Non-local Private Party Swap, Your Input Needed

[Bluehorseshoe]

Close to making swap deal with fellow forum member (DCT for 6SPM).
Titles in hand, small amount of money changing hands.
Since this is not a local deal (CT and CA), wondering if anyone has done this and has any thoughts regarding the mechanics of the swap to keep both parties safe. Prefer not to, but should we involve dealers?

[13M5F10]

Originally Posted by Bluehorseshoe

Close to making swap deal with fellow forum member (DCT for 6SPM).
Titles in hand, small amount of money changing hands.
Since this is not a local deal (CT and CA), wondering if anyone has done this and has any thoughts regarding the mechanics of the swap to keep both parties safe. Prefer not to but, should we involve dealers?

If titles are in hand just insure that they are properly filled out and signed. I would also complete a bill of sale with both party detail, the cars, and the $ being exchanged. Also note that this is an "as-is" deal.

Only thing id involve dealer is to get the inspection of both cars done. Other than that, no need for them to be involved.

[Speed808Ix]

Originally Posted by 13M5F10

If titles are in hand just insure that they are properly filled out and signed. I would also complete a bill of sale with both party detail, the cars, and the $ being exchanged. Also note that this is an "as-is" deal.

Only thing id involve dealer is to get the inspection of both cars done. Other than that, no need for them to be involved.

I would have both you and the other party go to a dealership and do a PPI (PRE-PURCHASE-INSPECTION) Costs about 175-200$ but it's worth it!

[Bluehorseshoe]

Thanks for your thoughts.

What about sales taxes. If we do an even swap do you think DMV will ask to collect tax when registering?

[13M5F10]

Originally Posted by Bluehorseshoe

Thanks for your thoughts.

What about sales taxes. If we do an even swap do you think DMV will ask to collect tax when registering?

Each state may be different. Google "UR State" DMV - Taxes swapped vehicles.

Here is from my local DMV which makes sense.


Swapped Vehicles:

When the book values of swapped vehicles are nearly equal, tax is due for both parties based on the average trade-in value. If there is a significant difference in book values, it is assumed some other considerations (cash, service, assumption of debt, etc.) were involved. If parties cannot provide a reasonable explanation for the inequitable exchange, the tax for both is based on the higher book value.

[Bluehorseshoe]

Originally Posted by 13M5F10

Each state may be different. Google "UR State" DMV - Taxes swapped vehicles.

Here is from my local DMV which makes sense.


Swapped Vehicles:

When the book values of swapped vehicles are nearly equal, tax is due for both parties based on the average trade-in value. If there is a significant difference in book values, it is assumed some other considerations (cash, service, assumption of debt, etc.) were involved. If parties cannot provide a reasonable explanation for the inequitable exchange, the tax for both is based on the higher book value.

I'm in CT and my state says the exact same thing regarding swaps.

Get screwed with taxes coming and going.

This means that if we are swapping equal vehicles and no cash trades hands they hit each party with sales tax for the full trade-in value.

Perhaps there's a way around this utilizing a dealer on both ends.

Thanks for your post.

[shellbmb]

Originally Posted by Bluehorseshoe

I'm in CT and my state says the exact same thing regarding swaps.

Get screwed with taxes coming and going.

This means that if we are swapping equal vehicles and no cash trades hands they hit each party with sales tax for the full trade-in value.

Perhaps there's a way around this utilizing a dealer on both ends.

Thanks for your post.

If you found a cool dealer, they could take both cars in on trade and you could apply the trade in value towards the purchase of the other car which would essentially be a wash. Dealer would have to show some profit so he would charge a fee. The fee alone might be worth not having to do the paperwork since the dealer would do it for you and would certainly be less than your tax bill on the estimated amount. At least that is the way it works in Texas. But there would have to be some incentive for the dealer to do this. Either you have a good reputation with them or you are buying something else from them. An independent dealer might be more willing to do something like this. A local BMW place likely would not.

[Bluehorseshoe]

So it turns out that CT views private-party even swaps as a flat out sale taxing you at 7.50 percent on the NADA trade in value.

