f4isvt Posted January 8, 2009 Report Share Posted January 8, 2009 I am trading my s10 to a guy at work for his blazer. It is a pretty fair deal on both sides. I have done a few things to my s10 still needs a few 94 4.3 s10 and I put a newer motor in his 96 2 door 4.3 blazer. We are trading straight up no cash involved just straight title for title. We are going to the bmv tomorrow to transfer titles/plates. Just wondering if anyone has done this process before, trying to figure out if trading titles is allowed or if we have to "sell" each other our trucks and pay the tax on them. Quote Link to comment Share on other sites More sharing options...
jagr Posted January 8, 2009 Report Share Posted January 8, 2009 You could "gift" them to each other. There is a fee involved but no tax. Quote Link to comment Share on other sites More sharing options...
f4isvt Posted January 8, 2009 Author Report Share Posted January 8, 2009 That works what about tag transfer any idea? Shitty thing is I need to find a notary and quick for my wife to sign I do not think I can do the trade with out her since she is on the title as well. Quote Link to comment Share on other sites More sharing options...
Ziggy Posted January 8, 2009 Report Share Posted January 8, 2009 (edited) I looked into this a while ago... If it is an even trade, then you both will write "0" in the sale price space. This will be made SO much easier if you're both at the title office together, there won't be nearly so many questions. There should be no taxes assessed as there was no money changing hands. I'm pretty sure there will be a title fee (I think $35) but that's really about it. The registration will work just like any other transfer. It's like $15 or $25 to transfer the registration from your old truck to your new one. As for the notary thing, the title bureau has a Power of Attorney form that you can have her sign that will allow you to do the trade in her absence. I think the POA form needs to be notorized too though. If you can get your hands on a POA form, go to the bank with your wife and get it notorized there, then you can do your deal whenever is convenient. Edited January 8, 2009 by Ziggy Quote Link to comment Share on other sites More sharing options...
f4isvt Posted January 8, 2009 Author Report Share Posted January 8, 2009 sweet yeah me and the guy are going together if I can get my title taken care of not sure if my wife has to be there or not. Quote Link to comment Share on other sites More sharing options...
Ziggy Posted January 8, 2009 Report Share Posted January 8, 2009 If she's on the title, she'll either have to be there, or you'll need the Power of Attorney form. The only way out of that is if the title reads John Smith OR Jane Smith. If it reads John Smith and Jane Smith as owners, you both have to sign before a notary for the signatures to be legal, and for the title bureau to accept the transfer of ownership, unless you have a notarized PoA with her signature on it. Quote Link to comment Share on other sites More sharing options...
Gump Posted January 8, 2009 Report Share Posted January 8, 2009 someone gifted me a title once but it cost me more than if i had put $100 as the selling price..you might want to call them...they based it on something. ticked me off Quote Link to comment Share on other sites More sharing options...
phugitive Posted January 8, 2009 Report Share Posted January 8, 2009 This is what I would do:1. Determine purchase amount: Call the bmv and ask what they charge for a straight trade, gift is a flat fee of ?, if you buy it for $1 you will owe about $.07 tax buy it for $1000 you owe about $70.2. Get purchasers name, address, miles off vehical and purchase price give that information to your wife, she takes that information and the title to her bank. They will write that information on title have her sign it and then they will notorize it. She is done.3. Your buddy has done the same thing you now exchange notorized titles the deal is done. Take your plates off your old vehical.4. Go to bmv with your newly exchanged notorized title, if the new vehical is in your wifes name then she will have to go, this is when you will be paying the tax and about $8 for your new title so if you bought the vehical for $1 you would owe them about $8.07. The vehical is now in your name.5. Now have the bmv transfer your plates to your new vehical (you may first need an echeck if they do that in your county if so you will need to purchase a $10 temp tag and have ins transfered so you can drive to echeck)6. Call your insurance company have your ins transfered before you drive your new vehical.Note: You will have to have the title done in a bmv in the county you live because they get the tax money also make sure the bmv you go to does titles some just sell plates. DO NOT DRIVE WITHOUT INS! 90 day suspension 1st time, 1yr. second time, 2yr. the 3rd time.hope this helps Quote Link to comment Share on other sites More sharing options...
f4isvt Posted January 8, 2009 Author Report Share Posted January 8, 2009 Yeah that is pretty much a clear breakdown of it. Quote Link to comment Share on other sites More sharing options...
DALE DOBACK Posted January 8, 2009 Report Share Posted January 8, 2009 I did this yesterday and paid only $11 in late fee and some other kind of fee. you will just write zero and they will send each of you a letter in the mail confirming the deal and condition of the the vehicles traded Quote Link to comment Share on other sites More sharing options...
troyec001 Posted January 8, 2009 Report Share Posted January 8, 2009 Car A goes to Person B and Car B goes to Person A.Glad I could help. Quote Link to comment Share on other sites More sharing options...
OldBlue Posted January 8, 2009 Report Share Posted January 8, 2009 i did this about 2 years ago with a guy at work. if it is an even trade there is no tax. all i remember paying is a fee to transfer title. Quote Link to comment Share on other sites More sharing options...
jarvismb Posted January 8, 2009 Report Share Posted January 8, 2009 watch out for putting $0 on a title as the amount. Several years ago (when I bought my first bike, actually), I asked my insurance agent, who is a long time family friend, what I should put on the title as the sale price, and if I could put $0 to avoid paying taxes. He said that I would have to decide if I was ever going to use insurance on the vehicle for repairs. The insurance company was use the value on the title to determine the value of the vehicle when determining if an accident has totaled it or not. If the value of the vehicle is listed as 0, then any claim will total the vehicle, making any claim generally worthless. Considering you legal have to insure it in Ohio, but you wouldn't be able to make a useful claim, it kinds puts you in a hole if you're worried about fixing it in the future. However, if you don't care about fixing it, then the whole $0 thing is fine. Quote Link to comment Share on other sites More sharing options...
fireman_343 Posted January 8, 2009 Report Share Posted January 8, 2009 I've traded 5 vehicles last year and for every one, I put the number 0 on the title. When asked about it, you just say we traded vehicles and NO money was exchanged between the two parties. Like said before, the title transfer fee is less then $20... and it has to have your name on it. One of the vehicles I traded was my wife's, so I had to get a POA from the DMV since she couldn't get the time off work to get the paper work done. It will make things easy if you have the other person there when the notary signs it... I think they HAVE to be there anyway... but you can take the titles to you bank and they will take care of it for FREE. Good luck Quote Link to comment Share on other sites More sharing options...
Chrome Posted January 8, 2009 Report Share Posted January 8, 2009 just sell them to each other for $1 Quote Link to comment Share on other sites More sharing options...
12oclocker Posted January 8, 2009 Report Share Posted January 8, 2009 gift them, no reason to pay tax AGAIN. Quote Link to comment Share on other sites More sharing options...
f4isvt Posted January 8, 2009 Author Report Share Posted January 8, 2009 Yeah me and my wife got our title notarized and me and the guy are trading tomorrow. as far as insurance If I wreck it I am going big. I have never wrecked a vehicle that was deemed repairable. As for as insurance paying for the work to make it run I am a mechanic and don't really care about that I get parts dirt cheap and do it all myself. Thanks for all the advice selling price is going to be a big 0. Quote Link to comment Share on other sites More sharing options...
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