Submitted by [deleted] t3_120qp24 in Pennsylvania
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Submitted by [deleted] t3_120qp24 in Pennsylvania
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This is true, but if your stated price is far below market value, they can refuse and investigate. That's why you tell them that it is in need of major repairs, engine or trans 😏
If the purchase price is too low it may flag something. They expect an "arms length" transaction when calculating sales tax.
Make sure to write up a quick "bill of sale" with the buyer and seller's name & address, vehicle vin number and selling price. Both of you then date & sign it. I usually write up 2 copies beforehand to be ready just to sign....
While not strictly required, maintaining detailed records of the sale would be ideal. If the amount paid was very low or abnormally low (e.g. sales for $1), PA reserves the right to investigate and tax the actual value of the car.
You'll want to work with someplace that specializes in vehicle titling. Some notaries will decline to handle titles.
Penndot has information, too: https://www.dmv.pa.gov/VEHICLE-SERVICES/Title-Registration/Pages/Buying-a-Vehicle.aspx
My old roommate thought it needed a transmission but I ended up just filling it with fluid because it had a slow leak at the axle seal, I guess he never checked the transmission fluid. Cosmetically it looked beat, not a car wash in 10 years
I have never stated more than state minimum for private party car purchases.
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dalex89 t1_jdikicm wrote
Pretty much, I bought a 09 Honda fit for $300 when I told the lady filling out my stuff she's like "it's alright you can make it whatever price you want" but I actually bought it for $300 lol