Luckily, I was able to run it through my FL address because FL deems the exact same transaction as non-taxable.

Varies widely state by state.

If you live in a state that taxes private-party swaps the only way around it is to run it through a dealer (my local dealer declined).

Thank you for your comments and suggestions.

[soooma]

Originally Posted by Bluehorseshoe

So it turns out that CT views private-party even swaps as a flat out sale taxing you at 7.50 percent on the NADA trade in value.

Luckily, I was able to run it through my FL address because FL deems the exact same transaction as non-taxable.

Varies widely state by state.

If you live in a state that taxes private-party swaps the only way around it is to run it through a dealer (my local dealer declined).

Thank you for your comments and suggestions.

Enjoy in good health
Don't forget pictures and impressions

[stealth.pilot]

Originally Posted by Bluehorseshoe

So it turns out that CT views private-party even swaps as a flat out sale taxing you at 7.50 percent on the NADA trade in value.

Luckily, I was able to run it through my FL address because FL deems the exact same transaction as non-taxable.

Varies widely state by state.

If you live in a state that taxes private-party swaps the only way around it is to run it through a dealer (my local dealer declined).

Thank you for your comments and suggestions.

Montana views all car purchases as non taxable!

[soooma]

Originally Posted by stealth.pilot

Montana views all car purchases as non taxable!

WOW
That's why you have it registered at Montana

[dkreidel]

Originally Posted by stealth.pilot

Montana views all car purchases as non taxable!

And as a bonus we can pay a one-time registration fee for our long term beaters and never have to pay again as long as you own the car/truck

[Bluehorseshoe]

Swapped cars, enjoying the manual and the change from BSM to Silverstone.
Some initial thoughts on manual versus DCT:
-Manual feels like 200 less horsepower vs DCT
-Driving around much slower on average
-Needs another gear right between 2nd and 3rd
-Clutch is smooth, surprisingly easy to use, particularly in efficient and sport
-Rev matching is a little hokey for my taste, spend majority of time is sport plus to avoid
-Very little turbo lag in sport plus, nearly instant power transforming manual experience (I believe most people who speak poorly of their experience with the manual noting lag have not tried sports plus)
-Because of timing of transports I had the luxury of having both cars for a couple weeks. Switched back and forth one day driving the same back windy roads and found the DCT to be the infinitely better driving machine--smoother, faster, tighter, just downright superior (but I still prefer the manual, find it more of an interesting car now, something fun about having a stick shift in such a big car, big motor)

My car was a 2014 but felt a lot tighter and much more solid. The 2015 6MT has many creaks, mainly the dash. Bringing it in to get it checked out and hopefully tightened up. Anybody have a creaky dash? I can push on it watch my hands and hear it creak. It's most apparent when making sharp turns and not so much when going over bumps.

Kept my black IND parts and reluctantly installed them on the Silverstone M5 (didn't think they would look good, too big of a contrast). So far, so good but still can't make up my mind on whether or not I liked the chrome better. Still haven't changed the rear badge.

Shout out to fellow forum member jbyeatman for the first pic of his SS beauty being loaded onto transport, sending her off to complete stranger (haha we both basically sent our cars across the country after a phone call and some texts).
Pleasure working with you John.

https://instagram.com/p/BAlvZxenIvm/

https://instagram.com/p/BAlvpf2HIv_/

https://instagram.com/p/BAlvlqJnIv6/

[NightM]

Ever tried installing sprint booster? It gives you that umph! Lol. Also plan on tunning it and doing short shifter?

[Bluehorseshoe]

Originally Posted by F10M5Manual

Ever tried installing sprint booster? It gives you that umph! Lol. Also plan on tunning it and doing short shifter?

I am a stock kinda guy but I would like to change the gearing ratios. Is this possible without spending a fortune?

I enjoy the manual so much but the only problem is that I rarely get to use it at higher (happier) RPMs, barely get out of third.

I am still thinking about a new M3. And when the comp pack is out in a few months I am going to take it for a long test drive.