
To privately sell a car with an outstanding loan, you can either pay off the loan before selling or work with the buyer to transfer the loan to their name. It's important to communicate with your lender and the buyer to ensure a smooth transaction.
In Illinois when you buy a new car at a dealer and privately sell your old car do you pay tax on the difference or on the entire amount of the new car?
You will pay on the value of the new car.
Can you privately sell a car that you are currently financing?
Yes, you can privately sell a car that you are currently financing, but you will need to pay off the remaining balance of the loan before transferring ownership to the new buyer.
How can I go about selling a financed car privately?
To sell a financed car privately, you will need to first determine the payoff amount of the loan. Then, you can find a buyer and negotiate a price. Once you have a buyer, you can arrange for the sale to take place at a location where the buyer can pay off the loan directly to the lender. After the loan is paid off, the lender will release the title to the buyer, completing the sale.
Do you have to pay taxes if you win a car?
If you win a car you are responsible to pay taxes in the state where you live.
I just bought a used car 2 weeks ago and now I don't think I can afford it what are some suggestions.?
Sell it privately. You will still be responsible for the car loan unless you are able to pay it off in full from the sale of the car to someone else. Loans are usually not "assumable" these days.
Can you privately sell a car on finance?
Yes, you can privately sell a car that is still being financed, but the process can be more complex. The buyer would typically need to pay off the remaining balance on the loan before taking ownership of the car.
If a car is repossed are you still responsible to pay for the remainder due on the car?
Yes. You are also responsible for repo fees, storage, auction and collection fees. You pay for it all.
When buying a car the amount you are charged and willing to pay is called the?
Selling Price.
Do you have to pay sales tax if you buy a used car from a non-car selling business in Washington?
You will pay the sales tax when you register the car. If the business collects it, they have to give you a receipt for it.
What are ny state car repossession laws?
If my car is repoed and the car is not worth as much as I owe am I responsible to pay the differance?
